The Nasdaq 100 closed higher by over 400 points during Wednesday's session. 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.
Upstart Holdings
- The Trade: Upstart Holdings, Inc. (NASDAQ:UPST) CFO Sanjay Datta sold a total of 1,500 shares at an average price of $34.85. The insider received around $52,275 from selling those shares.
- What's Happening: On Aug. 20, JP Morgan analyst Reginald Smith maintained Upstart with an Underweight and raised the price target from $27 to $30.
- What Upstart Does: Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.
Zillow Group
- The Trade: Zillow Group, Inc. (NASDAQ:ZG) President, Zillow Susan Daimler sold a total of 6,031 shares at an average price of $54.16. The insider received around $326,658 from selling those shares.
- What's Happening: On Sept. 6, JMP Securities analyst Nicholas Jones reiterated Zillow with a Market Outperform and maintained a $62 price target.
- What Zillow Group Does: Zillow Group Inc is an Internet-based real estate company that offers its customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.
Intuit
- The Trade: Intuit Inc. (NASDAQ:INTU) EVP, Chief Technology Officer Alex G. Balazs sold a total of 2,941 shares at an average price of $628.76. The insider received around $1.85 million from selling those shares.
- What's Happening: On Aug. 22, Intuit reported better-than-expected fourth-quarter financial results and issued FY25 EPS guidance above estimates. Also, the company approved a new $3 billion repurchase authorization.
- What Intuit Does: Intuit is a provider of small-business accounting software (QuickBooks), personal tax solutions (TurboTax), and professional tax offerings (Lacerte).
Insulet
- The Trade: Insulet Corporation (NASDAQ:PODD) Director Timothy J Scannell sold a total of 5,000 shares at an average price of $225.84. The insider received around $1.1 million from selling those shares.
- What's Happening: On Aug. 26, Insulet said its Omnipod is now indicated for use by people with type 2 diabetes in the US..
- What Insulet Does: Insulet was founded in 2000 with the goal of making continuous subcutaneous insulin infusion therapy for diabetes easier to use.
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