The Nasdaq 100 closed higher by around 1% on Friday. 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.
NVIDIA
The Trade: NVIDIA Corporation (NASDAQ:NVDA) President and CEO Jen Hsun Huang sold a total of 240,000 shares at an average price of $123.26. The insider received around $29.58 million from selling those shares.
What's Happening: On July 5, New Street Research analyst Pierre Ferragu downgraded NVIDIA from Buy to Neutral.
What NVIDIA Does: Nvidia is a leading developer of graphics processing units.
Benzinga Pro's earnings calendar was used to track NVDA's upcoming earnings report.
Have a look at our premarket coverage here
Amazon.com
The Trade: Amazon.com, Inc. (NASDAQ:AMZN) Executive Chair Jeffrey P Bezos sold a total of 1,664,886 shares at an average price of $200.07. The insider received around $333.1 million from selling those shares.
What's Happening: Australia's top-secret intelligence data will be migrated to the cloud under a $2 billion deal with Amazon.com's cloud service Amazon Web Services. This decision is expected to enhance the country's defense force interoperability with the United States.
What Amazon.com Does: Amazon is the leading online retailer and marketplace for third party sellers.
Benzinga Pro's signals feature notified of a potential breakout in AMZN's shares.
Paycom Software
The Trade: Paycom Software, Inc. (NYSE:PAYC) Director, CEO, President and Chairman Chad R. Richison sold a total of 3,900 shares at an average price of $143.30. The insider received around $558,887 from selling those shares.
What's Happening: On June 24, Jefferies analyst Samad Samana maintained Paycom Software with a Hold and lowered the price target from $170 to $145.
What Paycom Software Does: Paycom is a fast-growing provider of payroll and human capital management software primarily targeting clients with 50-10,000 employees in the United States.
Benzinga Pro's charting tool helped identify the trend in PAYC's stock.
Blackstone
The Trade: Blackstone Inc. (NYSE:BX) Director Joseph Baratta sold a total of 116,448 shares at an average price of $123.00. The insider received around $14.32 million from selling those shares.
What's Happening: Blackstone is reportedly close to finalizing a deal to sell Alinamin Pharmaceutical, a Japanese supplement maker, to North Asian buyout fund MBK Partners for 350 billion yen ($2.17 billion).
What Blackstone Does: Blackstone is the world's largest alternative-asset manager with $1.040 trillion in total asset under management, including $762.6 billion in fee-earning assets under management, at the end of 2023.
Benzinga Pro's real-time newsfeed alerted to latest BX news.
オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
Have a look at our premarket coverage here
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