US crude oil futures traded higher this morning on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
Dropbox
- The Trade: Dropbox, Inc. DBX President Timothy Young sold a total of 15,000 shares at an average price of $22.33. The insider received around $334.96 thousand from selling those shares.
- What’s Happening: Credit Suisse recently initiated coverage on Dropbox with an Underperform rating and announced a price target of $20.
- What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.
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Unity Software
- The Trade: Unity Software Inc. U President and CEO John Riccitiello sold a total of 11,671 shares at an average price of $35.69. The insider received around $416.54 thousand as a result of the transaction.
- What’s Happening: Morgan Stanley assumed Unity Software with an Equal-Weight rating and announced a price target of $27.5.
- What Unity Software Does: Unity Software Inc provides a software platform for creating and operating interactive, real-time 3D content.
Have a look at our premarket coverage here .
Coinbase Global
- The Trade: Coinbase Global, Inc. COIN Chief Legal Officer Paul Grewal sold a total of 1,818 shares at an average price of $44.39. The insider received around $80.69 thousand from selling those shares.
- What’s Happening: Coinbase Global strengthened its European top ranks to help lead its regional expansion plans.
- What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.
Palo Alto Networks
- The Trade: Palo Alto Networks, Inc. PANW EVP, CFO Dipak Golechha sold a total of 2,000 shares at an average price of $172.41. The insider received around $344.82 thousand from selling those shares.
- What’s Happening: Palo Alto Networks recently reported better-than-expected Q1 EPS and sales results.
- What Palo Alto Networks Does: Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations.
Ormat Technologies
- The Trade: Ormat Technologies, Inc. ORA 10% owner Orix Corp sold a total of 562,500 shares at an average price of $87.75. The insider received around $49.36 million from selling those shares.
- What’s Happening: Ormat Technologies recently announced pricing of an upsized public offering of 3.75 million shares of common stock on behalf of stockholder ORIX Corporation at a price of $90 per share.
- What Ormat Technologies Does: Ormat Technologies derives approximately 80% of its revenue from building and operating geothermal plants and the rest from manufacturing geothermal and recovered energy equipment.
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