The Nasdaq 100 soared over 400 points during Wednesday’s trading session, but while investors celebrated the market’s gains, they were also paying close attention to some intriguing insider trades. These trades often spark curiosity, as they can sometimes reveal a company’s future direction.
When insiders sell shares, it could be a pre-planned sale or indicate their concerns about the company’s prospects. It might even suggest they view the stock as being overpriced. However, it’s important to remember that insider sales shouldn’t be the sole factor in making investment decisions. At best, they can bolster an existing decision to sell.
Here’s a look at some recent notable insider sales, providing a glimpse into the activities of key figures at several well-known companies.
Upstart Holdings:
Upstart Holdings, Inc. (UPST) CFO Sanjay Datta sold 1,500 shares at an average price of $34.85, netting him around $52,275. This sale comes on the heels of JP Morgan analyst Reginald Smith maintaining an Underweight rating on Upstart while raising the price target from $27 to $30 on August 20th.
Zillow Group:
Zillow Group, Inc. (ZG) President, Zillow Susan Daimler, sold 6,031 shares at an average price of $54.16, totaling $326,658. This sale follows JMP Securities analyst Nicholas Jones reiterating a Market Outperform rating on Zillow and maintaining a $62 price target on September 6th.
Intuit:
Intuit Inc. (INTU) EVP, Chief Technology Officer Alex G. Balazs sold 2,941 shares at an average price of $628.76, earning him $1.85 million. On August 22nd, Intuit reported better-than-expected fourth-quarter financial results and issued FY25 EPS guidance above estimates. The company also approved a new $3 billion repurchase authorization.
Insulet:
Insulet Corporation (PODD) Director Timothy J Scannell sold 5,000 shares at an average price of $225.84, earning him around $1.1 million. On August 26th, Insulet announced that its Omnipod is now indicated for use by people with type 2 diabetes in the US.These recent insider trades, while not conclusive indicators, offer valuable context for investors seeking to understand the market sentiment surrounding these companies. It’s essential to delve deeper into the underlying reasons for these sales and consider them alongside other available information when making informed investment decisions.
