Insiders Selling Micron, KeyCorp And 2 Other Stocks

The Nasdaq Composite closed higher on Tuesday. 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.

Target

• The Trade: Target Corporation TGT Executive Officer Brian Cornell sold a total of 35,243 shares at an average price of $158.98. The insider received around $5.6 million from selling those shares.
• What’s Happening: Target reported better-than-expected Q4 results and issued FY23 EPS guidance above estimates.
• What Target Does: With 1,926 stores (as of the end of fiscal 2021), Target is a leading American general merchandise retailer, offering a variety of products across several categories, including beauty and household essentials (26% of fiscal 2021 sales), food and beverage (19%), home furnishings and décor (19%), hardlines (18%), and apparel and accessories (17%).

Have a look at our premarket coverage here

Micron Technology

• The Trade: Micron Technology, Inc. MU EVP, Technology & Products Scott Deboer sold a total of 20,000 shares at an average price of $53.40. The insider received around $1.07 million from selling those shares.
• What’s Happening: Raymond James recently reinstated Micron Technology with an Outperform and announced a $70 price target.
• What Micron Technology Does: Micron historically focused on designing and manufacturing DRAM for PCs. The firm then expanded into the NAND flash memory market.

KeyCorp

• The Trade: KeyCorp KEY Chief Information Officer Amy G Brady sold a total of 45,000 shares at an average price of $15.58. The insider received around $701.1 thousand from selling those shares.
• What’s Happening: Hewlett Packard Enterprise reported better-than-expected Q1 results and issued strong Q2 revenue guidance.
• What KeyCorp Does: Odeon Capital recently downgraded KeyCorp from Buy to Hold.

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Activision Blizzard

• The Trade: Activision Blizzard, Inc. ATVI President and COO Daniel Alegre sold a total of 8,847 shares at an average price of $78.50. The insider received around $694.49 thousand from selling those shares.
• What’s Happening: Benchmark recently reiterated Activision Blizzard with a Buy and maintained a $90 price target.
• What Activision Blizzard Does: Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers.