Hershey, Steelcase And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 1.5% on Tuesday. 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.

Zscaler

• The Trade: Zscaler, Inc. ZS Chief Legal Officer Robert Schlossman sold a total of 3,855 shares at an average price of $149.47. The insider received around $576,191 from selling those shares.
• What’s Happening: Zscaler reported better-than-expected fiscal fourth-quarter results.
• What Zscaler Does: Zscaler is a software-as-a-service, or SaaS, firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers.

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Steelcase

• The Trade: Steelcase Inc. SCS SVP, CAO, GC and Secretary Lizbeth Oshaughnessy sold a total of 30,000 shares at an average price of $11.02. The insider received around $330,600 from selling those shares.
• What’s Happening: Steelcase reported better-than-expected second-quarter financial results and issued third-quarter and full-year 2024 earnings per share guidance above estimates.
• What Steelcase Does: Steelcase Inc is a furniture company primarily based in the United States and has operations in Europe, the Middle East, and Africa.

Hershey Company

• The Trade: The Hershey Company HSY SVP, Chief Financial Officer Steven E Voskuil sold a total of 1,500 shares at an average price of $207.00. The insider received around $310,500 from selling those shares.
• What’s Happening: Piper Sandler analyst Michael S. Lavery reiterated the Overweight rating on Hershey, lowering the price target to $240 from $285.
• What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 45% of the domestic chocolate space (per IRI).

Helmerich & Payne

• The Trade: Helmerich & Payne, Inc. HP SVP Sales, Marketing & Digital Raymond (Trey) Adams III sold a total of 6,000 shares at an average price of $42.48. The insider received around $254,880 from selling those shares.
• What’s Happening: Helmerich & Payne posted upbeat third-quarter results.
• What Helmerich & Payne Does: Helmerich & Payne has the largest fleet of U.S. land drilling rigs. The company's FlexRig line is the leading choice to drill horizontal wells for production of U.S. tight oil and gas.

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