US stock futures traded higher this morning ahead of data on initial jobless claims. Although Wall Street recorded sharp losses on Wednesday, there were a few notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
PriceSmart
- The Trade: PriceSmart, Inc. (NASDAQ:PSMT) Director Robert E Price disposed a total of 20000 shares at an average price of $72.76. The insider received $1,455,227.52 as a result of the transaction.
- What’s Happening: The company recently reported better-than-expected quarterly results.
- What PriceSmart Does: Pricesmart Inc is a company principally engaged in operating U.S.-style membership shopping warehouse clubs that offer consumer goods at low prices.
Alphabet
- The Trade: Alphabet Inc. (NASDAQ:GOOG) Director Larry Page sold a total of 13889 shares at an average price of $2,729.91. The insider received $37,915,756.18 from selling those shares.
- What’s Happening: Alphabet’s Google hired former PayPal Holdings executive Arnold Goldberg to run its payments division, Bloomberg reports.
- What Alphabet Does: Alphabet is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary.
Marvell Technology
- The Trade: Marvell Technology, Inc. (NASDAQ:MRVL) CEO and President Matthew Murphy sold a total of 64489 shares at an average price of $80.34. The insider received $3,574,387.00 as a result of the transaction. The insider also bought a total of 34026 shares.
- What’s Happening: Needham, earlier during the month, raised the price target on Marvell Technology to $115 from $110 and reiterated a Buy.
- What Marvell Technology Does: Marvell Technology is a leading fabless chipmaker focused on networking and storage applications. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical interconnections, application-specific integrated circuits (ASICs), and merchant silicon for Ethernet applications.
Adobe
- The Trade: Adobe Inc. (NASDAQ:ADBE) Director John Warnock sold a total of 4000 shares at an average price of $518.73. The insider received $2,074,937.87 from selling those shares.
- What’s Happening: Adobe recently announced acquisition of Abstract Notebooks.
- What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.
