Insider Trades Tracked on 9/11/2019
 

An insider trade occurs when an individual that has non-public information about a company buys or sells shares of that company's stock. Examples of people who would be considered insiders include a company's executive officers, its board of directors, and its major shareholders. Tracking a company's insider trades is a metric that can be used to identify the direction that the company's executives believe that the company is headed. For example, if many insiders purchase more shares of a company, they may think that the company will have strong future earnings and that the share price will increase in the near future. Learn more.

CompanyInsider
Name
Buy/SellShares
Bought/Sold
Total
Transaction
Shares Held
After Transaction
Transaction
Date
Actions
A. O. Smith Corp (AOS)Ajita G Rajendra (Chairman)Sell16,556$819,025.3278,1639/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
ACADIA Pharmaceuticals Inc. (ACAD)Eric Alejandro Miller (Insider)Sell28,467$1,124,161.839/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
ACADIA Pharmaceuticals Inc. (ACAD)Eric Alejandro Miller (Insider)Sell4,645$191,281.109/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
ACADIA Pharmaceuticals Inc. (ACAD)James M Daly (Director)Sell30,000$1,134,000.0030,0009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Advanced Micro Devices, Inc. (AMD)Lisa T Su (CEO)Sell128,500$3,943,665.002,880,7679/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Advanced Micro Devices, Inc. (AMD)Forrest Eugene Norrod (SVP)Sell50,000$1,549,500.00964,6009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Air Lease Corp (AL)Marc H Baer (EVP)Sell5,000$221,700.00130,0089/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ambarella Inc (AMBA)Yun-Lung Chen (VP)Sell5,734$371,563.2023,3979/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Aptiv PLC (APTV)Allan J Brazier (CAO)Sell4,752$427,680.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Arrowhead Pharmaceuticals Inc (ARWR)Michael S Perry (Director)Sell100,000$2,890,000.00121,0009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Arrowhead Pharmaceuticals Inc (ARWR)Michael S Perry (Director)Sell85,000$2,550,000.00121,0009/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
AutoNation, Inc. (AN)Robert R Grusky (Director)Sell5,000$250,000.0044,6119/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Avalara Inc (AVLR)Scott M Mcfarlane (Insider)Sell39,802$3,031,320.329/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ball Co. (BLL)John A Hayes (Chairman)Sell9,775$767,728.50447,7429/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
BioLife Solutions Inc (BLFS)Michael Rice (CEO)Sell14,000$272,020.00189,0149/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
BioLife Solutions Inc (BLFS)Michael Rice (CEO)Sell14,571$282,094.56189,0149/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
BJs Wholesale Club Holdings Inc (BJ)William C Werner (SVP)Sell45,657$1,247,805.819/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
bluebird bio Inc (BLUE)David Davidson (Insider)Sell2,060$206,329.6034,6169/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Boston Beer Company Inc (SAM)C James Koch (Chairman)Sell7,000$2,649,640.009/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Bottomline Technologies (EPAY)Jeffrey C Leathe (Director)Sell5,000$203,750.005,0009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Brady Corp (BRC)Bentley Curran (VP)Sell10,982$570,185.4433,7609/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Bright Horizons Family Solutions Inc (BFAM)Stephen Howard Kramer (CEO)Sell3,333$504,849.5187,2929/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Capstar Financial Holdings Inc (CSTR)Thomas R Flynn (Director)Buy32,447$500,008.27151,6429/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Capstar Financial Holdings Inc (CSTR)Timothy Kyle Schools (Insider)Buy32,446$499,992.8632,4469/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Care.com Inc (CRCM)Sheila Lirio Marcelo (CEO)Sell17,090$167,823.801,228,9709/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Catalent Inc (CTLT)Gregory T. Lucier (Director)Buy2,000$103,280.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
