QUALCOMM, McKesson And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by over 1% on Monday. 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.

Blackstone

• The Trade: Blackstone Inc. BX Director William Parrett sold a total of 3,874 shares at an average price of $112.47. The insider received around $435,709 from selling those shares.
• What’s Happening: Public Storage penned a deal with Blackstone’s Blackstone Real Estate Income Trust, Inc. (BREIT) to acquire Simply Self Storage from BREIT for $2.2 billion.
• What Blackstone Does: Blackstone is one of the world's largest alternative asset managers with $991.3 billion in total asset under management, including $732.0 billion in fee-earning asset under management, at the end of March 2023.

Have a look at our premarket coverage here

MongoDB

• The Trade: MongoDB, Inc. MDB Chief Revenue Officer Cedric Pech sold a total of 16,143 shares at an average price of $378.86. The insider received around $6.12 million from selling those shares.
• What’s Happening: MongoDB reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.
• 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. MongoDB provides both licenses as well as subscriptions as a service for its NoSQL database.

McKesson

• The Trade: McKesson Corporation MCK CEO Brian Tyler sold a total of 25,246 shares at an average price of $422.58. The insider received around $10.67 million from selling those shares.
• What’s Happening: McKesson posted upbeat quarterly results.
• What McKesson Does: McKesson Corp is one of three leading pharmaceutical wholesalers in the U.S. engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.

QUALCOMM

• The Trade: QUALCOMM Incorporated QCOM Chief Commercial Officer James J Cathey sold a total of 1,000 shares at an average price of $111.27. The insider received around $111,270 from selling those shares.
• What’s Happening: Wells Fargo maintained Qualcomm with an Underweight and raised the price target from $95 to $100.
• What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.

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