Amazon, Adobe And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by over 100 points on Tuesday. 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.

Applied Materials

• The Trade: Applied Materials, Inc. AMAT Senior Vice President, CTO Omkaram Nalamasu sold a total of 23,228 shares at an average price of $162.45. The insider received around $3.77 million from selling those shares.
• What’s Happening: Applied Materials and CEA-Leti disclosed an expansion of their longstanding collaboration to focus on developing differentiated materials engineering solutions for several specialty semiconductor applications.
• What Applied Materials Does: Applied Materials is the largest semiconductor wafer fabrication equipment, or WFE, manufacturer in the world.

Have a look at our premarket coverage here

Adobe

• The Trade: Adobe Inc. ADBE Chair and CEO Shantanu Narayen sold a total of 32,000 shares at an average price of $598.28. The insider received around $19.15 million from selling those shares. The company’s EVP and CFO Daniel Durn also disposed a total of 3,000 shares.
• What’s Happening: Adobe and Figma mutually agreed to terminate their previously announced $20 billion merger agreement, originally shared on Sept. 15, 2022, under which Adobe decided to snap Figma for a mix of cash and stock consideration.
• What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.

Amazon.com

• The Trade: Amazon.com, Inc. AMZN CEO Amazon Web Services Adam Selipsky sold a total of 1,000 shares at an average price of $153.52. The insider received around $153,515 from selling those shares.
• What’s Happening: Amazon Prime Video India is preparing for a content-rich 2024, with a strong emphasis on a wide variety of fresh content.
• What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.

Coinbase Global

• The Trade: Coinbase Global, Inc. COIN Director Gokul Rajaram sold a total of 1,145 shares at an average price of $166.71. The insider received around $190,883 from selling those shares.
• What’s Happening: JMP Securities, last week, maintained a Market Outperform rating on the stock and raised its price target from $107 to $200.
• What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

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