HP, Micron Technology And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by over 1% on Wednesday. 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.

Micron Technology

• The Trade: Micron Technology, Inc. MU CVP, Chief Accounting Officer Scott Allen sold a total of 13,687 shares at an average price of $60.80. The insider received around $832,170 from selling those shares.
• What’s Happening: Citigroup recently reiterated Micron with a Buy and maintained a $75 price target.
• What Micron Technology Does: Micron is one of the largest suppliers of memory chips in the world, between DRAM and NAND.
• Have a look at our premarket coverage here

HP

• The Trade: HP Inc. HPQ Director Subra Suresh sold a total of 6,659 shares at an average price of $33.00. The insider received around $219,747 from selling those shares.
• What’s Happening: Citigroup recently initiated coverage on HP with a Neutral rating and announced a price target of $32.
• What HP Does: HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise.

Ralph Lauren

• The Trade: Ralph Lauren Corporation RL President and CEO Patrice Louvet sold a total of 9,272 shares at an average price of $125.00. The insider received around $1.16 million from selling those shares.
• What’s Happening: Ralph Lauren recently reported better-than-expected fourth-quarter financial results.
• What Ralph Lauren Does: Founded by designer Ralph Lauren in 1967, Ralph Lauren Corp. designs, markets, and distributes lifestyle products in North America, Europe, and Asia.

NetApp

• The Trade: NetApp, Inc. NTAP CEO George Kurian sold a total of 4,500 shares at an average price of $78.52. The insider received around $353,322 from selling those shares. The company’s EVP, Chief Legal Officer also sold the company’s shares.
• What’s Happening: NetApp announced the renewal of its strategic alliance and co-engineering partnership with DreamWorks Animation.
• What NetApp Does: NetApp Inc is a leading provider of enterprise data management and storage solutions.

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