US gold futures traded lower on Friday. 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.
Centene (NYSE:CNC)
- The Trade: Centene Corporation (NYSE: CNC) Director Richard Gephardt sold a total of 13,520 shares at an average price of $83.05. The insider received around $1.12 million from selling those shares.
- What’s Happening: Centene recently announced increased guidance and authorized a $3 billion increase to its buyback program.
- What Centene Does: Centene is a managed-care organization focused on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges.
NetApp
- The Trade: NetApp, Inc. (NASDAQ: NTAP) CEO George Kurian sold a total of 2,125 shares at an average price of $65.04. The insider received around $138.21 thousand as a result of the transaction.
- What’s Happening: Deutsche Bank (ETR:DBKGn) recently upgraded NetApp from Hold to Buy and lowered the price target from $90 to $84.
- What NetApp Does: NetApp is a leading provider of enterprise data management and storage solutions. The company's three operating business units are products, software maintenance, and hardware maintenance.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 210,000 shares at an average price of $306.84. The insider received around $64.44 million from selling those shares.
- What’s Happening: Eli Lilly and Incyte (NASDAQ:INCY) announced that the FDA approved Olumiant, a once-daily pill, as the first systemic treatment for adults with severe alopecia areata.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology.
- The Trade: Costco Wholesale Corporation (NASDAQ: NASDAQ:COST) Executive VP James Murphy sold a total of 2,595 shares at an average price of $464. The insider received around $1.16 million from selling those shares.
- What’s Happening: Costco Wholesale recently reported May sales results of $18.23 billion up from $15.59 billion year over year.
- What Costco Wholesale Does: The leading warehouse club, Costco has 815 stores worldwide (at the end of fiscal 2021), with most sales derived in the United States (72%) and Canada (14%). It sells memberships that allow customers to shop in its warehouses, which feature low prices on a limited product assortment.
- The Trade: Campbell Soup Company (NYSE: CPB) Executive Vice President Craig Slavtcheff sold a total of 13,110 shares at an average price of $47.00. The insider received around $616.17 thousand from selling those shares.
- What’s Happening: Campbell Soup recently reported third-quarter FY22 sales growth of 7% year-on-year to $2.13 billion, beating the consensus of $2.05 billion.
- What Campbell Soup Does: With a history that dates back around 150 years, Campbell Soup is now a leading manufacturer and marketer of branded convenience food products, most notably soup.
Read at Benzinga