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Insider Buying

    Insider Weekends – July 22, 2016

    Welcome to edition 318 of Insider Weekends. Insider buying increased last week with insiders buying $29.17 million of stock compared to $6.38 million in the week prior. Selling also increased with insiders selling $757.96 million of stock last week compared to $578.34 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week decreased to 25.98. In other words, insiders sold  almost 26 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 90.65. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 22, 2016

    Insider Sell Buy Ratio July 22, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Cheniere Energy, Inc. (LNG): $41.08

    President and CEO Jack A. Fusco acquired 37,604 shares of this liquefied natural gas company, paying $39.89 per share for a total amount of $1.49 million. Mr. Fusco increased his stake by 14.00% to 306,180 shares with this purchase. 18,802 of these shares were purchased indirectly by Fusco Energy Investments, LLP.

    You can view the list of recent insider transactions for Cheniere Energy, Inc. here.

    P/E: -9.07 Forward P/E: 46.68 Industry P/E: 30.06
    P/S: 34.09 Price/Book: N/A EV/EBITDA: -102.34
    Market Cap: $9.68B Avg. Daily Volume: 2,512,630 52 Week Range: $22.8 – $71.11

    2. Akamai Technologies, Inc. (AKAM): $57.89

    Chief Executive Officer F Thomson Leighton acquired 17,456 shares of this content delivery and cloud infrastructure company, paying $57.28 per share for a total amount of $999,880. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for Akamai Technologies, Inc. here.

    P/E: 32.71 Forward P/E: 18.98 Industry P/E: 30.66
    P/S: 4.49 Price/Book: 3.23 EV/EBITDA: 14.25
    Market Cap: $10.17B Avg. Daily Volume: 1,669,580 52 Week Range: $39.43 – $76.98

    3. Restoration Hardware Holdings, Inc. (RH): $30.42

    Chairman & CEO Gary G. Friedman acquired 32,918 shares of this home furnishing company, paying $27.59 per share for a total amount of $908,208. Mr. Friedman increased his stake by 1.51% to 2,207,451 shares with this purchase.

    You can view the list of recent insider transactions for Restoration Hardware Holdings, Inc. here.

    P/E: 18.02 Forward P/E: N/A Industry P/E: 16.06
    P/S: 0.58 Price/Book: 1.41 EV/EBITDA: 6.89
    Market Cap: $1.24B Avg. Daily Volume: 2,942,020 52 Week Range: $24.75 – $106.49

    4. Signet Jewelers Limited (SIG): $89.53

    Shares of this specialty jewelry retailer (parent of Kay Jewelers, Jared The Galleria Of Jewelry, H.Samuel, and Ernest Jones) were acquired by 2 insiders:

    • Director Helen McCluskey acquired 1,005 shares, paying $89.91 per share for a total amount of $90,363. Mr. McCluskey increased his stake by 19.36% to 6,197 shares with this purchase.
    • Managing Director, UK Sebastian Hobbs acquired 500 shares, paying $91.72 per share for a total amount of $45,860. Mr. Hobbs increased his stake by 6.11% to 8,684 shares with this purchase.

    You can view the list of recent insider transactions for Signet Jewelers Limited here.

    P/E: 14.31 Forward P/E: 9.48 Industry P/E: 19.68
    P/S: 1 Price/Book: 2.21 EV/EBITDA: 8.57
    Market Cap: $6.98B Avg. Daily Volume: 2,030,340 52 Week Range: $77 – $152.27

    5. Kingsway Financial Services Inc. (KFS): $5.3

    Shares of this insurance company were acquired by 4 insiders:

    • Executive Vice President John Taylor Fitzgerald acquired 18,625 shares, paying $5.31 per share for a total amount of $98,884. Mr. Fitzgerald increased his stake by 6.00% to 328,800 shares with this purchase.
    • President and CEO Larry G. Swets acquired 390 shares, paying $5.35 per share for a total amount of $2,086. Mr. Swets increased his stake by 0.02% to 2,069,324 shares with this purchase.
    • COO, CFO, and EVP William August Hickey Jr. acquired 280 shares, paying $5.35 per share for a total amount of $1,498. Mr. Hickey increased his stake by 0.10% to 294,706 shares with this purchase.
    • Vice President Hassan Baqar acquired 132 shares, paying $5.35 per share for a total amount of $706. Mr. Baqar increased his stake by 0.09% to 148,208 shares with this purchase.

