Alphabet, CrowdStrike And 2 Other Stocks Insiders Are Selling
Portfolio Pulse from Avi Kapoor
The Nasdaq 100 closed slightly higher on Tuesday, with notable insider trades in Alphabet, CrowdStrike, ABM Industries, and Patterson Companies. Insider sales can indicate various factors, including concerns about company prospects or stock overvaluation. Key trades include Alphabet's Director selling 1,500 shares, CrowdStrike's Chief Security Officer selling 4,000 shares, ABM Industries' COO selling 40,000 shares, and Patterson Companies' CEO selling 7,216 shares.
July 17, 2024 | 12:49 pm
News sentiment analysis
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NEGATIVE IMPACT
CrowdStrike's Chief Security Officer Shawn Henry sold 4,000 shares at an average price of $371.32, totaling $1.49 million. Piper Sandler downgraded the stock from Overweight to Neutral.
The insider sale by CrowdStrike's CSO combined with Piper Sandler's downgrade to Neutral suggests potential short-term downside risk.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Patterson Companies' CEO Donald Zurbay sold 7,216 shares at an average price of $24.99, totaling $180,328. Evercore ISI Group maintained an In-Line rating but lowered the price target from $27 to $25.
The insider sale by Patterson Companies' CEO and the lowered price target from Evercore ISI Group suggest potential short-term downside risk.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
ABM Industries' COO Rene Jacobsen sold 40,000 shares at an average price of $51.67, totaling $2.07 million. ABM recently acquired Quality Uptime Services for $119 million.
The insider sale by ABM's COO is significant, but the recent acquisition of Quality Uptime Services may offset any negative sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
Alphabet's Director John L Hennessy sold 1,500 shares at an average price of $185.85, totaling $278,775. Wolfe Research initiated coverage with an Outperform rating and a $240 price target.
The insider sale by Alphabet's Director is notable but not necessarily a negative signal due to the positive analyst rating and price target from Wolfe Research.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Alphabet's Director John L Hennessy sold 1,500 shares at an average price of $185.85, totaling $278,775. Wolfe Research initiated coverage with an Outperform rating and a $240 price target.
The insider sale by Alphabet's Director is notable but not necessarily a negative signal due to the positive analyst rating and price target from Wolfe Research.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100