Microsoft, Bank of America And 2 Other Stocks Executives Are Selling

Author: Avi Kapoor | September 06, 2024 08:17am

The Nasdaq 100 closed slightly higher 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.

Fabrinet 

• The Trade: Fabrinet (NYSE:FN) EVP, Sales & Marketing Edward T. Archer sold a total of 8,690 shares at an average price of $220.26. The insider received around $1.9 million from selling those shares.
• What's Happening: On Aug. 19, Fabrinet reported better-than-expected fourth-quarter financial results and issued strong guidance.
• What Fabrinet  Does: Fabrinet provides advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors.
• Benzinga Pro's real-time newsfeed alerted to latest FN news.

Bank of America

• The Trade: Bank of America Corporation (NYSE:BAC) 10% owner Warren E Buffett sold a total of 18,746,304 shares at an average price of $40.54. The insider received around $760.04 million from selling those shares.
• What's Happening: The company is reportedly providing a major boost to climate technology, which has struggled to gain momentum through a landmark tax credit deal. The bank will invest $205 million in exchange for tax credits from an ethanol producer, Harvestone Low Carbon Partners, that captures carbon at a plant in North Dakota, reported WSJ.
• What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets.
• Benzinga Pro’s charting tool helped identify the trend in BAC stock.

Microsoft

• The Trade: Microsoft Corporation (NASDAQ:MSFT) CEO Satya Nadella sold a total of 78,353 shares at an average price of $408.63. The insider received around $32.02 million from selling those shares.
• What's Happening: Microsoft Corp recently launched a new line of Windows PCs with AI capabilities.
• What Microsoft Does: Microsoft develops and licenses consumer and enterprise software.
• Benzinga Pro’s signals feature notified of a potential breakout in MSFT shares.

Robinhood

• The Trade: Robinhood Markets, Inc. (NASDAQ:HOOD) Chief Legal Officer Daniel Martin Gallagher Jr sold a total of 12,500 shares at an average price of $19.33. The insider received around $241,566 from selling those shares.
• What's Happening: Robinhood Markets agreed to a $3.9 million settlement with California's Department of Justice over its past ban on Bitcoin (CRYPTO: BTC) cryptocurrency withdrawals.
• What Robinhood Does: Robinhood Markets Inc is creating a modern financial services platform.
• Benzinga Pro’s earnings calendar was used to track upcoming HOOD’s earnings reports.

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Posted In: $BTC BAC FN HOOD MSFT