    You can view the list of recent insider transactions for Kingsway Financial Services Inc. here.

    P/E: -36.12 Forward P/E: N/A Industry P/E: N/A
    P/S: 0.68 Price/Book: 2.55 EV/EBITDA: -14
    Market Cap: $105.23M Avg. Daily Volume: 16,171 52 Week Range: $3.65 – $5.74

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. ServiceNow, Inc. (NOW): $72.67

    Chief Product Officer Frederic B. Luddy sold 150,000 shares of this software-as-a-service provider for $71.20, generating $10.68 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 71.25 Industry P/E: 23.06
    P/S: 10.52 Price/Book: 38.26 EV/EBITDA: -111.59
    Market Cap: $11.84B Avg. Daily Volume: 1,505,460 52 Week Range: $46 – $91.28

    2. Apple Inc. (AAPL): $98.66

    Senior Vice President Angela J. Ahrendts sold 35,797 shares of Apple for $100.00, generating $3.58 million from the sale.

    You can view the list of recent insider transactions for Apple Inc. here.

    P/E: 10.98 Forward P/E: 11.07 Industry P/E: 19.92
    P/S: 2.39 Price/Book: 4.18 EV/EBITDA: 7.19
    Market Cap: $540.40B Avg. Daily Volume: 39,026,400 52 Week Range: $89.47 – $123.91

    3. Kansas City Southern (KSU): $97.84

    Shares of this freight rail company were sold by 2 insiders:

    • Sr VP & Chief Legal Officer William J. Wochner sold 26,521 shares for $98.32, generating $2.61 million from the sale.
    • Senior Advisor to the CEO David L. Starling sold 5,100 shares for $98.88, generating $504,312 from the sale.

    You can view the list of recent insider transactions for Kansas City Southern here.

    P/E: 21.29 Forward P/E: 18.53 Industry P/E: 17.54
    P/S: 4.47 Price/Book: 2.63 EV/EBITDA: 11.3
    Market Cap: $10.57B Avg. Daily Volume: 1,365,220 52 Week Range: $62.2 – $101.24

    4. Workday, Inc. (WDAY): $79.97

    Shares of this application software company were sold by 7 insiders:

    • Chief Executive Officer Aneel Bhusri sold 10,353 shares for $79.06, generating $818,539 from the sale.
    • Vice Chairman Michael A. Stankey sold 8,781 shares for $79.06, generating $694,247 from the sale.
    • Co-President Mark S. Peek sold 6,904 shares for $79.05, generating $545,735 from the sale.
    • Senior Vice President James Bozzini sold 4,603 shares for $79.04, generating $363,821 from the sale.
    • Chairman David A. Duffield sold 3,699 shares for $79.07, generating $292,462 from the sale.
    • SVP, General Counsel & Secty James P. Shaughnessy sold 1,842 shares for $79.05, generating $145,608 from the sale.
    • Chief Financial Officer Robynne Sisco sold 897 shares for $79.01, generating $70,868 from the sale.

    You can view the list of recent insider transactions for Workday, Inc. here.

    P/E: N/A Forward P/E: 266.57 Industry P/E: 42.08
    P/S: 12.25 Price/Book: 13.65 EV/EBITDA: -72.98
    Market Cap: $15.75B Avg. Daily Volume: 1,618,890 52 Week Range: $47.32 – $85.67

    5. United Rentals, Inc. (URI): $78.22

    Shares of this equipment rental company were sold by 3 insiders:

    • President and CEO Michael Kneeland sold 20,000 shares for $76.35, generating $1.53 million from the sale.
    • Exec. VP & COO Matthew John Flannery sold 15,046 shares for $78.12, generating $1.18 million from the sale.
    • Vice President, Controller Jessica Graziano sold 877 shares for $76.34, generating $66,953 from the sale.