CDW (CDW)Thomas E Richards (Insider)Sell58,333$6,543,212.61636,1099/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ceridian HCM Holding Inc (CDAY)Thomas H. Lee Advisors, Llc (Director)Sell6,500,000$364,000,000.009/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ceridian HCM Holding Inc (CDAY)David D Ossip (CEO)Sell500,000$28,000,000.009/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Cerner Co. (CERN)Jeffrey A Townsend (VP)Sell199,432$13,254,250.7259,4329/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Charles Schwab Co. (SCHW)Charles R Schwab (Chairman)Sell105,422$4,430,886.669/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Chipotle Mexican Grill, Inc. (CMG)Curtis E Garner (CTO)Sell1,272$1,081,200.007,2809/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Chipotle Mexican Grill, Inc. (CMG)Brian R Niccol (CEO)Sell4,392$3,732,760.8032,6599/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Cincinnati Bell Inc. (CBB)Theodore H Torbeck (Director)Sell55,000$391,050.00315,5919/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Cogent Communications Holdings Inc (CCOI)Mike Slessor (CEO)Sell14,835$267,475.059/5/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Corecivic Inc (CXW)Thurgood Marshall Jr (Director)Sell7,600$134,140.0032,0579/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Curtiss-Wright Corp. (CW)Glenn E. Tynan (CFO)Sell10,000$1,281,400.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Denny's Corp (DENN)F Mark Wolfinger (CFO)Sell15,000$348,750.00790,9809/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
DexCom, Inc. (DXCM)Jeffrey Moy (SVP)Sell4,601$689,459.859/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
DexCom, Inc. (DXCM)Andrew K. Balo (Insider)Sell9,107$1,380,256.929/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
DexCom, Inc. (DXCM)Quentin S. Blackford (CFO)Sell11,686$1,751,263.969/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
DexCom, Inc. (DXCM)Donald Abbey (EVP)Sell5,843$875,573.559/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
DexCom, Inc. (DXCM)Kevin R. Sayer (CEO)Sell14,322$2,146,294.929/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Diamondback Energy Inc (FANG)Russell Pantermuehl (VP)Sell5,000$501,250.00105,1079/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Docusign Inc (DOCU)Scott V Olrich (COO)Sell4,000$235,920.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Domo Inc (DOMO)Joshua G James (CEO)Buy60,000$1,020,000.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Dropbox Inc (DBX)Quentin Clark (CTO)Sell8,333$158,327.009/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Edwards Lifesciences Corp (EW)Michael A Mussallem (CEO)Sell22,850$4,910,465.0095,7709/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc (EA)Blake J Jorgensen (CFO)Sell5,200$517,504.00102,4759/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc (EA)Chris Bruzzo (CMO)Sell6,000$600,000.0036,7719/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc (EA)Matthew Bilbey (EVP)Sell1,200$120,000.009,5739/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc (EA)Jacob J Schatz (General Counsel)Sell2,000$200,000.0015,7479/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc. (EA)Jacob J Schatz (General Counsel)Sell2,000$200,000.0015,7479/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc. (EA)Matthew Bilbey (EVP)Sell1,200$120,000.009,5739/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc. (EA)Chris Bruzzo (CMO)Sell6,000$600,000.0036,7719/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Electronic Arts Inc. (EA)Blake J Jorgensen (CFO)Sell5,200$517,504.00102,4759/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Emmaus Life Sciences (EMMA)Wei Peu Zen (Director)Buy40,000$170,000.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Enphase Energy Inc (ENPH)Badrinarayanan Kothandaraman (CEO)Sell10,000$247,500.00390,5609/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Enphase Energy Inc (ENPH)Jeff Mcneil (COO)Sell7,500$188,100.00318,0389/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Facebook, Inc. (FB)Sheryl Sandberg (COO)Sell55,000$10,316,900.