Insiders Selling Ciena, Fiserv And This Diamond Jewelery Retailer

The Nasdaq Composite closed lower on Monday. 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.

Signet Jewelers

• The Trade: Signet Jewelers Limited SIG Joan Hilson sold a total of 10,000 shares at an average price of $70.72. The insider received around $707.22 thousand from selling those shares.
• What’s Happening: Signet Jewelers reported a fourth-quarter FY23 sales decline of 5.2% year-on-year to $2.67 billion, beating the consensus of $2.65 billion.
• What Signet Jewelers Does: Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches and others.

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Ciena

• The Trade: Ciena Corporation CIEN President and CEO Gary B Smith sold a total of 3,541 shares at an average price of $49.37. The insider received around $174.83 thousand from selling those shares.
• What’s Happening: Ciena reported a first-quarter FY23 revenue growth of 25.1% year-on-year to $1.057 billion, beating the consensus of $959.4 million.
• What Ciena Does: Ciena Corp is a network strategy and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks.

Fiserv

• The Trade: Fiserv, Inc. FISV Chief Revenue Officer Christopher Foskett sold a total of 9,000 shares at an average price of $111.00. The insider received around $1 million from selling those shares.
• What’s Happening: Fiserv reported fourth-quarter FY22 revenue growth of 9% year-on-year to $4.63 billion, while adjusted revenue increased 8% to $4.36 billion, surpassing the consensus of $4.34 billion.
• What Fiserv Does: Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for U.S. banks and credit unions, with a focus on small and midsize banks.

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