Verizon, Workday And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed lower by around 1% on Monday. 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.

Workday

• The Trade: Workday, Inc. WDAY Chief Legal Officer & Secty Harry Richard Sauer sold a total of 1,411 shares at an average price of $267.03. The insider received around $376,783 from selling those shares.
• What’s Happening: On Nov. 28, Workday reported better-than-expected third-quarter financial results and issued fourth-quarter guidance.
• What Workday Does: Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions.

Have a look at our premarket coverage here

Wendy's

• The Trade: The Wendy's Company WEN Director Joseph Levato sold a total of 20,000 shares at an average price of $19.18. The insider received around $383,626 from selling those shares.
• What’s Happening: On Nov. 2, Wendy's reported third-quarter FY23 sales growth of 3.4% year-on-year to $550.60 million.
• What Wendy's Does: The Wendy's Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $11.7 billion in 2022, narrowly edging Burger King ($10.3 billion) and clocking in well behind wide-moat McDonald's ($48.1 billion).

Verizon Communications

• The Trade: Verizon Communications Inc. VZ EVP&Pres.-VZ Global Services Craig L Silliman sold a total of 23,380 shares at an average price of $38.00. The insider received around $888,440 from selling those shares.
• What’s Happening: Verizon is launching a unique streaming bundle partnership with Netflix and Warner Bros. Discovery Max, offering ad-supported services from these entertainment giants together for the first time.
• What Verizon Does: Verizon Communications is primarily a wireless business (it provides about 70% of service revenue and nearly all operating income).

Hibbett

• The Trade: Hibbett, Inc. HIBB SVP Marketing and Digital William G Quinn sold a total of 2,632 shares at an average price of $65.27. The insider received around $171,791 from selling those shares.
• What’s Happening: On Nov. 21, Hibbett reported strong quarterly sales..
• What Hibbett Does: Hibbett Inc is engaged in the retail of sports goods. The company operates small to midsize stores and focuses its business on the South, Southwest, mid-Atlantic, and Midwest areas of the country.

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