Amazon, Progress Software And 2 Other Stocks Insiders Are Selling

The Nasdaq 100 closed higher by 1% on Friday. 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.

Amazon.com

• The Trade: Amazon.com, Inc. AMZN Executive Chair Jeffrey P Bezos sold a total of 11,997,698 shares at an average price of $170.21. The insider received over $2 billion from selling those shares. The company’s CEO Worldwide Amazon Stores also sold 20,200 shares.
• What’s Happening: Amazon.com announced that it will lay off hundreds of employees at its One Medical and Pharmacy units as part of a major cost-cutting initiative.
• 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.

Have a look at our premarket coverage here

Viking Therapeutics

• The Trade: Viking Therapeutics, Inc. VKTX President and CEO Brian Lian sold a total of 45,000 at an average price of $29.90. The insider received around $1,345,500 from selling those shares.
• What’s Happening: Viking Therapeutics posted in-line loss for its fourth quarter.
• What Viking Therapeutics Does: Viking Therapeutics Inc is a healthcare service provider. The company specializes in the area of biopharmaceutical development focused on metabolic and endocrine disorders.

Ameriprise Financial

• The Trade: Ameriprise Financial, Inc. AMP Executive VP and CFO Walter Stanley Berman sold a total of 13,346 shares at an average price of $387.81. The insider received around $5,175,664 from selling those shares.
• What’s Happening: Ameriprise Financial reported better-than-expected fourth-quarter financial results.
• What Ameriprise Financial Does: Ameriprise Financial has emerged is a major player in the U.S. market for asset and wealth management, with around $1.3 trillion in total assets under management and advisement at the end of the second quarter of 2023.

Progress Software

• The Trade: Progress Software Corporation PRGS EVP/GM Infrastructure Mgmt Sundar Subramanian sold a total of 2,475 shares at an average price of $57.38. The insider received around $142,016 from selling those shares.
• What’s Happening: Progress Software posted stronger-than-expected results for its fourth quarter.
• What Progress Software Does: Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries.

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