Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by over 50 points on Monday. 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.
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 $138.90. The insider received around $138,900 from selling those shares.
- What’s Happening: Amazon recently revealed a new feature for its cloud computing service, Amazon Elastic Compute Cloud (EC2), called EC2 Capacity Blocks for ML.
- 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.
Costco Wholesale
- The Trade: Costco Wholesale Corporation (NASDAQ: COST) Senior EVP Russell Miller sold a total of 4,500 shares at an average price of $557.75. The insider received around $2.51 million from selling those shares.
- What’s Happening: Costco Wholesale reported net sales of $18.53 billion for retail month of October.
- What Costco Wholesale Does: Costco operates a membership-based, no-frills retail model, predicated on offering a select product assortment in bulk quantities at bargain prices.
- The Trade: Western Digital Corporation (NASDAQ: WDC) EVP & GM, Flash Business Robert Soderbery sold a total of 65,461 shares at an average price of $42.92. The insider received around $2.81 million from selling those shares.
- What’s Happening: Western Digital recently priced its upsized $1.4 billion convertible notes offering.
- What Western Digital Does: Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives.
- The Trade: Seagate Technology Holdings plc (NASDAQ: STX) EVP and CFO Gianluca Romano sold a total of 16,982 shares at an average price of $73.34. The insider received around $1.25 million from selling those shares.
- What’s Happening: Seagate reported first-quarter revenues of $1.454 billion, missing the analyst consensus of $1.530 billion. Revenues slumped 28.6% Y/Y.
- What Seagate Does: Seagate is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets.
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