Benzinga - The Nasdaq Composite closed lower on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Electronic Arts
- The Trade: Electronic Arts Inc. (NASDAQ: EA) Director, CEO and Board Chair Andrew Wilson sold a total of 10,000 shares at an average price of $120.00. The insider received around $1.2 million from selling those shares.
- What’s Happening: On March 29, Electronic Arts disclosed a restructuring plan to reduce headcount by approximately 6% of the company's workforce, in addition to office space reductions.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
Palo Alto Networks
- The Trade: Palo Alto Networks, Inc. (NASDAQ: PANW) CEO Nikesh Arora sold a total of 16,200 shares at an average price of $200.08. The insider received around $3.24 million from selling those shares.
- What’s Happening: Palo Alto Networks reported better-than-expected Q2 results and issued strong guidance.
- What Palo Alto Networks Does: Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations.
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Marriott International
- The Trade: Marriott International, Inc. (NASDAQ: MAR) EVP & Chief HR Officer Benjamin Breland sold a total of 1,225 shares at an average price of $164.27. The insider received around $201.23 thousand from selling those shares.
- What’s Happening: Wells Fargo maintained Marriott Intl with an Overweight and lowered the price target from $190 to $183.
- What Marriott International Does: Marriott operates more than 1.5 million rooms across roughly 30 brands. At the end of 2021, luxury represented 10% of total rooms, while full service, limited service, and time-shares were 42%, 47%, and 1% of all units, respectively.
- The Trade: HF Sinclair Corporation (NYSE: DINO) 10% owner Reh Co sold a total of 4,000,000 shares at an average price of $47.59. The insider received around $190.36 million from selling those shares.
- What’s Happening: HF Sinclair raised its quarterly dividend by 12.5% to $0.45 per share.
- What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.