Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 2% 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.
Progressive
- The Trade: The Progressive Corporation (NYSE:PGR) Director Devin C Johnson sold a total of 1,000 shares at an average price of $208.33. The insider received around $208,326 from selling those shares.
- What's Happening: On April 12, Progressive reported that in the first quarter of fiscal 2024, net income per share available to common shareholders was $3.94, up from $0.75 a year ago.
- What Progressive Does: Progressive underwrites private and commercial auto insurance and specialty lines; it has almost 20 million personal auto policies in force and is one of the largest auto insurers in the United States.
Mastercard
- The Trade: Mastercard Incorporated (NYSE:MA) 10% owner Mastercard Foundation Asset Management Corp sold a total of 111,000 shares at an average price of $457.15. The insider received around $50.74 million from selling those shares.
- What's Happening: On April 19, Baird analyst David Koning maintained Mastercard with an Outperform and raised the price target from $525 to $545..
- What Mastercard Does: Mastercard is the second-largest payment processor in the world, having processed close to over $9 trillion in volume during 2023.
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Pure Storage- The Trade: Pure Storage, Inc. (NYSE:PSTG) CFO P. Kevan Krysler sold a total of 15,286 shares at an average price of $52.80. The insider received around $807,101 from selling those shares.
- What's Happening: On April 19, Raymond James downgraded the stock from Strong Buy to Outperform but raised its price target from $52 to $63.
- What Pure Storage Does: Pure Storage Inc is a U.S.-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs.
- The Trade: Q2 Holdings, Inc. (NYSE:QTWO) Director R. H. Seale sold a total of 9,000 shares at an average price of $50.10. The insider received around $450,900 from selling those shares.
- What's Happening: On April 19, Truist Securities analyst Terry Tillman reiterated Q2 Holdings with a Buy and raised the price target from $50 to $60.
- What Q2 Holdings Does: Q2 Holdings Inc. is a provider of cloud-based virtual banking solutions for regional financial institutions to deliver mobile banking services to retail and commercial end-users who wish to bank anywhere and anytime.
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