    You can view the list of recent insider transactions for United Rentals, Inc. here.

    P/E: 11.8 Forward P/E: 9.93 Industry P/E: 13.6
    P/S: 1.2 Price/Book: 4.54 EV/EBITDA: 8.37
    Market Cap: $6.92B Avg. Daily Volume: 1,949,630 52 Week Range: $41.9 – $80.68

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – July 15, 2016

    Welcome to edition 317 of Insider Weekends. As we enter the thick of earnings season, insider buying decreased significantly last week with insiders buying $6.38 million of stock compared to $44.58 million in the week prior. Selling on the other hand increased with insiders selling $578.34 million of stock last week compared to $422.31 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 90.65. In other words, insiders sold  almost 91 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 9.69. We have not seen such a big increase in the buy/sell ratio since September 12, 2014 when the ratio spiked to 95.05. The S&P 500 went on to lose over 6% over the next five weeks. If it is any consolation, the S&P 500 erased those losses and went on to hit new highs less than two weeks later. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 15, 2016

    Insider Sell Buy Ratio July 15, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Ryman Hospitality Properties, Inc. (RHP): $53.78

    Chairman & CEO Colin V. Reed acquired 7,377 shares of this hotel operator, paying $53.44 per share for a total amount of $394,259. Mr. Reed increased his stake by 0.73% to 1,022,861 shares with this purchase.

    Ryman’s 5.58% dividend yield is noteworthy in this low interest rate environment, especially considering the average yield of equity REITs is currently 3.65% according to NAREIT.

    You can view the list of recent insider transactions for Ryman Hospitality Properties, Inc. here.

    P/E: 20.84 Forward P/E: 17.24 Industry P/E: 39.94
    P/S: 2.47 Price/Book: 7.92 EV/EBITDA: 14.27
    Market Cap: $2.71B Avg. Daily Volume: 230.36k 52 Week Range: $41.5 – $61.02

    2. Opko Health, Inc. (OPK): $9.95

    CEO & Chairman Phillip Frost M.D. acquired 25,800 shares of this devices and drug development company, paying $9.71 per share for a total amount of $250,635. These shares were purchased indirectly by Frost Gamma Investments Trust.

    You can view the list of recent insider transactions for Opko Health, Inc. here.

    P/E: 68.15 Forward P/E: 110.56 Industry P/E: 35.85
    P/S: 7.24 Price/Book: 2.73 EV/EBITDA: 312.24
    Market Cap: $5.45B Avg. Daily Volume: 2.32M 52 Week Range: $7.12 – $17.51

    3. Actuant Corporation (ATU): $24.08

    President & CEO Randal W. Baker acquired 10,795 shares of this industrial products and systems company, paying $23.14 per share for a total amount of $249,796. Mr. Baker increased his stake by 20.30% to 63,979 shares with this purchase.

    You can view the list of recent insider transactions for Actuant Corporation here.

    P/E: -14.16 Forward P/E: 19.42 Industry P/E: 22.73
    P/S: 1.21 Price/Book: 2.71 EV/EBITDA: 14.43
    Market Cap: $1.42B Avg. Daily Volume: 516.45k 52 Week Range: $17.02 – $27.71

    4. Darden Restaurants, Inc. (DRI): $62.48

    Director James P. Fogarty acquired 3,000 shares of this restaurant chain, paying $61.70 per share for a total amount of $185,100. Mr. Fogarty increased his stake by 61.35% to 7,890 shares with this purchase.

    You can view the list of recent insider transactions for Darden Restaurants, Inc. here.

