Alphabet, Palo Alto Networks And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed slightly lower on Wednesday. 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.

Palo Alto Networks

• The Trade: Palo Alto Networks, Inc. PANW Director, EVP, Chief Technology Officer Nir Zuk sold a total of 36,000 shares at an average price of $254.01. The insider received around $9.14 million from selling those shares. The company’s Chief Accounting Officer also sold 250 shares.
• What’s Happening: RBC Capital maintained Palo Alto with an Outperform and raised the price target from $232 to $277.
• 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.

Have a look at our premarket coverage here

Snap

• The Trade: Snap Inc. SNAP General Counsel Michael Osullivan sold a total of 13,000 shares at an average price of $11.87. The insider received around $154,336 from selling those shares.
• What’s Happening: On June 5, 2023, Snap appointed Eric Young as Senior Vice President of Engineering.
• What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.

ON Semiconductor

• The Trade: ON Semiconductor Corporation ON EVP & GM, PSG Simon Keeton sold a total of 11,529 shares at an average price of $94.99. The insider received around $1.1 million from selling those shares.
• What’s Happening: Benchmark reiterated ON Semiconductor with a Buy and maintained a $110 price target.
• What ON Semiconductor Does: Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets.

Alphabet

• The Trade: Alphabet Inc. GOOG Senior Vice President Prabhakar Raghavan sold a total of 16,083 shares at an average price of $120.31. The insider received around $1.93 million from selling those shares.
• What’s Happening: Alphabet’s Google and Meta Platforms have decided to remove links to Canadian news sites.
• What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary.

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