The Nasdaq 100 closed higher 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 Technology Officer James H Thompson sold a total of 27,962 shares at an average price of $113.23. The insider received around $3.17 million from selling those shares.
- What’s Happening: Manchester United confirmed that it will put U.S. technology company Qualcomm’s Snapdragon brand on the front of the club's iconic jerseys, replacing TeamViewer.
- What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.
Have a look at our premarket coverage here
HP
- The Trade: HP Inc. (NYSE:HPQ) 10% owner Warren E Buffett sold a total of 5,502,172 shares at an average price of $28.81. The insider received around $158.49 million from selling those shares.
- What’s Happening: HP said it filed amendment no. 1 on annual report on form 10-k for the fiscal year ended Oct. 31, 2022.
- What HP Does: HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise.
G-III Apparel Group
- The Trade: G-III Apparel Group, Ltd. (NASDAQ:GIII) Director Alan Feller sold a total of 10,000 shares at an average price of $24.04. The insider received around $240,400 from selling those shares.
- What’s Happening: Telsey Advisory Group recently reiterated the Market Perform rating on G-III Apparel Group with the same price target of $22.
- What G-III Apparel Group Does: G-III Apparel Group Ltd is a textile company. It makes a wide range of apparel, footwear, and accessories that it sells under its own brands, licensed brands, and private-label brands.
Intuit
- The Trade: Intuit Inc. (NASDAQ:INTU) EVP, SBSEG Marianna Tessel sold a total of 8,702 shares at an average price of $552.63. The insider received around $4.81 million from selling those shares.
- What’s Happening: Intuit prices senior notes offering of $4 billion.
- What Intuit Does: Intuit is a provider of small-business accounting software (QuickBooks), personal tax solutions (TurboTax), and professional tax offerings (Lacerte).
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