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Facebook, Inc. (FB)Mark Zuckerberg (CEO)Sell125,600$23,605,264.009/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Facebook, Inc. (FB)Mark Zuckerberg (CEO)Sell125,600$23,560,048.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Fidelity National Financial Inc (FNF)Peter T Sadowski (EVP)Sell64,883$2,845,768.38127,7959/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Fidelity National Information Servcs Inc (FIS)Mark L Heimbouch (Insider)Sell111,586$14,983,768.08199,1689/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Fidelity National Information Servcs Inc (FIS)Stephanie Ferris (COO)Sell40,855$5,488,052.1560,0549/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Fox Factory Holding Corp (FOXF)Zvi Glasman (CFO)Sell5,000$338,400.0020,2849/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Fox Factory Holding Corp (FOXF)Larry L Enterline (Director)Sell39,407$2,632,781.679/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
General Motors (GM)Matthew Tsien (EVP)Sell16,933$668,853.5018,5339/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Genomic Health, Inc. (GHDX)Kimberly J. Popovits (CEO)Sell10,000$725,300.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Genomic Health, Inc. (GHDX)G Bradley Cole (CFO)Sell25,000$1,813,000.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Genomic Health, Inc. (GHDX)James J. Vaughn (Insider)Sell4,500$326,250.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Gladstone Investment Co. (GAIN)David Gladstone (CEO)Buy20,581$246,766.19666,5549/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Gladstone Land Corp (LAND)David Gladstone (CEO)Buy135,739$1,609,864.542,224,3249/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Grand Canyon Education Inc (LOPE)Joseph N Mildenhall (Insider)Sell2,000$217,500.0056,8099/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Guidewire Software Inc (GWRE)Andrew William Fraser Brown (Director)Sell2,800$299,824.003,1379/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Guidewire Software Inc (GWRE)James Winston King (Insider)Sell4,200$445,578.008,4069/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Haemonetics Co. (HAE)Jacqueline Scanlan (SVP)Sell1,531$195,110.649/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Heritage Financial Corp (HFWA)Bryan Mcdonald (COO)Sell4,000$106,680.0011,1199/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Hershey Co (HSY)Michele Buck (CEO)Sell1,500$232,695.00155,4299/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Hess Corp. (HES)John B Hess (CEO)Sell2,600$169,000.001,385,1679/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Hess Corp. (HES)John B Hess (CEO)Sell14,344$932,503.441,385,1679/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Horace Mann Educators Co. (HMN)Marita Zuraitis (CEO)Sell5,006$230,326.069/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
IMPINJ Inc (PI)Gregory Sessler (Director)Sell5,828$187,661.6023,8649/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Inspire Medical Systems (INSP)Timothy P Herbert (CEO)Sell10,000$700,000.009/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Intra-Cellular Therapies Inc (ITCI)Christopher D Alafi (Director)Buy485,000$4,976,100.00341,2239/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Intuit Inc. (INTU)Scott D Cook (Chairman)Sell133,333$37,137,240.499/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Lancaster Colony Corp. (LANC)Neeli Bendapudi (Director)Sell1,600$251,792.007,8009/7/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Lannett Company, Inc. (LCI)Albert Paonessa III (Director)Sell16,195$203,085.3045,9459/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
LGI Homes Inc (LGIH)Bryan Christopher Sansbury (Director)Sell8,949$724,063.59160,1219/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Lindblad Expeditions Holdings Inc (LIND)L. Dyson Dryden (Director)Sell11,855$216,472.301,354,9909/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Live Ventures Inc (LIVE)Jon Isaac (CEO)Buy17,544$122,808.009/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
LogMeIn Inc (LOGM)Peter John Sacripanti (Director)Sell7,124$498,680.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
