The Nasdaq 100 took a dip on Thursday, closing over 300 points lower. As investors navigated this market movement, they also kept an eye on some noteworthy insider trades. When company insiders sell shares, it can spark interest, as it could signal a pre-planned transaction, or possibly indicate concerns about the company’s future or a belief that the stock is overvalued. It’s important to remember that insider sales shouldn’t be the sole factor in investment or trading decisions, but they can definitely add weight to a selling decision. Let’s take a closer look at a few recent notable insider sales:
Synchronoss Technologies (SNCR):
Bryant R Riley, a 10% owner of Synchronoss Technologies, sold 12,210 shares at an average price of $12.82, bringing in around $156,494. This sale comes on the heels of Synchronoss reporting better-than-expected quarterly earnings on August 6th. Synchronoss Technologies is a leading provider of cloud, messaging, digital, and network management solutions, helping their customers keep subscribers, systems, networks, and content in sync.
Meta Platforms (META):
Jennifer Newstead, Meta Platforms’ Chief Legal Officer, sold 905 shares at an average price of $528.38, earning approximately $478,184 from the transaction. This sale comes amidst reports that Meta’s social media platform Threads is exploring the integration of advertisements to generate revenue. However, Meta has stated they are not currently testing ads in Threads and have no immediate monetization plans. Meta is the world’s largest online social network with nearly 4 billion monthly active users across its family of apps.
Cisco (CSCO):
Thimaya K. Subaiya, EVP of Operations at Cisco Systems, sold 8,270 shares at an average price of $50.33, receiving around $416,248 from the sale. This transaction follows Cisco’s recent announcement of fiscal fourth-quarter revenue of $13.64 billion, surpassing the consensus estimate of $13.537 billion on August 14th. Cisco is recognized as the world’s largest provider of networking equipment and one of the largest software companies globally.
LyondellBasell Industries (LYB):
Dale D Friedrichs, EVP of Ops Excellence, HSE at LyondellBasell Industries, sold 4,970 shares at an average price of $96.78, generating approximately $480,997 from the sale. This insider sale comes after LyondellBasell entered into an agreement to acquire full ownership of APK AG in Merseburg, Germany on August 22nd. LyondellBasell is a major petrochemical producer with operations across the United States, Europe, and Asia.
