Insiders Selling Meta Platforms And 3 Other Stocks

The Nasdaq dropped by more than 100 points on Thursday. 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.

Qualtrics International

• The Trade: Qualtrics International Inc. XM CEO Zig Serafin sold a total of 495,818 shares at an average price of $16.47. The insider received around $8.17 million from selling those shares.
• What’s Happening: Qualtrics International recently reported better-than-expected Q4 EPS and sales results and issued Q1 revenue guidance above estimates..
• What Qualtrics International Does: Qualtrics International Inc is a software technology company based in the United States.

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Vir Biotechnology

• The Trade: Vir Biotechnology, Inc. VIR 10% owner SOFTBANK VISION FUND (AIV M1) L.P. sold a total of 145,422 shares at an average price of $28.51. The insider received around $4.15 million from selling those shares.
• What’s Happening: Vir Biotechnology recently announced retirement of CEO George Scangos.
• What Vir Biotechnology Does: Vir Biotechnology Inc is a commercial-stage immunology company focused on treating and preventing infectious diseases.

Meta Platforms

• The Trade: Meta Platforms, Inc. META Chief Business Officer Marne Levine sold a total of 23,317 shares at an average price of $191.00. The insider received around $4.45 million from selling those shares.
• What’s Happening: Meta revamped its fledgling Horizon Worlds metaverse app to draw in more teen and young-adult users, according to an internal memo.
• What Meta Platforms Does: Meta is the world's largest online social network, with 3.7 billion family of apps monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos.

Rockwell Automation

• The Trade: Rockwell Automation, Inc. ROK SVP, CLO and Secretary Rebecca W House sold a total of 3,178 shares at an average price of $287.80. The insider received around $914.64 thousand from selling those shares.
• What’s Happening: Rockwell Automation recently reported first-quarter FY23 sales growth of 6.7% year-on-year to $1.98 billion, beating the consensus of $1.93 billion.
• What Rockwell Automation Does: Rockwell Automation is a pure-play automation competitor that is the successor entity to Rockwell International, which spun off its former Rockwell Collins avionics segment in 2001.