The JB Hi-Fi Limited (ASX: JBH) share price is heading north on Tuesday.
This comes despite the specialty retailer announcing that its CEO has dumped a substantial amount of his shares.
At the time of writing, JB Hi-Fi shares are swapping hands at $41.36 apiece, up 2.1%.
JB Hi-Fi CEO offloads his holdings
Investors are shrugging off the company's latest news, sending the JB Hi-Fi share price into positive territory.
According to the release, JB Hi-Fi CEO Terry Smart sold $1.46 million worth of his shares through an on-market trade.
In total, 35,000 JB Hi-Fi shares were disposed of on 29 August.
When calculating the amount received along with the number of shares offloaded, the average selling price is $41.67 per share.
Interestingly, JB Hi-Fi chief financial officer (CFO) Nick Wells also sold off a significant parcel of his shares.
Wells disposed of 32,549 shares and collected $1.36 million from the sale.
Unfortunately, no reason was given as to why both the CEO and CFO reduced their holdings.
Currently, Smart has 8,925 JB Hi-Fi shares in his own name along with 119,723 shares held in a couple of trusts.
On the other hand, Wells has 44,493 indirect JB Hi-Fi shares under his holdings.
A catalyst for JB Hi-Fi shares remaining afloat today despite the sell-down could be some recent broker notes.
According to ANZ Share Investing, the team at Citi raised its price target by 6.4% to $50.00 for JB Hi-Fi shares. Based on the current share price, this implies an upside of roughly 21%.
Furthermore, UBS also bumped up its price target by 4.8% to $44.00 per share.
JB Hi-Fi share price summary
Over the past 12 months, the JB Hi-Fi share price has posted a loss of 10%.
Extreme volatility in June impacted the company's shares which led it to touch a 52-week low of $36.69 per share.
JB Hi-Fi commands a market capitalisation of approximately $4.43 billion, with 109.33 million shares on issue.
