Insiders Selling Broadcom, Steelcase And This Communication Services Stock

The Nasdaq Composite closed higher by around 0.7% on Thursday. 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.

Roblox

• The Trade: Roblox Corporation RBLX Director Gregory Baszucki sold a total of 8,334 shares at an average price of $42.79. The insider received around $356.62 thousand from selling those shares.
• What’s Happening: Roblox estimated Feb. average bookings per DAU were down 2-4% year over year.
• What Roblox Does: Roblox operates an online video game platform that lets young gamers create, develop, and monetize games (or "experiences") for other players.

Have a look at our premarket coverage here

Steelcase

• The Trade: Steelcase Inc. SCS Director Peter Wege II sold a total of 40,521 shares at an average price of $8.50. The insider received around $344.32 thousand from selling those shares.
• What’s Happening: Steelcase reported better-than-expected Q4 financial results and issued Q1 EPS and revenue guidance above estimates.
• What Steelcase Does: Steelcase Inc is a furniture company primarily based in the United States and has operations in Europe, the Middle East, and Africa.

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Broadcom

• The Trade: Broadcom Inc. AVGO CFO & Chief Accounting Officer Kirsten M Spears sold a total of 7,000 shares at an average price of $619.72. The insider received around $4.34 million from selling those shares.
• What’s Happening: On March 29, Britain's Competition and Markets Authority referred to the anticipated takeover of Vmware, by Broadcom for an in-depth investigation for concerns over the substantial lessening of competition within the U.K. markets.
• What Broadcom Does: Broadcom—the combined entity of Broadcom and Avago—boasts a highly diverse product portfolio across an array of end markets.