Kimberly-Clark, Roblox And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 2.5% on Wednesday. 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.

Roblox

• The Trade: Roblox Corporation RBLX Director Gregory Baszucki sold a total of 8,333 shares at an average price of $31.05. The insider received around $258,765 from selling those shares.
• What’s Happening: The company is expected report third-quarter 2023 financial results before opening the U.S. markets on Wednesday, Nov. 8, 2023.
• What Roblox Does: Roblox operates an online video game platform that lets young gamers create, develop, and monetize games (or "experiences") for other players.

Have a look at our premarket coverage here

Progressive

• The Trade: The Progressive Corporation PGR Director Stuart Burgdoerfer sold a total of 15,000 shares at an average price of $155.13. The insider received around $2.33 million from selling those shares.
• What’s Happening: Progressive posted upbeat earnings for the third quarter.
• What Progressive Does: Progressive underwrites private and commercial auto insurance and specialty lines; it has about 18 million personal auto policies in force and is one of the largest auto insurers in the United States.

Kimberly-Clark

• The Trade: Kimberly-Clark Corporation KMB Chief Digital & Technology Officer Zackery A Hicks sold a total of 3,020 shares at an average price of $119.43. The insider received around $360,677 from selling those shares.
• What’s Happening: Kimberly-Clark reported third-quarter sales growth of 2% Y/Y to $5.13 billion, missing the analyst consensus estimate of $5.15 billion.
• What Kimberly-Clark Does: With more than half of sales from personal care and another third from tissue products, Kimberly-Clark sits as a leading manufacturer in the tissue and hygiene realm.

Accenture

• The Trade: Accenture plc ACN Chief Operating Officer John F Walsh sold a total of 2,500 shares at an average price of $295.60. The insider received around $738,988 from selling those shares.
• What’s Happening: The company recently posted better-than-expected second-quarter results.
• What Accenture Does: Accenture said it acquired cybersecurity services company MNEMO Mexico.

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