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Insider Selling Activity: What It Means for HP, Alphabet, NetApp, and Caleres

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As the Nasdaq 100 closed higher by over 200 points on Wednesday, investors turned their attention to notable insider selling activity in some major companies. While insider sales should not be the sole basis for investment decisions, they can provide insights into the company’s prospects or valuation. Let’s take a closer look at recent insider sales in Alphabet, HP, NetApp, and Caleres and what they mean for investors.

Alphabet (GOOG)

  • The Trade: Alphabet Senior Vice President Prabhakar Raghavan sold 16,083 shares at an average price of $133.82, totaling around $2.15 million.
  • What’s Happening: Alphabet’s Google and HP have announced a partnership to produce low-cost Chromebooks in India, benefiting digital education accessibility.
  • Company Overview: Alphabet is a holding company, with Google as its wholly owned subsidiary and a dominant player in the internet media industry.

HP (HPQ)

  • The Trade: HP President and CEO Enrique Lores sold 38,000 shares at an average price of $25.75, earning approximately $978,500.
  • What’s Happening: B of A Securities upgraded HP from Underperform to Buy and set a $33 price target, indicating positive expectations for the company.
  • Company Overview: HP, a leader in the PC and printing markets, has been focused on these segments since its split from Hewlett Packard Enterprise in 2015.

NetApp (NTAP)

  • The Trade: NetApp President Cesar Cernuda sold 22,000 shares at an average price of $75.70, generating approximately $1.67 million. Additionally, the company’s Director T. Michael Nevens sold 7,000 shares.
  • What’s Happening: NetApp reported better-than-expected earnings for the first quarter, signaling positive performance.
  • Company Overview: NetApp is a leading provider of enterprise data management and storage solutions, serving both the Hybrid Cloud and Public Cloud segments.

Caleres (CAL)

  • The Trade: Caleres Executive Chair Diane M Sullivan sold 26,363 shares at an average price of $28.23, earning approximately $744,324.
  • What’s Happening: Caleres presented its three-year strategic and financial plan and reiterated its Q3 and FY23 outlook, instilling confidence ahead of its Investor Day.
  • Company Overview: Caleres is a prominent footwear retailer in the United States, operating through its Famous Footwear and Brand Portfolio segments.

Insider selling activity can provide valuable insights into a company’s prospects and valuation. While it should not be the sole basis for investment decisions, it can strengthen a selling decision. Investors should consider these factors along with other fundamental and technical analysis to make informed investment choices.

Β© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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