M&T Bank Co. (MTB)John L Dangelo (EVP)Sell650$100,477.003,0169/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Marvell Technology Group Ltd. (MRVL)Dan Christman (EVP)Sell64,856$1,619,454.321,6299/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
McGrath RentCorp (MGRC)Philip B. Hawkins (VP)Sell3,310$216,937.409/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
McKesson Co. (MCK)Lori A Schechter (EVP)Sell2,500$361,000.004,5359/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Microsoft Co. (MSFT)Christopher C Capossela (CMO)Sell9,000$1,220,220.00119,5799/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Microsoft Co. (MSFT)Kathleen T Hogan (EVP)Sell40,000$5,410,000.00198,0429/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Monolithic Power Systems, Inc. (MPWR)Theodore Blegen (CFO)Sell999$156,423.4295,9989/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Morningstar, Inc. (MORN)Joseph D Mansueto (Major Shareholder)Sell15,038$2,409,689.1221,481,5949/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
NCS Multistage Holdings Inc (NCSM)Marty Stromquist (President)Buy39,912$89,802.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
New Mountain Finance Corp. (NMFC)John Kline (COO)Buy7,500$101,400.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Newmont Goldcorp Corp (NEM)Dean Gehring (EVP)Sell3,500$137,620.0024,8109/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
News Corp (NWS)Kevin Halpin (CFO)Sell10,000$143,200.0067,4999/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Nicholas Financial, Inc. (NICK)Magnolia Capital Fund, Lp (Major Shareholder)Buy15,247$140,272.409/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Novocure Ltd (NVCR)Wilhelmus Cm Groenhuysen (CFO)Sell25,000$2,020,750.00112,1799/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
NXP Semiconductors NV (NXPI)Keith M Shull (EVP)Sell4,196$453,755.449,5879/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ooma Inc (OOMA)Andrew H Galligan (Director)Sell25,000$307,750.00185,9849/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Organogenesis Holdings Inc (ORGO)Avista Capital Managing Member (Director)Buy537,000$2,781,660.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
OSI Systems, Inc. (OSIS)Victor S Sze (General Counsel)Sell15,000$1,575,750.00165,2269/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Parker-Hannifin Corp (PH)Andrew M Weeks (VP)Sell1,732$312,868.4815,2579/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Parker-Hannifin Corp (PH)Thomas L Williams (CEO)Sell32,109$5,801,454.12130,1769/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Pegasystems Inc. (PEGA)Leon Trefler (SVP)Sell4,290$300,300.0012,2079/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Plantronics Inc (PLT)Joseph B Burton (CEO)Sell5,000$165,000.00156,9609/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Q2 Holdings Inc (QTWO)Jennifer Noel Harris (CFO)Sell15,000$1,213,800.00129,8659/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
QAD Inc. (QADA)Pamela M Lopker (President)Sell4,000$167,440.004,412,0959/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Qualys Inc (QLYS)Sumedh S Thakar (Insider)Sell4,289$338,230.54167,8039/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Quanex Building Products Co. (NX)Susan F Davis (Director)Sell5,489$99,350.9030,6719/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
RBC Bearings Incorporated (ROLL)Richard R. Crowell (Director)Sell2,500$400,150.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Realty Income Corp (O)Paul M Meurer (CFO)Sell10,000$753,300.0030,4689/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Repligen Co. (RGEN)Anthony Hunt (CEO)Sell12,094$996,545.60210,9769/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Retail Value Inc (RVI)Katharina Otto-Bernstein (Major Shareholder)Sell28,600$1,070,784.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Rev Group Inc (REVG)Timothy W Sullivan (CEO)Buy50,000$479,000.001,853,1609/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
RingCentral Inc (RNG)John H Marlow (CAO)Sell16,001$1,992,924.55167,3099/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
