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.
Caleres
The Trade: Caleres, Inc. CAL CEO and Chairman Diane M Sullivan disposed a total of 17659 shares at an average price of $25.11. The insider received $443,495.19 as a result of the transaction.
What’s Happening: In May, Caleres swung to a profit in the first quarter. The company’s shares dropped around 7% during the previous month.
What Caleres Does: Caleres Inc is a footwear retailer in the United States.
Dropbox
The Trade: Dropbox, Inc. DBX President Timothy Young sold a total of 11250 shares at an average price of $30.80. The insider received $346,459.50 from selling those shares.
What’s Happening: Dropbox is scheduled to release Q2 results on August 5, 2021.
What Dropbox Does: Dropbox provides cloud-based file storage, sharing, and project collaboration services for individuals and, to a lesser extent, enterprise customers.
Philip Morris
The Trade: Philip Morris International Inc. PM Chief Executive Office of PMI America Martin G King sold a total of 21725 shares at an average price of $100.18. The insider received $2,176,482.19 as a result of the transaction.
What’s Happening: Philip Morris recently reported second-quarter FY21 net revenue growth of 14.2% year-on-year to $7.59 billion and adjusted net revenues growth of 17.9% to $7.84 billion.
What Philip Morris Does: Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States.
The Trade: Facebook Inc FB COB and CEO Mark Zuckerberg sold a total of 77300 shares at an average price of $371.92. The insider received $28,749,062.00 from selling those shares. The insider also acquired a total of 62300 shares.
What’s Happening: Facebook reported better-than-expected earnings for its second quarter. The company saw its daily active users grow 7% year-over-year to 1.91 billion in the quarter.
What Facebook Does: Facebook is the world's largest online social network, with 2.5 billion monthly active users.
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