Gold futures traded lower this morning Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates that they are concerned about the prospects of the company or that they consider the stock to be overvalued. Either way, this signals an opportunity to go short on the stock. Insider selling should not be considered the sole indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is an overview of some recent notable insider sales. To find out more, see Benzinga Insider Trading Platform.
Palo Alto Networks
- The exchange: Palo Alto Networks, Inc.. PANW CEO Nikesh Arora sold a total of 12,500 shares at an average price of $554.56. The insider received approximately $6.93 million from the sale of these shares.
- What is happening: Palo Alto Networks recently announced better-than-expected fourth-quarter results and released fiscal 23 sales guidance that exceeded estimates.
- What Palo Alto Networks does: Palo Alto Networks is a pure-play cybersecurity vendor that sells security appliances, subscriptions, and support to enterprises, government entities, and service providers.
Also check this: the fear and greed index drops but remains in the “neutral” zone
- The exchange: Genpact Limited g Senior Vice President Balkrishan Kalra sold a total of 10,000 shares at an average price of $47.35. The insider received approximately $473.54 thousand as a result of the transaction.
- What is happening: The company recently released upbeat quarterly results.
- What Genpact does: Genpact Ltd is a provider of business process management services. Clients are vertical industries and operate in banking and financial services, insurance, capital markets, consumer goods, life sciences, infrastructure, manufacturing and services, healthcare and high technology .
Take a look at our pre-market coverage here.
Fifth Third Bancorp
- The exchange: Fifth Third Bancorp FITB Director Mitchell Feiger sold a total of 8,734 shares at an average price of $35.21. The insider received approximately $307.48 thousand from the sale of these shares.
- What is happening: The company, last month, published pessimistic quarterly results.
- What Fifth Third Bancorp does: Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati.