Spanish stocks traded higher this morning, with the IBEX 35 Index surging to the strongest level in over two weeks. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
Alphabet
- The Trade: Alphabet Inc. GOOG Director Sergey Brin disposed a total of 8,832 shares at an average price of $2,815.03. The insider received around $24.86 million as a result of the transaction.
- What’s Happening: Nordic price comparison provider PriceRunner AB sued Alphabet’s Google for ~22 billion kronor ($2.4 billion) at Sweden’s patent and market court, Bloomberg reported.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.
Catalent
- The Trade: Catalent, Inc. CTLT Director Peter Zippelius sold a total of 487,092 shares at an average price of $102.65. The insider received around $50 million from selling those shares.
- What’s Happening: Catalent recently reported better-than-expected Q2 EPS and sales results.
- What Catalent Does: Catalent Inc is a specialty and generic drug manufacturing company. The company focuses on advanced delivery technologies and development solutions for drugs, biologics, and consumer health products.
Also check out this: Executives Buy Around $64M Of 3 Stocks
Virtu Financial
- The Trade: Virtu Financial, Inc. VIRT 10% owner Coral Blue Investment Pte Ltd sold a total of 4,027,062 shares at an average price of $31.04. The insider received $125 million as a result of the transaction.
- What’s Happening: Virtu Financial reported better-than-expected Q4 EPS and sales results.
- What Virtu Financial Does: Virtu Financial Inc is a leading technology-enabled market maker and liquidity provider to the global financial markets.
Charles Schwab
- The Trade: The Charles Schwab Corporation SCHW Chairman Charles Schwab sold a total of 119,280 shares at an average price of $92.59. The insider received $11.04 million from selling those shares.
- What’s Happening: Morgan Stanley recently maintained Charles Schwab with an Overweight and raised the price target from $130 to $132.
- What Charles Schwab Does: Charles Schwab operates in the brokerage, banking, and asset-management businesses. The company runs a large network of brick-and-mortar brokerage branch offices and a well-established online investing website.
Boston Scientific
- The Trade: Boston Scientific Corporation BSX SVP, Global Supply Chain Bradley John Sorenson sold a total of 13,167 shares at an average price $43.20. The insider received around $568.82 thousand from selling those shares.
- What’s Happening: The company recently posted upbeat quarterly results.
- What Boston Scientific Does: Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts.
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