This article presents an overview of Latest Insider Selling in April 2024: 5 Stocks to Watch. For a detailed overview of such stocks read our article, Latest Insider Selling in April 2024: 10 Stocks to Watch.
5. Crowdstrike Holdings Inc (NASDAQ:CRWD)
Number of Hedge Fund Investors: 62
Crowdstrike Holdings Inc’s (NASDAQ:CRWD) CFO Burt W. Podbere on April 1 sold 64,000 shares of Crowdstrike Holdings Inc (NASDAQ:CRWD) at $316.48 per share. Since then the stock is down 1.28%. Macquarie analysts recently said Crowdstrike Holdings Inc (NASDAQ:CRWD) is one of the cybersecurity stocks positioned well to benefit from the possible increase in cybersecurity spending following cyber attacks on healthcare companies.
As of the end of the last quarter of 2023, 62 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Crowdstrike Holdings Inc (NASDAQ:CRWD).
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its fourth quarter 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) provides cloud-delivered protection across endpoints and cloud workloads. Their stock rallied 53% on the heels of solid fiscal third quarter results, with net new annualized recurring revenues accelerating sequentially.”
4. Intercontinental Exchange Inc (NYSE:ICE)
Number of Hedge Fund Investors: 63
Intercontinental Exchange Inc (NYSE:ICE) ranks fourth in our list of the stocks insiders are selling in April. On April 3, Jeffrey C. Sprecher, the CEO of Intercontinental Exchange Inc (NYSE:ICE), dumped 168,388 shares of Intercontinental Exchange Inc (NYSE:ICE) at $137.21 per share. The total value of this transaction was $23,104,842. Since April 3 ICE shares are up 0.35%.
Sequoia Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its fourth quarter 2023 investor letter:
“Shares in Intercontinental Exchange, Inc. (NYSE:ICE) returned 27% last year, a touch ahead of the Index. We expect both revenues and earnings per share to be up mid-single digits on an organic basis in 2023.
As a reminder, Intercontinental has evolved over twenty-three years from a small electronic energy exchange into the world’s largest market infrastructure company measured by market capitalization. Intercontinental’s portfolio now spans derivative and equity exchanges, various fixed income and data assets, and multiple mortgage software platforms. This portfolio of very high-quality businesses was carefully assembled by the company’s founder and CEO Jeffrey Sprecher…” (Click here to read the full text)
3. T-Mobile US Inc (NASDAQ:TMUS)
Number of Hedge Fund Investors: 75
Deutsche Telekom AG, which has a director status at T-Mobile US Inc (NASDAQ:TMUS), sold 379,340 T-Mobile US Inc (NASDAQ:TMUS) shares on April 3 at $162.58 per share. Since then the stock is down 1.32%.
ClearBridge Dividend Strategy made the following comment about T-Mobile US, Inc. (NASDAQ:TMUS) in its Q3 2023 investor letter:
“During the quarter we initiated positions in two new names: T-Mobile US, Inc. (NASDAQ:TMUS) and Gilead Sciences. T-Mobile is the best-in-class player in the wireless space, delivering the strongest growth with the lowest cost structure and the best consumer proposition. T-Mobile’s strength is rooted in its advantaged competitive position. Its superior spectrum holdings enable it to provide better wireless service at meaningfully lower cost. T-Mobile’s annual capital expenditures run about $10 billion, on the order of half the amount its peers must spend. Due to its lower cost structure, T-Mobile can undercut its competitors on price while still generating compelling profitability and returns.
This combination — superior service at lower prices — has enabled T-Mobile to outgrow its competition. In the three years since completing its merger with Sprint, T-Mobile has grown its post-paid subscriber base by about 22%. Over the same period, AT&T’s has grown by about 14%, while Verizon’s by less than 5%.
Given the high fixed-cost nature of the wireless business, these steady increases in revenue growth have led to outsize increases in profits and free cash flow. Free cash flow in 2023 is expected to come in around $13.5 billion, up from less than $8 billion last year. In 2024 free cash flow is expected to grow by over 20% to approximately $17 billion — providing a 10% yield based on today’s stock price.
We have long admired T-Mobile, but until recently the stock did not pay a dividend. The company announced its inaugural dividend in September, and we bought the stock shortly thereafter. The initial yield is about 2% and it is expected to grow about 10% per year.”
2. Netflix Inc (NASDAQ:NFLX)
Number of Hedge Fund Investors: 89
On April 1, Netflix Inc’s (NASDAQ:NFLX) co-founder and current Executive Chairman of the Board, Reed Hastings, sold 20,566 Netflix Inc (NASDAQ:NFLX) shares at $610.42 per share. Since April 1 Netflix Inc (NASDAQ:NFLX) shares have gained about 3.56%.
Pivotal Research recently increased its price target on Netflix Inc (NASDAQ:NFLX) to $765 from $700, as the firm believes there are strengths in Netflix Inc’s (NASDAQ:NFLX) core business.
Sequoia Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its fourth quarter 2023 investor letter:
“Exits last year included Netflix, Inc. (NASDAQ:NFLX), Bank of America and Micron. We opportunistically added to our Netflix position in late 2022, near what turned out to be the lows. We sold our shares in stages over the course of last year as the stock price recovered and the valuation of the business rose dramatically.”
1. Apple Inc (NASDAQ:AAPL)
Number of Hedge Fund Investors: 131
Apple Inc (NASDAQ:AAPL) CEO Tim Cook on April 1 sold 196,410 shares of Apple Inc (NASDAQ:AAPL) for a total dollar value of $33,258,614. Cook still owns about 3.3 million shares of Apple Inc (NASDAQ:AAPL), which has seen its shares decline by 8% so far this year amid concerns around iPhone sales and lack of other catalysts. Since April 1, Apple Inc (NASDAQ:AAPL) stock has slid about 0.26%.
Orbis Global Equity Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its fourth quarter 2023 investor letter:
“Never before has following the crowd made so much money. Nor, in our estimation, so little sense. But just look at the opportunities the crowd has left for those of us willing to take a different view. We could wax lyrical about the glaring difference in value between Korean banks priced at 4 times earnings, versus Apple Inc. (NASDAQ:AAPL) at 28 times, despite diverging fundamentals—Apple is increasingly at risk of bans in China, while Korean banks could double their dividends.”
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