Electronic Arts, Snowflake And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 50 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.

G-III Apparel Group

• The Trade: G-III Apparel Group, Ltd. GIII Director Laura Pomerantz sold a total of 10,904 shares at an average price of $24.21. The insider received around $263,986 from selling those shares.
• What’s Happening: G-III Apparel Group reported second-quarter FY24 sales growth of 9% year-on-year to $659.76 million, beating the analyst consensus of $592.32 million.
• What G-III Apparel Does: G-III Apparel Group Ltd is a textile company. It makes a wide range of apparel, footwear, and accessories that it sells under its own brands, licensed brands, and private-label brands.

Have a look at our premarket coverage here

Electronic Arts

• The Trade: Electronic Arts Inc. EA Chief Legal Officer Jacob J Schatz sold a total of 1,000 shares at an average price of $132.35. The insider received around $132,350 from selling those shares.
• What’s Happening: B of A Securities recently upgraded the stock from Neutral to Buy and raised its price target from $145 to $150.
• What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.

TD SYNNEX

• The Trade: TD SYNNEX Corporation SNX Director Matthew Miau sold a total of 840,000 shares at an average price of $95.51. The insider received around $80.23 million from selling those shares.
• What’s Happening: TD SYNNEX announced the launch of secondary public offering of 6.75 million shares of common stock and $280 million concurrent share repurchase.
• What TD SYNNEX Does: TD Synnex Corp is a global distributor and solutions aggregator for the IT ecosystem.

Snowflake

• The Trade: Snowflake Inc. SNOW SVP, Product Management Christian Kleinerman sold a total of 1,500 shares at an average price of $157.90. The insider received around $ $236,850 from selling those shares.
• What’s Happening: B of A Securities recently initiated coverage on Snowflake with a Neutral rating and announced a price target of $195.
• What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers.

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