Alphabet, NetApp And 2 Other Stocks Insiders Are Selling

Author: Priya Nigam | April 18, 2024 08:07am

The Nasdaq 100 closed lower by more than 200 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.

Starbucks

• The Trade: Starbucks Corporation (NASDAQ:SBUX) CEO, North America Michael Aaron Conway sold a total of 3,250 shares at an average price of $85.39. The insider received around $277,518 from selling those shares.
• What’s Happening: On April 16, Jefferies analyst Andy Barish maintained Starbucks with a Hold and lowered the price target from $100 to $94.
• What Starbucks Does: Starbucks is one of the most widely recognized restaurant brands in the world, operating more than 38,000 stores across more than 80 countries as of the end of fiscal 2023.

Have a look at our premarket coverage here

Alphabet

• The Trade: Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) CEO Sundar Pichai sold a total of 22,500 shares at an average price of $157.41. The insider received around $3.54 million from selling those shares.
• What’s Happening: Following protests over its Israeli government cloud contract, Google‘s parent company Alphabet has terminated 28 employees.
• What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary. Google services account for nearly 90% of Alphabet's revenue, of which more than 85% is from online ads.

NetApp

• The Trade: NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold a total of 8,500 shares at an average price of $103.16. The insider received around $876,838 from selling those shares.
• What’s Happening: On April 10, NetApp announced a partnership with Google Cloud to maximize flexibility for cloud data storage.
• What NetApp Does: NetApp Inc is a leading provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud.

Trade Desk

• The Trade: The Trade Desk, Inc. (NASDAQ:TTD) President and CEO Jeffrey Terry Green sold a total of 2,600 shares at an average price of $86.41. The insider received around $224,666 from selling those shares.
• What’s Happening: On Feb. 15, Trade Desk reported better-than-expected fourth-quarter revenue results and issued first-quarter revenue guidance above estimates.
• What Trade Desk Does: The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, and social) on different devices like computers, smartphones, and connected TVs.

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Posted In: GOOG GOOGL NTAP SBUX TTD