HP, Microsoft And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by over 2% 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.

Microsoft

• The Trade: Microsoft Corporation MSFT Vice Chair and President Bradford L Smith sold a total of 50,000 shares at an average price of $337.20. The insider received around $16.86 million from selling those shares.
• What’s Happening: Microsoft announced the appointment of Puneet Chandok as Corporate Vice President of Microsoft India and South Asia, effective from Sept. 1, 2023.
• What Microsoft Does: Microsoft develops and licenses consumer and enterprise software. It is known for its Windows operating systems and Office productivity suite.

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 $11.22. The insider received around $145,898 from selling those shares.
• What’s Happening: China Renaissance recently downgraded Snap from Hold to Sell and announced a $7 price target.
• 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.

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 $70.67. The insider received around $1.41 million from selling those shares.
• What’s Happening: Micron reported third-quarter revenue of $3.75 billion, which beat the consensus estimate of $3.65 billion.
• What Micron Technology Does: Micron is one of the largest suppliers of memory chips in the world, between DRAM and NAND. The firm's DRAM and NAND products are tailored to PCs, data centers, smartphones, game consoles, automotives, and other computing devices.

HP

• The Trade: HP Inc. HPQ CFO Marie Myers sold a total of 4,165 shares at an average price of $32.57. The insider received around $135,654 from selling those shares.
• What’s Happening: HP reported better-than-expected earnings for its second quarter, while sales missed expectations.
• What HP Does: HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise.

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