Robinhood, Palo Alto Networks And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by more than 100 points 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.

Axonics

• The Trade: Axonics, Inc. AXNX Chief Medical Officer Karen Noblett sold a total of 15,999 shares at an average price of $69.00. The insider received around $1.1 million from selling those shares.
• What’s Happening: Axonics announced a deal to be acquired by Boston Scientific.
• What Axonics Does: Axonics Inc is a United States-based medical technology company. It focuses on developing and commercializing novel products for adults with bladder and bowel dysfunction, that include implantable SNM systems to treat urinary urge incontinence and urinary urgency frequency (UUF); a urethral bulking agent (Bulkamid) to treat female stress urinary incontinence.

Have a look at our premarket coverage here

Upstart Holdings

• The Trade: Upstart Holdings, Inc. UPST CFO Sanjay Datta sold a total of 1,000 shares at an average price of $34.14. The insider received around $34,140 from selling those shares.
• What’s Happening: Upstart, during November, reported worse-than-expected third-quarter financial results.
• What Upstart Holdings Does: Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.

Palo Alto Networks

• The Trade: Palo Alto Networks, Inc. PANW Director John Donovan sold a total of 35,236 shares at an average price of $293.49. The insider received around $10.34 million from selling those shares.
• What’s Happening: Citigroup analyst Fatima Boolani maintained Palo Alto Networks with a Buy and raised the price target from $280 to $335.
• What Palo Alto Networks Does: Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations.

Robinhood Markets

• The Trade: Robinhood Markets, Inc. HOOD Chief Creative Officer Baiju Bhatt sold a total of 222,877 shares at an average price of $12.28. The insider received around $2.74 million from selling those shares.
• What’s Happening: Keybanc analyst Josh Beck recently maintained Robinhood Markets with an Overweight and raised the price target from $12 to $14.
• What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology.

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