ON Semiconductor, MongoDB And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by over 2% on Thursday. 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.

ON Semiconductor

• The Trade: ON Semiconductor Corporation ON CEO & President Hassane Elkhoury sold a total of 20,000 shares at an average price of $105.00. The insider received around $2.1 million from selling those shares.
• What’s Happening: onsemi and BorgWarner expanded strategic collaboration for silicon carbide worth over $1 billion in lifetime value.
• What ON Semiconductor Does: Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets.

Have a look at our premarket coverage here

MongoDB

• The Trade: MongoDB, Inc. MDB Director Dwight Merriman sold a total of 1,000 shares at an average price of $420.00. The insider received around $420,000 from selling those shares.
• What’s Happening: MongoDB announced an expansion of a multiyear strategic partnership agreement with Microsoft by integrating the Atlas application into Azure.
• What MongoDB Does: Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users.

Winnebago Industries

• The Trade: Winnebago Industries, Inc. WGO PRESIDENT - GRAND DESIGN Jeff Donald Clark sold a total of 300,000 shares at an average price of $67.87. The insider received around $20.36 million from selling those shares.
• What’s Happening: Winnebago Industries reported a third-quarter FY23 sales decline of 38.2% year-on-year to about $900 million, missing the consensus of $961 million.
• What Winnebago Industries Does: Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts.

Darden Restaurants

• The Trade: Darden Restaurants, Inc. DRI Director Lee, Eugene I. Jr. sold a total of 33,000 shares at an average price of $170.09. The insider received around $5.61 million from selling those shares.
• What’s Happening: Piper Sandler initiated coverage on Darden Restaurants with a Neutral rating and announced a price target of $167.
• What Darden Restaurants Does: Darden Restaurants is the largest restaurant operator in the U.S. full-service space, with consolidated revenue of $10.5 billion in fiscal 2023 resulting in 3%-4% full-service market share (per NRA data and our calculations).

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