Pinterest, Cloudflare And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by more than 100 points 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.

Pinterest

• The Trade: Pinterest, Inc. PINS Chief People Officer Christine Deputy sold a total of 14,896 shares at an average price of $26.08. The insider received around $388,485 from selling those shares.
• What’s Happening: Pinterest announced a stock repurchase program of up to $1 billion Class A common stock.
• What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.

Have a look at our premarket coverage here

Cloudflare

• The Trade: Cloudflare, Inc. NET Director Carl Ledbetter sold a total of 30,090 shares at an average price of $60.38. The insider received around $1.82 million from selling those shares.
• What’s Happening: Cloudflare announced collaborations with Meta Platforms Inc META, Microsoft Corp MSFT and NVIDIA Corp NVDA.
• What Cloudflare Does: Cloudflare is a software company based in San Francisco, California, that offers security and web performance offerings by utilizing a distributed, serverless content delivery network, or CDN.

Semtech

• The Trade: Semtech Corporation SMTC SVP Michael W Rodensky sold a total of 18,227 shares at an average price of $25.50. The insider received around $464,789 from selling those shares.
• What’s Happening: Semtech reported better-than-expected second-quarter results but issued weak third-quarter guidance.
• What Semtech Does: Semtech Corp is engaged in designing, developing, manufacturing and marketing analog and mixed-signal semiconductors, algorithms and wireless semiconductors, connectivity modules, gateways, routers and connected services for IoT.

Ingles Markets

• The Trade: Ingles Markets, Incorporated IMKTA Director Laura Sharp Ingle sold a total of 2,000 shares at an average price of $75.50. The insider received around $151,000 from selling those shares.
• What’s Happening: Ingles Markets reported fourth-quarter FY22 sales growth of 8.2% year-on-year, to $1.45 billion.
• What Ingles Markets Does: Ingles Markets Inc is a U.S.-based company that is principally engaged in operating a supermarket chain.

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