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.
Kratos Defense & Security
The Trade: Kratos Defense & Security Solutions, Inc. KTOS EVP and CFO Deanna H Lund disposed a total of 11500 shares at an average price of $22.49. The insider received $258,579.10 as a result of the transaction.
What’s Happening: The company’s Kratos Unmanned Aerial Systems recently secured a $338.07 million Firm Fixed-Price, Cost-Plus-Fixed-Fee, and Time-and-Material contract for BQM-167A Air Force Subscale Aerial Target (AFSAT) lots 17-21 production, out-of-warranty-repairs (OWR), and contractor logistics support (CLS).
What Kratos Defense & Security Does: Kratos Defense & Security Solutions develops and fields transformative, affordable technology, platforms, and systems.
The Trade: Pinterest, Inc. PINS SVP, Products Naveen Gavini sold a total of 28078 shares at an average price of $51.85. The insider received $1,455,882.93 from selling those shares. The insider also acquired a total of 8376 shares.
What’s Happening: Goldman Sachs recently initiated coverage on Pinterest with a Neutral rating and announced a price target of $57.
What Pinterest Does: Pinterest, headquartered in San Francisco, California, provides visual discovery engine in the United States and internationally.
Switch
The Trade: Switch, Inc. SWCH CEO Rob Roy sold a total of 186503 shares at an average price of $25.99. The insider received $4,847,541.05 as a result of the transaction.
What’s Happening: Switch, last month, reported better-than-expected Q2 sales and issued FY21 sales guidance above estimates.
What Switch Does: Switch is a US-based technology infrastructure company. It is engaged in designing, constructing, and operating hyper-scale data centers.
Ciena
The Trade: Ciena Corporation CIEN SVP, Software and Services Rick Hamilton sold a total of 3143 shares at an average price of $51.91. The insider received $163,153.13 from selling those shares.
What’s Happening: Ciena, earlier during the month, reported third-quarter FY21 revenue growth of 1.2% year-on-year to $988.1 million.
What Ciena Does: Ciena is a network strategy and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks.
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