Cisco Systems, Electronic Arts And 2 Other Stocks Insiders Are Selling – Broadcom (NASDAQ:AVGO), Best Buy Co (NYSE:BBY)

The Nasdaq 100 closed higher by more than 100 points on Monday. 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.

Cisco Systems

• The Trade: Cisco Systems, Inc. (NASDAQ:CSCO) EVP and CFO Richard Scott Herren sold a total of 119,937 shares at an average price of $50.02. The insider received around $6 million from selling those shares.
• What’s Happening: Cisco reportedly emerged victorious in a legal battle as a federal judge in Virginia dismissed patent infringement claims made by cybersecurity company Centripetal Networks in a multi-billion-dollar dispute centered on network security technology.
• What Cisco Systems Does: Cisco Systems is the largest provider of networking equipment in the world and one of the largest software companies in the world.

Have a look at our premarket coverage here

Broadcom

• The Trade: Broadcom Inc. (NASDAQ:AVGO) President and CEO Hock E Tan sold a total of 20,000 shares at an average price of $1,089.69. The insider received around $21.79 million from selling those shares.
• What’s Happening: Broadcom recently reported upbeat earnings for its fourth quarter and increased its quarterly dividend by 14% to $5.25.
• What Broadcom Does: Broadcom is the sixth-largest semiconductor company globally and has expanded into various software businesses, with over $30 billion in annual revenue.

Electronic Arts

• The Trade: Electronic Arts Inc. (NASDAQ:EA) Chief Legal Officer Jacob J Schatz sold a total of 1,000 shares at an average price of $140.53. The insider received around $140,530 from selling those shares.
• What’s Happening: Wolfe Research analyst Peter Supino, last week, initiated coverage on Electronic Arts with a Peer Perform rating.
• What Electronic Arts Does: EA is one of the world’s largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.

Best Buy

• The Trade: Best Buy Co., Inc. (NYSE:BBY) 10% owner Richard Schulze sold a total of 313,728 shares at an average price of $76.97. The insider received around $24.15 million from selling those shares.
• What’s Happening: On Nov. 21, Best Buy posted upbeat earnings for its third quarter, but lowered its FY24 guidance.
• What Best Buy Does: With $46.3 billion in consolidated fiscal 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., boasting roughly 8.5% share of the U.S. market and north of 35% share of offline sales, per our calculations, CTA, and Euromonitor data.

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