Amazon, Cisco And 2 Other Stocks Insiders Are Selling

The S&P 500 closed higher 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.

Rivian Automotive

• The Trade: Rivian Automotive, Inc. RIVN Chief Accounting Officer Jeff Baker sold a total of 20,000 shares at an average price of $14.53. The insider received around $290.6 thousand from selling those shares. The company’s CFO also sold 3,625 shares.
• What’s Happening: The company announced that its all-electric service vans will hit the roads in the coming weeks.
• What Rivian Automotive Does: Rivian Automotive Inc designs, develops and manufactures category-defining electric vehicles and accessories.
• Have a look at our premarket coverage here

Zoom Video Communications

• The Trade: Zoom Video Communications, Inc. ZM Chief Operating Officer Aparna Bawa sold a total of 7,000 shares at an average price of $69.17. The insider received around $484.21 thousand from selling those shares.
• What’s Happening: Zoom launched AI-powered Zoom IQ features.
• What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.

Cisco Systems

• The Trade: Cisco Systems, Inc. CSCO Chair and CEO Charles Robbins sold a total of 49,212 shares at an average price of $49.56. The insider received around $2.44 million from selling those shares.
• What’s Happening: Cisco unveiled next-gen solutions that empower security and productivity with generative AI.
• What Cisco Does: Cisco Systems is the largest provider of networking equipment in the world and one of the largest software companies in the world.

Amazon.com

• The Trade: Amazon.com, Inc. AMZN CEO Amazon Web Services Adam Selipsky sold a total of 1,000 shares at an average price of $124.95. The insider received around $124.95 thousand from selling those shares.
• What’s Happening: Wells Fargo initiated coverage on Amazon.com with an Overweight rating and announced a price target of $159.

What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.

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