Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by more than 100 points on Wednesday. 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.
QUALCOMM
- The Trade: QUALCOMM Incorporated (NASDAQ: QCOM) Chief Commercial Officer James J Cathey sold a total of 1,000 shares at an average price of $112.28. The insider received around $112,280 from selling those shares.
- What’s Happening: Qualcomm reported a third-quarter revenue miss.
- What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.
Dollar Tree
- The Trade: Dollar Tree, Inc. (NASDAQ: DLTR) Chief Information Officer Robert Aflatooni sold a total of 1,259 shares at an average price of $107.03. The insider received around $134,754 from selling those shares.
- What’s Happening: Exane BNP Paribas initiated coverage on the stock with an Outperform rating and $139 price target.
- What Dollar Tree Does: Dollar Tree operates discount stores in the U.S. and Canada, including 8,134 shops under its namesake banner and 8,206 Family Dollar units (as of the end of fiscal 2022).
- The Trade: Northrop Grumman Corporation (NYSE: NOC) CVP & Pres. Defense Systems Roshan Roeder sold a total of 1,007 shares at an average price of $465.00. The insider received around $468,255 from selling those shares.
- What’s Happening: UBS initiated coverage on Northrop Grumman with a Buy rating and announced a price target of $555.
- What Northrop Grumman Does: Northrop Grumman is a diversified defense contractor providing aeronautics, defense, mission, and space systems.
- The Trade: The Southern Company (NYSE: SO) CEO, Southern Nuclear Stephen E Kuczynski sold a total of 5,000 shares at an average price of $66.00. The insider received around $330,000 from selling those shares.
- What’s Happening: Southern subsidiary Southern Power acquired solar project Millers Branch Solar Facility from EDF Renewables, for an undisclosed amount.
- What Southern Company Does: Southern is one of the largest utilities in the U.S. The company serves 9 million customers with vertically integrated electric utilities in three states and natural gas distribution utilities in four states.
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