The Nasdaq 100 closed higher by over 1% on Monday. 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.
- The Trade: Schlumberger Limited SLB President New Energy Gavin Rennick sold a total of 6,675 shares at an average price of $52.88. The insider received around $352,974 from selling those shares.
- What’s Happening: Schlumberger was chosen by Eni S.p.A. to develop comprehensive plans for measuring and reporting fugitive methane emissions at global facilities.
- What SLB Does: SLB, formerly known as Schlumberger, is the largest oilfield service firm in the world, with expertise in myriad disciplines, including reservoir performance, well construction, production enhancement, and more recently, digital solutions.
Have a look at our premarket coverage here
- The Trade: TransDigm Group Incorporated TDG Director Robert J Small sold a total of 106,258 shares at an average price of $966.23. The insider received around $102.67 million from selling those shares.
- What’s Happening: TransDigm Group reported better-than-expected fourth-quarter financial results. The company also entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, L.P., for about $1.385 billion in cash.
- What TransDigm Group Does: TransDigm manufactures and services a diverse set of components and parts for commercial and military aircraft.
- The Trade: Marvell Technology, Inc. MRVL Director, Chair of Board, President, CEO Matthew Murphy sold a total of 30,000 shares at an average price of $54.45. The insider received around $1.63 million from selling those shares.
- What’s Happening: Roth MKM recently initiated coverage on the stock with a Buy rating and $60 price target.
- What Marvell Technology Does: Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share.
Laboratory Corporation of America
- The Trade: Laboratory Corporation of America Holdings LH SVP, Chief Accounting Officer Peter J Wilkinson sold a total of 1,384 shares at an average price of $210.71. The insider received around $291,627 from selling those shares.
- What’s Happening: JP Morgan recently maintained Laboratory Corp with an Overweight and raised the price target from $259 to $261.
- What Laboratory Corporation of America Does: Laboratory Corp. of America is one of the nation’s two largest independent clinical laboratories, with roughly 20% of the independent lab market.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.