US stocks closed sharply higher on Wednesday after the Federal Reserve raised its target fed funds rate by 0.5%. 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.
HP
- The Trade: HP Inc. (NYSE:HPQ) Chief Financial Officer Marie Myers sold a total of 4,500 shares at an average price of $36.62. The insider received around $164.79 thousand from selling those shares.
- What’s Happening: The company’s shares gained 23% over the past six months.
- What HP Does: HP Inc. is a leading provider of computers, printers, and printer supplies. The company's three operating business segments are its personal systems, containing notebooks, desktops, and workstations; and its printing segment which contains supplies, consumer hardware, and commercial hardware; and corporate investments.
Upstart
- The Trade: Upstart Holdings, Inc. (NASDAQ:UPST) CEO Dave Girouard sold a total of 45,833 shares at an average price of $80.00. The insider received around $3.67 million from selling those shares.
- What’s Happening: Morgan Stanley maintained Upstart with an Equal-Weight and lowered the price target from $115 to $88.
- What Upstart Does: Upstart Holdings Inc provides credit services. The company provides a proprietary, cloud-based, artificial intelligence lending platform.
Also check this: 4 Stocks Under $3 Insiders Are Aggressively Buying
Shutterstock
- The Trade: Shutterstock, Inc. (NYSE:SSTK) Director, Exec Chairman & Interim CEO Jonathan Oringer sold a total of 83,362 shares at an average price of $70.81. The insider received around $5.9 million as a result of the transaction.
- What’s Happening: Shutterstock disclosed the resignation of Stan Pavlovsky from his position as CEO, effective May 3.
- What Shutterstock Does: Shutterstock Inc is a U.S.-based company that is primarily engaged in the provision of digital content. The content segment, whose offerings include photographs, illustrations, vector art, video clips, and music tracks, generates almost all the company's revenue.
Have a look at our premarket coverage here .
Humana
- The Trade: Humana Inc. (NYSE:HUM) Chief Information Officer Samir Deshpande sold a total of 3,957 shares at an average price of $434.19. The insider received around $1.72 million from selling those shares.
- What’s Happening: Humana recently posted Q1 adjusted sales of $24.08 billion, beating the consensus of $23.51 billion.
- What Humana Does: Humana is one of the largest private health insurers in the U.S. with a focus on administering Medicare Advantage plans.
