Nvidia, Amazon And 2 Other Stocks Insiders Are Selling
Author: Avi Kapoor | July 10, 2024 07:59am
The Nasdaq 100 closed higher by around 0.1% on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. 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.
The Trade: Marvell Technology, Inc. (NASDAQ:MRVL) President, Products & Tech Muhammad Raghib Hussain sold a total of 50,000 shares at an average price of $75.00. The insider received around $3.75 million from selling those shares.
What's Happening: On July 9, Keybanc analyst John Vinh maintained Marvell Tech with an Overweight and raised the price target from $90 to $95.
What Marvell Technology Does: Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share.
The Trade: DocuSign, Inc. (NASDAQ:DOCU) President, Field Operations Stephen Shute sold a total of 35,300 shares at an average price of $52.87. The insider received around $1.87 million from selling those shares.
What's Happening: On June 25, Docusign named Paula Hansen as President and Chief Revenue Officer and Sagnik Nandy as Chief Technology Officer.
What DocuSign Does: Docusign offers Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.
The Trade: Amazon.com, Inc. (NASDAQ:AMZN) Executive Chair Jeffrey P Bezos sold a total of 4,314,109 shares at an average price of $200.15. The insider received around $863.5 million from selling those shares.
What's Happening: On July 9, Roth MKM analyst Rohit Kulkarni maintained Amazon.com with a Buy and maintained a $210 price target.
What Amazon Does: Amazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 75% of total, followed by Amazon Web Services’ cloud computing, storage, database, and other offerings (15%), advertising services (5% to 10%), and other the remainder.
The Trade: NVIDIA Corporation (NASDAQ:NVDA) President and CEO Jen Hsun Huang sold a total of 240,000 shares at an average price of $127.87. The insider received around $30.7 million from selling those shares.
What's Happening: On July 9, KeyBanc maintained an Overweight rating on the stock and raised its price target from $130 to $180.
What NVIDIA Does: Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs.
