Gold futures traded slightly lower this morning on Wednesday. Investors, meanwhile, focused on some notable insider trades.
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.
Cisco Systems
- The Trade: Cisco Systems, Inc. (NASDAQ:CSCO) SVP, Chief Accounting Officer Prat Bhatt sold a total of 37,285 shares at an average price of $45.00. The insider received around $1.68 million from selling those shares.
- What's Happening: Wipro recently partnered with Cisco to accelerate cloud transformation for customers.
- What Cisco Does: Cisco Systems is the largest provider of networking equipment in the world and one of the largest software companies in the world.
Also check this: Why Kaspien Holdings Is Trading Lower By 13%; Here Are 21 Stocks Moving Premarket
Microsoft
- The Trade: Microsoft Corporation (NASDAQ:MSFT) EVP, Chief Marketing Officer Christopher C Capossela sold a total of 5,000 shares at an average price of $266.25. The insider received around $1.33 million as a result of the transaction.
- What's Happening: The company's stock dropped 14% over the past month.
- What Microsoft Does: Microsoft develops and licenses consumer and enterprise software. It is known for its Windows operating systems and Office productivity suite.
Have a look at our premarket coverage here .
Signet Jewelers
- The Trade: Signet Jewelers Limited (NYSE:SIG) Chief Supply Chain Officer Stephen Lovejoy sold a total of 6,000 shares at an average price of $62.33. The insider received around $373.98 thousand from selling those shares.
- What's Happening: The company recently posted a decline in quarterly earnings.
- What Signet Jewelers Does: Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches and others. The bridal category includes engagement, wedding and anniversary purchases.
Best Buy
- The Trade: Best Buy Co., Inc. (NYSE:BBY) EVP, Omnichannel Damien Harmon sold a total of 1,308 shares at an average price of $76.58. The insider received around $100.17 thousand from selling those shares.
- What's Happening: Best Buy recently reported better-than-expected Q2 EPS and sales results.
- What Best Buy Does: With $51.8 billion in fiscal 2022 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 10.6% share of the aggregate market and north of 40% share of offline sales, per our calculations, CTA industry, and Euromonitor data.