Western Digital, MongoDB And 2 Other Stocks Insiders Are Selling
Portfolio Pulse from Avi Kapoor
The Nasdaq 100 closed slightly lower, with notable insider sales from McKesson, Western Digital, Booz Allen Hamilton, and MongoDB. Insider sales can indicate various factors, including concerns about company prospects or stock overvaluation.
June 07, 2024 | 12:40 pm
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NEUTRAL IMPACT
Booz Allen Hamilton EVP Richard Crowe sold 1,006 shares at $151.96 each, totaling around $152,872. The company recently posted better-than-expected Q4 earnings.
The small volume of shares sold and the recent positive earnings report suggest a neutral short-term impact on the stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 70
NEUTRAL IMPACT
Western Digital EVP & GM, Flash Business Robert Soderbery sold 26,853 shares at $73.48 each, totaling around $1.97 million. Loop Capital maintained a Buy rating and raised the price target to $100.
While the insider sale might raise concerns, the positive analyst rating and increased price target could offset any negative sentiment, leading to a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
McKesson CEO Brian S. Tyler sold 3,753 shares at $574.41 each, totaling around $2.16 million. This sale follows the election of Deborah Dunsire as a new director.
The CEO's sale of shares could indicate concerns about the company's future or that the stock is overvalued. This might lead to a short-term negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MongoDB Director Dwight A Merriman sold 2,000 shares at $234.24 each, totaling around $468,472. Scotiabank maintained a Sector Perform rating but lowered the price target to $250.
The insider sale combined with a lowered price target from Scotiabank could lead to a short-term negative impact on the stock price.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80