Meta, Cisco And 2 Other Stocks Executives Are Selling

Author: Avi Kapoor | August 23, 2024 08:16am

The Nasdaq 100 closed lower by over 300 points during Thursday's session. 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.

Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.

Synchronoss Technologies

• The Trade: Synchronoss Technologies, Inc. (NASDAQ:SNCR) 10% owner Bryant R Riley sold a total of 12,210 shares at an average price of $12.82. The insider received around $156,494 from selling those shares.
• What's Happening: On Aug. 6, Synchronoss Technologies posted better-than-expected quarterly earnings.
• What Synchronoss Technologies Does: Synchronoss Technologies Inc is a leading provider of white-label cloud, messaging, digital and network management solutions that enable its customers to keep subscribers, systems, networks and content in sync.
• Benzinga Pro's real-time newsfeed alerted to latest SNCR news.

Meta Platforms

• The Trade: Meta Platforms, Inc. (NASDAQ:META) Chief Legal Officer Jennifer Newstead sold a total of 905 shares at an average price of $528.38. The insider received around $478,184 from selling those shares.
• What's Happening: Meta's social media platform Threads is reportedly exploring the integration of advertisements to generate revenue. However, the company has stated that it is not currently testing ads in Threads and has no immediate plans for monetization.
• What Meta Platforms Does: Meta is the world’s largest online social network, with nearly 4 billion family of apps monthly active users.
• Benzinga Pro’s charting tool helped identify the trend in META stock.

Cisco

• The Trade: Cisco Systems, Inc. (NASDAQ:CSCO) EVP, Operations Thimaya K. Subaiya sold a total of 8,270 shares at an average price of $50.33. The insider received around $416,248 from selling those shares.
• What's Happening: On Aug. 14, Cisco reported fiscal fourth-quarter revenue of $13.64 billion, beating the consensus estimate of $13.537 billion.
• 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.
• Benzinga Pro’s signals feature notified of a potential breakout in CSCO shares.

LyondellBasell Industries

• The Trade: LyondellBasell Industries N.V. (NYSE:LYB) EVP, Ops Excellence, HSE Dale D Friedrichs sold a total of 4,970 shares at an average price of $96.78. The insider received around $480,997 from selling those shares.
• What's Happening: On Aug. 22, LyondellBasell entered into an agreement to acquire full ownership of APK AG in Merseburg, Germany.
• What LyondellBasell Industries Does: LyondellBasell is a petrochemical producer with operations in the United States, Europe, and Asia.
• Benzinga Pro’s earnings calendar was used to track upcoming LYB’s earnings reports.

Check This Out:

• Nasdaq, S&P 500 Close Lower As Investors Await Jerome Powell’s Jackson Hole Address: Fear & Greed Index Stays In ‘Neutral’ Zone

Posted In: CSCO LYB META SNCR