Meta, Bank of America And 2 Other Stocks Executives Are Selling

The Nasdaq 100 closed lower by around 0.1% during Thursday's session. 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.

Meta Platforms

• The Trade: Meta Platforms, Inc. META CFO Susan J Li sold a total of 33,018 shares at an average price of $517.94. The insider received around $17.1 million from selling those shares.
• What's Happening: Mark Zuckerberg-led Meta has reportedly decided to discontinue its custom chip development for its upcoming augmented reality glasses.
• What Meta Does: Meta is the world’s largest online social network, with nearly 4 billion family of apps monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos.
• Benzinga Pro's real-time newsfeed alerted to latest META news.

Bank of America

• The Trade: Bank of America Corporation BAC President, International Bernard A Mensah sold a total of 92,000 shares at an average price of $39.81. The insider received around $3.7 million from selling those shares.
• What's Happening: Berkshire Hathaway sold shares worth more than $550 million, at an average price of $39.50 per share, over the past few days, according to Barron's.
• What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets.
• Benzinga Pro’s charting tool helped identify the trend in BAC stock.

C.H. Robinson Worldwide

• The Trade: C.H. Robinson Worldwide, Inc. CHRW Chief Legal Officer/Secretary Ben G Campbell sold a total of 2,780 shares at an average price of $102.11. The insider received around $283,855 from selling those shares.
• What's Happening: On Aug. 8, C.H. Robinson Worldwide raised its quarterly cash dividend from 61 cents to 62 cents per share.
• What C.H. Robinson Worldwide Does: C.H. Robinson is a top-tier non-asset-based third-party logistics provider with a significant focus on domestic freight brokerage (about 61% of net revenue), which reflects mostly truck brokerage but also rail intermodal.
• Benzinga Pro’s signals feature notified of a potential breakout in CHRW shares.

CarGurus

• The Trade: CarGurus, Inc. CARG Director Greg M Schwartz sold a total of 11,000 shares at an average price of $28.29. The insider received around $311,190 from selling those shares.
• What's Happening: On Aug. 8, CarGurus reported better-than-expected second-quarter financial results.
• What CarGurus Does: CarGurus Inc is a company that acts as an online automotive marketplace connecting buyers and sellers of new and used cars.
• Benzinga Pro’s earnings calendar was used to track upcoming CARG’s earnings reports.

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