The Nasdaq 100 closed higher by around 70 points on Tuesday. 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.
Guess?
- The Trade: Guess?, Inc. (NYSE:GES) CEO and Director Carlos Alberini sold a total of 350,000 shares at an average price of $30.40. The insider received around $10.64 million from selling those shares.
- What’s Happening: On April 8, B. Riley Securities analyst Jeff Lick reiterated Guess with a Buy rating and raised the price target from $33 to $37.
- What Guess? Does: Guess? Inc designs, markets distributes, and licenses contemporary apparel and accessories that reflect European fashion sensibilities and American Lifestyle under brands including Guess, Marciano, and G by Guess.
Have a look at our premarket coverage here
Broadcom
- The Trade: Broadcom Inc. (NASDAQ:AVGO) CFO and Chief Accounting Officer Kirsten M. Spears sold a total of 3,000 shares at an average price of $1,343.15. The insider received around $4.03 million from selling those shares.
- What’s Happening: Broadcom and Alphabet’s Google Cloud have announced the expansion of their partnership to optimize Broadcom’s VMware workloads for Google Cloud.
- What Broadcom Does: Broadcom is the sixth-largest semiconductor company globally and has expanded into various software businesses, with over $30 billion in annual revenue.
NVIDIA
- The Trade: NVIDIA Corporation (NASDAQ:NVDA) Director Mark A Stevens sold a total of 22,700 shares at an average price of $879.97. The insider received around $19.98 million from selling those shares.
- What’s Happening: Keybanc analyst John Vinh maintained NVIDIA with an Overweight and raised the price target from $1,100 to $1,200.
- What NVIDIA Does: Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs.
Darden Restaurants
- The Trade: Darden Restaurants, Inc. (NYSE:DRI) Director William S Simon sold a total of 1,219 shares at an average price of $158.21. The insider received around $192,858 from selling those shares.
- What’s Happening: On March 21, Darden Restaurants reported mixed results for its third quarter.
- What Darden Restaurants Does: Darden Restaurants is the largest restaurant operator in the U.S. full-service space, with consolidated revenue of $10.5 billion in fiscal 2023 resulting in 3%-4% full-service market share (per NRA data and our calculations).
Check This Out: Investor Optimism Decreases Slightly; Inflation Data In Focus