    P/E: 21.56 Forward P/E: 14.56 Industry P/E: 119.89
    P/S: 1.14 Price/Book: 5.05 EV/EBITDA: 878
    Market Cap: $7.92B Avg. Daily Volume: N/A 52 Week Range: $53.38 – $75.6

    5. Jazz Pharmaceuticals Public Limited Company (JAZZ): $142.38

    Global Head of R&D and CMO Karen L. Smith acquired 580 shares of this biotech company, paying $143.63 per share for a total amount of $83,305. Ms. Smith increased his stake by 4.46% to 13,574 shares with this purchase.

    You can view the list of recent insider transactions for Jazz Pharmaceuticals Public Limited Company here.

    P/E: 26.86 Forward P/E: 11.03 Industry P/E: 35.85
    P/S: 6.37 Price/Book: 5.35 EV/EBITDA: 12.97
    Market Cap: $8.61B Avg. Daily Volume: 552.32k 52 Week Range: $108.5 – $194.73

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $116.86

    Shares of Facebook were sold by 2 insiders:

    • Director Jan Koum sold 1,721,436 shares for $118.13, generating $203.35 million from the sale. These shares were sold indirectly through a trust.
    • Chief Product Officer Christopher K. Cox sold 15,600 shares for $117.71, generating $1.84 million from the sale.

    You can view the list of recent insider transactions for Facebook, Inc. here.

    P/E: 71.47 Forward P/E: 25.24 Industry P/E: 37.68
    P/S: 16.91 Price/Book: 7.06 EV/EBITDA: 33.24
    Market Cap: $334.26B Avg. Daily Volume: 17.42M 52 Week Range: $72 – $121.08

    2. Costco Wholesale Corporation (COST): $166.41

    Shares of this warehouse retailer were sold by 3 insiders:

    • Former Executive VP Douglas W. Schutt sold 14,656 shares for $166.76, generating $2.44 million from the sale.
    • Executive Vice President John D. McKay sold 7,500 shares for $166.58, generating $1.25 million from the sale.
    • Executive VP and CFO Richard A. Galanti sold 2,400 shares for $167.08, generating $400,982 from the sale.

    You can view the list of recent insider transactions for Costco Wholesale Corporation here.

    P/E: 31.45 Forward P/E: 27.78 Industry P/E: 28.46
    P/S: 0.62 Price/Book: EV/EBITDA: 6.34
    Market Cap: $72.9B Avg. Daily Volume: 2.8M 52 Week Range: $117.03 – $169.73

    3. Glaukos Corporation (GKOS): $31.45

    Shares of this ophthalmic medical technology company were sold by 2 insiders:

    • Chief Executive Officer Thomas William Burns sold 162,254 shares for $30.07, generating $4.88 million from the sale. These shares were sold indirectly through a trust.
    • Treasurer, CFO & Secretary Richard L. Harrison sold 5,700 shares for $30.00, generating $171,000 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Glaukos Corporation here.

    P/E: -22.18 Forward P/E: 349.44 Industry P/E: 43.54
    P/S: 12.76 Price/Book: 10.38 EV/EBITDA: -225.69
    Market Cap: $1.02B Avg. Daily Volume: 318.47k 52 Week Range: $14.25 – $33.92

    4. Western Gas Partners LP (WES): $49.11

    Director James R. Crane sold 97,371 shares of this oil & gas pipelines company for $50.40, generating $4.91 million from the sale.

    You can view the list of recent insider transactions for Western Gas Partners LP here.

    P/E: 732.99 Forward P/E: 18.74 Industry P/E: 25.00
    P/S: 4.65 Price/Book: 2.23 EV/EBITDA: 14.67
    Market Cap: $7B Avg. Daily Volume: 246.76k 52 Week Range: $25.4 – $61.12

    5. HealthEquity, Inc. (HQY): $29.99

    Shares of this healthcare information services provider were sold by 2 insiders:

    • Director Ian Sacks sold 100,000 shares for $30.27, generating $3.03 million from the sale.
    • Founder and Vice Chairman Stephen Neeleman sold 30,000 shares for $30.52, generating $915,604 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for HealthEquity, Inc. here.

