The Nasdaq 100 closed down more than 1 percent on Wednesday. Investors, meanwhile, focused on some notable insider trading.
When insiders sell shares, it may be a pre-planned sale or it may be an indication that they are concerned about the company’s future prospects or believe the stock is overpriced. Insider sales should not be considered the sole indicator for an investment or trading decision. At best, they can provide a rationale for a sell decision.
Below is a look at some notable recent insider sales. For more information, visit Benzinga’s insider transactions platform.
Electronic Arts
- The trade: Electronic Arts Inc. EA Chairman and CEO Andrew Wilson sold a total of 2,500 shares at an average price of $148.88. The insider received approximately $372,192 from the sale of these shares.
- What happens: On July 30, Electronic Arts reported first-quarter net bookings of $1.26 billion, down from $1.58 billion in the first quarter of last year, according to data from Benzinga Pro.
- What Electronic Arts does: EA is one of the world’s largest third-party video game publishers and has made the transition from a console-based video game publisher to one of the largest publishers for consoles, PCs and mobile devices.
- Benzinga Pro’s real-time news feed provides the latest EA news.
Cisco systems
- The trade: Cisco Systems, Inc. CSCO SVP & Chief Acctg Officer Maria Victoria Wong sold a total of 3,379 shares at an average price of $50.36. The insider received approximately $170,166 by selling these shares.
- What happens: On August 16, HSBC analyst Stephen Bersey upgraded Cisco from “hold” to “buy” and raised the price target from $46 to $58.
- What Cisco does: Cisco Systems is the world’s largest supplier of networking equipment and one of the world’s largest software companies.
- Benzinga Pro’s charting tool helped identify the trend of CSCO stock.
Goal
- The Trade: Target Corporation TGT CEO Brian C. Cornell sold a total of 45,000 shares at an average price of $158.67. The insider received around $7.1 million from the sale of these shares.
- What happens: On August 21, Target reported better-than-expected second-quarter financial results and raised its earnings outlook for fiscal 2024.
- What Target does: Target is the sixth-largest retailer in the country, and its strategy is based on providing a satisfying in-store shopping experience and a wide range of trendy clothing, home goods and household items at competitive prices.
- Benzinga Pro’s signals feature notifies of a possible breakout in TGT shares.
Palo Alto Networks
- Trading: Palo Alto Networks, Inc. PANW Director Mary Pat McCarthy sold a total of 10,000 shares at an average price of $348.49. The insider received around $3.5 million from the sale of these shares.
- What happens: On August 19, Palo Alto reported fourth-quarter revenue of $2.189 billion, beating the consensus estimate of $2.162 billion.
- What Palo Alto Networks does: Palo Alto Networks is a platform-based cybersecurity provider with product offerings in network security, cloud security, and security operations.
- Benzinga Pro’s Earnings Calendar was used to monitor PANW’s upcoming earnings reports.
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