US stock futures traded higher this morning on Wednesday ahead of the key interest rate decision from the Federal Reserve. Investors, meanwhile, focused on some 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.
Electronic Arts
- The Trade: Electronic Arts Inc. (NASDAQ:EA) Chief People Officer Vijayanthimala Singh sold a total of 800 shares at an average price of $131.26. The insider received around $105.01 thousand from selling those shares.
- What’s Happening: MoffettNathanson, last week, downgraded Electronic Arts from Buy to Neutral and raised the price target from $141 to $147.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
Also check this: 3 Stocks Under $1 Insiders Are Buying
Bristol-Myers Squibb
- The Trade: Bristol-Myers Squibb Company (NYSE:BMY) Board Chair and CEO Giovanni Caforio sold a total of 30,000 shares at an average price of $74.04. The insider received around $2.22 million as a result of the transaction.
- What’s Happening: Raymond James, last week, downgraded Bristol-Myers Squibb from Outperform to Market Perform.
- What Bristol-Myers Squibb Does: Bristol-Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, oncology, and immune disorders.
Have a look at our premarket coverage here .
Cisco Systems
- The Trade: Cisco Systems, Inc. (NASDAQ:CSCO) EVP & Chief Operating Officer Maria Martinez sold a total of 9,272 shares at an average price of $43.79. The insider received around $406.04 thousand from selling those shares.
- What’s Happening: Cisco, last month, reported worse-than-expected Q3 sales results.
- What Cisco Does: Cisco Systems, Inc. is the world's largest hardware and software supplier within the networking solutions sector. The secure, agile networks business contains switching, routing, and wireless solutions. The hybrid work division has products for collaboration and contact center needs.
