Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed slightly higher on Friday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
HP
- The Trade: HP Inc. (NYSE: HPQ) 10% owner Warren E Buffett sold a total of 4,788,472 shares at an average price of $26.98. The insider received around $129.21 million from selling those shares.
- What’s Happening: HP reported in-line earnings for its third quarter this week, but lowered its earnings forecast for the full year.
- What HP Does: HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market but maintains sales of consumer devices and printers.
Amazon.com
- The Trade: Amazon.com, Inc. (NASDAQ: AMZN) CEO Amazon Web Services Adam Selipsky sold a total of 1,000 shares at an average price of $135.14. The insider received around $135,140 from selling those shares.
- What’s Happening: Telsey Advisory Group reiterated Amazon.com with an Outperform and maintained a $160 price target.
- What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
- The Trade: Best Buy Co., Inc. (NYSE: BBY) Todd Hartman sold a total of 12,947 shares at an average price of $70.07. The insider received around $907,317 from selling those shares.
- What’s Happening: Best Buy posted better-than-expected results for the second quarter.
- What Best Buy Does: With $46.3 billion in consolidated fiscal 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 8.5% share of the U.S. market and north of 35% share of offline sales, per our calculations, CTA, and Euromonitor data.
- The Trade: Salesforce, Inc. (NYSE: CRM) Chair and CEO Marc Benioff sold a total of 15,000 shares at an average price of $209.24. The insider received around $3.14 million from selling those shares.
- What’s Happening: Boston Scientific CEO Mike Mahoney set the theme at the company's 2023 Investor Day event as "next level,' stating that his goal was to make Boston Scientific a "compelling" and "fantastic place to be 10 years from now."
- What Salesforce Does: Salesforce signed definitive agreement to acquire Airkit.AI.
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