Gold futures traded lower this morning on Tuesday. 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.
Autodesk
- The Trade: Autodesk, Inc. (NASDAQ:ADSK) President and CEO Andrew Anagnost sold a total of 34,366 shares at an average price of $206.87. The insider received around $7.11 million from selling those shares.
- What’s Happening: Autodesk recently reported better-than-expected Q2 results.
- What Autodesk Does: Founded in 1982, Autodesk is an application software company that serves industries in architecture, engineering, and construction; product design and manufacturing; and media and entertainment. Autodesk software enables design, modeling, and rendering needs of these industries.
Also check this: Catalent Faces Several Price Target Cuts By Analysts After Q4 Results
J. M. Smucker Company
- The Trade: The J. M. Smucker Company (NYSE:SJM) Director Richard Smucker sold a total of 20,000 shares at an average price of $142.28. The insider received around $2.85 million as a result of the transaction.
- What’s Happening: J.M. Smucker recently reported better-than-expected Q1 results and raised FY23 guidance.
- What J. M. Smucker Company Does: J.M. Smucker is a packaged food company that primarily operates in the U.S. retail channel (87% of fiscal 2022 revenue), but also in U.S. food-service (7%), and international (6%).
Have a look at our premarket coverage here .
Intuit
- The Trade: Intuit Inc. (NASDAQ:INTU) CEO, President and Director Sasan Goodarzi sold a total of 22,250 shares at an average price of $463.21. The insider received around $10.31 million from selling those shares.
- What’s Happening: Intuit recently reported better-than-expected Q4 results.
- What Intuit Does: Intuit is a provider of small-business accounting software (QuickBooks), personal tax solutions (TurboTax), and professional tax offerings (Lacerte).
Procter & Gamble Company
- The Trade: The Procter & Gamble Company (NYSE:PG) Chief Human Resources Officer M. Theresa Grabowski sold a total of 10,397 shares at an average price of $146.00. The insider received around $1.52 million from selling those shares.
- What’s Happening: Procter & Gamble recently reported fourth-quarter FY22 sales growth of 3% year-on-year to $19.52 billion, beating the consensus of $19.37 billion.
- What Procter & Gamble Does: Since its founding in 1837, Procter & Gamble has become one of the world's largest consumer product manufacturers, generating more than $80 billion in annual sales.
