Dropbox, United States Steel And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 270 points 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.

United States Steel

• The Trade: United States Steel Corporation X SVP Adv. Tech. Steelmaking Daniel Brown sold a total of 4,860 shares at an average price of $33.00. The insider received around $160,380 from selling those shares.
• What’s Happening: Morgan Stanley upgraded United States Steel from Equal-Weight to Overweight and announced a $40 price target.
• What United States Steel Does: United States Steel Corp operates primarily in the United States but also has a steelmaking capacity in Slovakia. The company's operating segments include North American Flat-Rolled (Flat-Rolled), Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular).

Have a look at our premarket coverage here

Dropbox

• The Trade: Dropbox, Inc. DBX CFO Timothy Regan sold a total of 13,000 shares at an average price of $27.30. The insider received around $354,922 from selling those shares.
• What’s Happening: Dropbox reported upbeat results for its second quarter.
• What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.

Urban Outfitters

• The Trade: Urban Outfitters, Inc. URBN Global CEO Anthropologie Tricia D Smith sold a total of 5,372 shares at an average price of $32.94. The insider received around $176,953 from selling those shares.
• What’s Happening: Urban Outfitters reported better-than-expected second-quarter earnings.
• What Urban Outfitters Does: Founded in 1970, Philadelphia-based Urban Outfitters is an apparel and home goods retailer that operates about 700 stores and e-commerce in North America (87% of fiscal 2023 sales) and other regions.

Darden Restaurants

• The Trade: Darden Restaurants, Inc. DRI Director Mensah Nana sold a total of 1,219 shares at an average price of $144.03. The insider received around $175,575 from selling those shares.
• What’s Happening: Darden Restaurants reported an earnings beat, despite underwhelming fine dining sales.
• 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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