ServiceNow Inc (NOW)Frederic B Luddy (Director)Sell1,015$258,611.851,2139/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Shake Shack Inc (SHAK)Randall J Garutti (CEO)Sell60,000$6,180,000.0090,7029/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Shockwave Medical Inc (SWAV)Dan Puckett (CFO)Sell75,000$2,603,250.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Skechers USA Inc (SKX)Jeffrey Greenberg (Director)Sell60,000$2,100,000.009/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Sonic Automotive Inc (SAH)Jeff Dyke (President)Sell25,000$750,000.001,290,0039/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Starco Brands (STCB)Sanford Lang (Director)Sell438,334$263,000.409/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Stifel Financial Corp (SF)John P Dubinsky (Director)Sell2,150$122,098.5025,3069/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Summit Hotel Properties Inc (INN)Craig J Aniszewski (COO)Sell40,000$464,000.00397,9139/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Sunrun Inc (RUN)Tiger Global Management Llc (Major Shareholder)Buy435,254$6,567,982.869/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Sunrun Inc (RUN)Tiger Global Management Llc (Major Shareholder)Buy122,516$1,895,322.529/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tactile Systems Technology Inc (TCMD)Richard Nigon (Director)Sell5,354$263,952.2021,3689/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tech Data Corp (TECD)Charles V. Dannewitz (CFO)Sell1,050$108,780.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tech Data Corp (TECD)Robert M. Dutkowsky (Director)Sell10,000$1,050,400.009/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tech Data Corp (TECD)Beth E. Simonetti (VP)Sell1,500$157,170.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Teladoc Health Inc (TDOC)Andrew Turitz (SVP)Sell9,158$570,268.666,8279/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tempur Sealy International Inc (TPX)Richard W Anderson (EVP)Sell15,709$1,205,508.6656,6739/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tennant (TNC)Chris Killingstad (CEO)Sell6,500$455,000.00159,3089/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Tyler Technologies, Inc. (TYL)Dustin R Womble (Director)Sell10,000$2,583,100.00175,6229/6/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Ultragenyx Pharmaceutical Inc (RARE)Emil D Kakkis (CEO)Buy5,000$218,150.00472,4799/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Veeva Systems Inc (VEEV)Eleni Nitsa Zuppas (CMO)Sell3,000$426,000.0013,8219/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Verrica Pharmaceuticals Inc (VRCA)Matt Davidson (Major Shareholder)Sell19,314$210,329.469/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
VMware, Inc. (VMW)P. Kevan Krysler (CAO)Sell1,589$230,405.009/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
VMware, Inc. (VMW)Amy Fliegelman Olli (VP)Sell2,753$412,950.0038,7289/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Vonage Holdings Corp. (VG)Jeffrey A Citron (Director)Sell233,334$2,907,341.648,706,5629/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Vonage Holdings Corp. (VG)Jeffrey A Citron (Director)Sell83,332$1,071,649.528,706,5629/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Vulcan Materials (VMC)Stanley G Bass (Insider)Sell2,406$341,507.6435,2639/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Waste Management, Inc. (WM)Tara J Hmmer (SVP)Sell4,739$559,391.5623,4709/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Xcel Energy Inc (XEL)Christopher B Clark (Insider)Sell2,500$155,950.0016,5609/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Xerox Corp (XRX)Herve Tessler (EVP)Sell32,200$1,005,284.0011,8049/10/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Xylem Inc (XYL)Kenneth Napolitano (SVP)Sell5,000$387,450.0046,2289/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Zumiez Inc. (ZUMZ)Chris K. Visser (Insider)Sell12,762$411,957.369/9/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
Zumiez Inc. (ZUMZ)Adam Christopher Ellis (Insider)Sell8,315$270,320.659/11/2019View SEC Filing  Tweet This Trade  Share This Trade on StockTwits
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Insider Trading - What You Need to Know

