Investing
Huge Technology Trade Highlights Recent Insider Selling: Adobe, Ross Stores, Shake Shack and More
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After what was a wild and woolly first quarter, many investors are bracing for the possibility of more volatility to come. One thing is for sure, with first-quarter earnings right around the corner, insiders that want to make a transaction are probably in a hurry, as many corporations are shutting windows for executives and institutional accounts looking to sell or buy shares.
We cover insider selling every week at 24/7 Wall St., and we like to remind readers that just because an individual or 10% institutional owner is selling stock, that is no cause for immediate alarm. Many top executives, and even directors, are compensated with stock and often sell just to diversify or purchase other assets.
Here are companies that reported notable insider selling last week.
Adobe Systems Inc. (NASDAQ: ADBE) saw a seller come in a gigantic way this past week. ValueAct Holdings sold a humongous 921,808 shares of the stock at prices that ranged from $92.51 to $92.53. The total for this huge sell order was an incredible $85 million. This isn’t the first time the hedge fund has shown up on our screens, as it is reported that ValueAct now has sold the vast portion of its holdings in this diversified software company. The shares closed trading on Friday at $95.16.
Ross Stores Inc. (NASDAQ: ROST) had the chairman of the board and an executive vice president both selling shares last week. The pair sold a total of 162.128 shares at prices that ranged from $57.40 to $57.53 per share. The total for the sales came to a solid $9 million. Earlier in the week the president of the company sold 58,163 shares of the stock at between $58.05 and $58.13 apiece. The total for that sale came to $3.4 million. The shares closed Friday at $58.64.
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