Alphabet, Best Buy And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by around 0.4% on Friday. 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.

Best Buy

• The Trade: Best Buy Co., Inc. BBY 10% owner Richard Schulze sold a total of 288,097 shares at an average price of $75.08. The insider received around $21.61 million from selling those shares.
• What’s Happening: On Nov. 21, Best Buy posted upbeat earnings for its third quarter, but lowered its FY24 guidance.
• What Best Buy Does: With $46.3 billion in consolidated fiscal 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., boasting roughly 8.5% share of the U.S. market and north of 35% share of offline sales, per our calculations, CTA, and Euromonitor data.

Have a look at our premarket coverage here

KeyCorp

• The Trade: KeyCorp KEY Chief Accounting Officer Douglas M Schosser sold a total of 14,383 shares at an average price of $13.37. The insider received around $192,300 from selling those shares.
• What’s Happening: KeyCorp recently said it sees fourth-quarter loans down 1%-3% from the third quarter.
• What KeyCorp Does: With assets of over $170 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York.

Alphabet

• The Trade: Alphabet Inc. GOOG CEO Sundar Pichai sold a total of 22,500 shares at an average price of $132.17. The insider received around $2.97 million from selling those shares.
• What’s Happening: Alphabet recently announced the launch of its Gemini AI model.
• What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary.

Paycom Software

• The Trade: Paycom Software, Inc. PAYC Chief Administrative Officer Jason D Clark sold a total of 9,005 shares at an average price of $184.55. The insider received around $1.66 million from selling those shares.
• What’s Happening: On Oct. 31, Paycom reported worse-than-expected third-quarter sales results and issued FY23 revenue guidance below estimates..
• What Paycom Software Does: Paycom is a fast-growing provider of payroll and human capital management, or HCM, software primarily targeting clients with 50-10,000 employees in the United States.

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