We all like having inside information. But much of the time, what’s passed off as inside information, is just idle gossip. In other cases, we know that having inside information is really a way for an organization to profit from delivering what is viewed as premium content. Still, the basic idea behind inside information is that you are getting information that the general public does not have.

When it comes to investing, this practice of acting on inside information is known as insider trading. In recent years, insider trading may bring to mind a celebrity such as Martha Stewart. Going back to the 1980s, one of the most popular movies of the decade, Wall Street, is at its core a movie that highlights the dangers of insider trading.

The idea of price fixing, athletic competitions being fixed, even athletes using performance-enhancing drugs spark strong emotions and opinions in our society. That’s why it may surprise you to know that insider trading – in some cases, is perfectly legal.

This article will provide a definition of insider trading, who constitutes an insider, why inside trading is harmful, and when – and under what conditions - insider trading can be legal.

What is insider trading?

Insider trading is the action of buying or selling (“trading”) a security based on material information that is not available to the public. Although generally assumed to be illegal, there are times when insider trading can be legal. In these cases, the trades have to be properly disclosed to the SEC (more on that below).

For insider trading to be illegal, essentially three conditions have to be met:

  1. Information has to be passed along by an insider.
  2. That information has to be acted upon (traded) by the individual(s) receiving the inside information.
  3. The trading activity has to occur before the inside information becomes available to the general public.

Who is an insider?

If your friend’s girlfriend’s uncle passes along a “hot tip” that they received, your first question – that is if you thought the tip was credible at all – might be who’s your source? That is a critical distinction for insider trading. To constitute insider trading, the private or confidential information being passed along must be issued by an insider.

An insider is defined as someone who meets one of two conditions:

  1. They are an individual who has access to valuable non-pubic information about a corporation. Although this includes a company’s directors and high-level executives, it has been expanded in recent years to include virtually any employee of a company. In this case, the individual is presumed to have a fiduciary interest in the company and therefore should put the company’s interests ahead of their own.
  2. They have an ownership stake in the company’s stock that equals over 10% of that company’s equity.

However, in the case of insider trading, the definition of “insider” expands to include any individual who buys or sells shares of a security based on inside information material to that security’s price that is not public knowledge. In recent history, one of the more recognizable cases of insider trading involved Martha Stewart, who was convicted of insider trading for selling shares based on a tip that she received from a broker at Merrill Lynch (someone who met condition #1 above). And in 2018, a professional football player Mychal Kendricks was indicted for insider trading after acting upon information he received from an acquaintance who was a broker with Goldman Sachs. 

This brings up a critical point to understand insider trading. The SEC makes no distinction between the "tipper" and the "tipee". In the two instances above, neither Stewart nor Kendricks worked for the company or an investment firm. In the case of Stewart, she was an existing shareholder. In the case of Kendricks, he entered and exited trades based on the information he received. However, in both cases, they were indicted for insider trading because they acted on the information they received before the information was available to the public.

So getting back to our example, if your friend’s girlfriends uncle was the Vice President of the company that the “hot tip” is based on, you should tread very carefully before deciding to take action. However, simply being informed of the tip does not constitute an illegal activity.

Can someone be guilty of insider trading for idle conversation?

For an individual to be guilty of insider trading do they have to have intent? A Supreme Court ruling, Dirks v. SEC cites “the mere disclosure of material, nonpublic information, by itself, does not necessarily constitute a breach of an insider’s fiduciary duties.” Another case, SEC v Switzer, upheld this ruling. In that case, a former college football coach, Barry Switzer, overheard the former CEO of Texas International discussing nonpublic, material information with his wife while at a high school track meets and act upon that information. The case went to trial and the Supreme Court ruled that the CEO did not breach his fiduciary duties.

However, this is still considered a high standard to be met. For example, in the Switzer case, the CEO was talking to his wife in what he believed to be a private conversation. However, if he had been talking directly to Switzer, even if he had no reason to believe his information would be acted upon, he could have been guilty of insider trading. 

Why is insider trading harmful?

For companies, insider trading is a violation of an insider’s fiduciary duty. In their fiduciary role, they are supposed to put their client’s (in this case, their company’s) interests ahead of their own. By trading on inside information, particularly when it involves selling shares that can affect a company’s stock price; they are putting their own interests, or the interests of other, select individuals, ahead of the company.

A second reason is one that affects both retail and individual investors and that is the notion that insider trading violates the principle of transparency. In a properly functioning market, all investors have access to the same information and can make their investment decisions accordingly. The very nature of insider trading violates transparency because the intention is to give a select few investors a material advantage over the vast majority of investors. If allowed to proceed unpunished, individual investors would quickly lose confidence in the market and could easily choose not to participate in the market.

