Marvell, Seagate And 2 Other Stocks Insiders Are Selling

The S&P 500 closed higher on Friday. 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.

Royal Caribbean Cruises

• The Trade: Royal Caribbean Cruises Ltd. RCL Director Arne Alexander Wilhelmsen sold a total of 318,325 shares at an average price of $77.97. The insider received around $24.82 million from selling those shares.
• What’s Happening: Tigress Financial maintained Royal Caribbean with a Buy and raised the price target from $80 to $102.
• What Royal Caribbean Cruises Does: Royal Caribbean is the world's second-largest cruise company, operating 64 ships across five global and partner brands in the cruise vacation industry, with 10 more ships on order through 2026.

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Seagate Technology

• The Trade: Seagate Technology Holdings plc STX SVP, CLO & Corporate Secretary Katherine Schuelke sold a total of 3,487 shares at an average price of $62.09. The insider received around $216.51 thousand from selling those shares.
• What’s Happening: Seagate intends to offer up to combined $1 billion of senior notes due 2029 and senior notes due 2031 in private placement.
• What Seagate Technology Does: Seagate is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets.

Marvell Technology

• The Trade: Marvell Technology, Inc. MRVL EVP, Chief Operations Officer Chris Koopmans sold a total of 8,000 shares at an average price of $48.96. The insider received around $391.68 thousand from selling those shares. The company’s EVP, Storage Products Group Dan Christman also sold 53,732 shares of the company.
• What’s Happening: Marvell reported strong Q1 results, issued upbeat guidance and said it expects AI revenue to at least double in 2024.
• What Marvell Technology Does: Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share.

Zoom Video Communications

• The Trade: Zoom Video Communications, Inc. ZM Chief Operating Officer Aparna Bawa sold a total of 7,000 shares at an average price of $63.52. The insider received around $444.62 thousand from selling those shares.
• What’s Happening: Zoom reported better-than-expected first-quarter results.
• What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.

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