The Nasdaq 100 closed down more than 200 points on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a pre-planned sale, or it could indicate that they are worried about the company’s prospects or that they believe the stock is overvalued. Insider selling should not be used as the sole indicator for an investment or trading decision. At best, it can add persuasiveness to a sales decision.
Below is a look at some recent notable insider sales. More information can be found here Insider Transactions from Benzinga Platform.
HubSpot
- The trade: HubSpot, Inc. HUBS Managing Director Brian Halligan a total of 8,500 shares sold at an average price of $457.66. The insider received around $3.89 million from the sale of these shares.
- What happens: Keybanc Capital Markets analyst Michael Turits reiterated HubSpot’s overweight rating and lowered the price target to $593 from $660.
- What HubSpot does: HubSpot offers a cloud-based marketing, sales, and customer service software platform called the Growth Platform.
Take a look at our premarket coverage here
VMware
- The trade: VMware, Inc. VMW EVP, Worldwide Sales Pierre Jean Brulard a total of 5,779 shares sold at an average price of $178.29. The insider received around $1.03 million from the sale of these shares.
- What happens: VMware announced that the Government of Monaco has launched a VMware Sovereign Cloud, powered by Monaco Cloud.
- What VMware does: VMware is an industry giant in IT infrastructure virtualization and became a separate entity after spinning off from Dell Technologies in November 2021.
Vertex Pharmaceuticals
- The trade: Vertex Pharmaceuticals Incorporated Jeffrey Leiden, CEO of VRTX a total of 12,962 shares sold at an average price of $374.00. The insider received around $4.85 million from the sale of these shares.
- What happens: Cantor Fitzgerald analyst Eric Schmidt reiterated an overweight rating on Vertex Pharmaceuticals and maintained a $370 price target.
- What Vertex Pharmaceuticals does: Vertex Pharmaceuticals is a global biotechnology company that discovers and develops small molecule drugs to treat serious diseases.
Gilead Sciences
- The trade: Gilead Sciences, Inc. GILD CFO Andrew D. Dickinson a total of 5,000 shares sold at an average price of $80.00. The insider received around $400,017 from selling these shares.
- What happens: Gilead Sciences announced new long-term real-world data from the BICSTaR study highlighting the safety and efficacy profile of Biktarvy.
- What Gilead Sciences does: Gilead Sciences develops and commercializes therapies to treat life-threatening infectious diseases, with a portfolio focus on HIV and hepatitis B and C.
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