Insider trading versus inside information

The word “Insider” has become a, perhaps overused, marketing term that many companies, particularly content providers, use as a way to increase their subscriber base for paid content. The idea is that by becoming an “insider”, subscribers have access to information that non-subscribers do not. This, however, is not illegal because all consumers have the same access to the information; it’s just a question of whether or not they are willing to pay for it.

In the specific context of insider trading, the key distinction between insider trading and insider information is the idea of taking action on the information. For example, if an executive of a company knows that their company is going to buy another company and they pass that information along to family and friends that is not, by itself, insider trading. However, it becomes insider trading as soon as anyone acts upon that information to buy or sell the company’s stock in advance of that announcement becoming public information. Using the same logic, if someone who became privy to that information initiates their trade after the information goes public, they are not guilty of insider trading. So the key difference between insider trading and inside information is the word “trading”.

When is insider trading legal?

There are times when insider trading is legal. Insiders (as defined above) can, and frequently do, trade stock in their own company. These trades, however, are highly restricted and must meet certain conditions. The insiders conducting the trade must report the trade to the SEC within two business days of when the trade occurred. So if an insider sells 5,000 shares on a Monday, assuming there is no Holiday in between, they would have to report this sale by Wednesday. If the trade is done on a Friday, they would have to report it by the following Tuesday. The SEC has a specific form, called Form 4, that will detail the trade and make it public record. The insider must also file a Form 14a, that lists all of the company’s directors and officers along with any share interest they may have.

Obviously, knowledge of whether a company was buying or selling a large number of shares would be valuable to an individual investor. This is particularly true in the case that shares of a company are being purchased. SEC rules prevent insiders from trading company stock within any six-month period, so if an insider is buying their company’s stock an individual investor can reasonably surmise that the company’s growth prospects are good.

Information on insider trading activity is available on many financial websites; however, in some cases, the filings do not appear right away. For the most current information, investors can go to the SEC’s EDGAR (Electronic Data Gathering, Analysis, and Retrieval) database. You will first have to search the database for a company’s CIK number, and then you can find any individual filings related to that company.

How is legal and illegal insider trading different?

The key distinction between insider trading is legal and illegal is one of intent. In the case of legal insider trading, a company is tipping the public to their actions by way of an SEC filing that is available for public scrutiny. Since a company may have many insiders, sometimes numbering in the hundreds, the insider information may paint a contradictory picture. In this case, individual investors will still have to rely on fundamental analysis or technical analysis to discern price movement.

In the case of illegal insider trading, the intent is to act on inside information before the public has knowledge of it. In this way, a select few “insiders” can profit from the information.

The bottom line on insider trading

Is it illegal or just idle gossip? Is the information from a credible source with access to private company information, or is it simply speculation based on publicly available information? These are two questions that are at the heart of insider trading. The practice of allowing a select few groups of investors to profit by letting them buy or sell a stock or security based on material information that is not available to the general public is, and always be considered, illegal in the eyes of the Securities & Exchange Commission. For this reason, many companies make even the lowest level employees sign non-disclosure agreements that can lead to termination, or at least censure if they knowingly pass along material information about the company to outside sources.

Insider trading requires access to material information that is traded upon before that information is available to the public. To be guilty of insider trading, such as the case of Martha Stewart, an individual does not have to be an employee of the company or an investment firm with access to the knowledge (i.e. the tipper). Even the person who receives the tip can be indicted and convicted if they took action that allowed them to profit from the information. However, just being presented with information does not make an individual guilty of insider trading.

Although generally assumed to be illegal in all cases, insider trading has been around for decades, and in some cases is entirely legal. If properly disclosed, knowledge of insider trading activity can be a tremendous benefit to institutional and retail investors. In fact, some analysts and investment brokers use insider trading information to supplement their fundamental analysis or technical analysis of a company.

 

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