    P/E: 90.60 Forward P/E: 47.60 Industry P/E: 32.41
    P/S: 12.36 Price/Book: 7.80 EV/EBITDA: 39.05
    Market Cap: $1.74B Avg. Daily Volume: 286.41K 52 Week Range: $15.8 – $35.78

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – July 8, 2016

    Welcome to edition 316 of Insider Weekends. Insider buying decreased last week with insiders buying $44.58 million of stock compared to $53.24 million in the week prior. Selling also declined sharply with insiders selling $422.31 million of stock last week compared to $984.67 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week decreased to 9.69. In other words, insiders sold  almost 10 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 18.49. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 8, 2016

    Insider Sell Buy Ratio July 8, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Essent Group Ltd. (ESNT): $22.65

    Director Andrew Turnbull acquired 36,353 shares of this mortgage insurance company, paying $21.33 per share for a total amount of $775,409. Mr. Turnbull increased his stake by 269.06% to 49,864 shares with this purchase.

    You can view the list of recent insider transactions for Essent Group Ltd. here.

    P/E: 12.18 Forward P/E: 8.75 Industry P/E: 6.05
    P/S: 5.4 Price/Book: 1.72 EV/EBITDA: 8.03
    Market Cap: $2.11B Avg. Daily Volume: 436,362 52 Week Range: $16.49 – $29.67

    2. Liberty Tax, Inc. (TAX): $13.47

    Director Robert M. Howard acquired 20,200 shares of this tax preparation services provider, paying $13.07 per share for a total amount of $264,092. Mr. Howard increased his stake by 67.79% to 50,000 shares with this purchase.

    With most U.S. indexes at or close to all time highs, it is hard to find stocks that trade at an attractive valuation. Even if you stumble across some that appear cheap, they are cheap for a reason. In other words, they are more likely to be value traps than attractive investments.

    This younger sibling of H&R Block (HRB), ails from the same disruption by online tax services that H&R Block suffers from but trades at a much lower valuation across several metrics. It also has a stronger balance sheet and sports a dividend yield that is nearly 5%. Whether Liberty Tax turns out to be a profitable investment or a value trap depends on its ability to survive in a world dominated by TurboTax in the virtual one and H&R Block in the physical one.

    You can view the list of recent insider transactions for Liberty Tax, Inc. here.

    P/E: 9.73 Forward P/E: 7.28 Industry P/E: 26.27
    P/S: 1.06 Price/Book: 1.65 EV/EBITDA: 4.72
    Market Cap: $308.37M Avg. Daily Volume: 80,762 52 Week Range: $9.95 – $26.84

    3. Biglari Holdings Inc. (BH): $404.1

    Director Sardar Biglari, acquired 567 shares of this restaurant chain, paying $399.66 per share for a total amount of $226,605. These shares were purchased indirectly by The Lion Fund .

    You can view the list of recent insider transactions for Biglari Holdings Inc. here.

    P/E: 22.35 Forward P/E: 31.94 Industry P/E: 20.58
    P/S: 0.97 Price/Book: 1.71 EV/EBITDA: 19.23
    Market Cap: $835.22M Avg. Daily Volume: 6,173 52 Week Range: $321 – $448

    4. Bassett Furniture Industries, Incorporated (BSET): $25.49

    Shares of this home furnishings company were acquired by 3 insiders:

    • Chairman & CEO Robert H. Spilman Jr. acquired 4,000 shares, paying $23.64 per share for a total amount of $94,551. Mr. Spilman increased his stake by 2.20% to 185,513 shares with this purchase.
    • Chairman Emeritus Paul Fulton acquired 2,000 shares, paying $23.96 per share for a total amount of $47,924. Mr. Fulton increased his stake by 3.30% to 62,590 shares with this purchase.
    • SVP, Corporate Retail David C. Baker acquired 410 shares, paying $23.95 per share for a total amount of $9,820. Mr. Baker increased his stake by 1.72% to 24,228 shares with this purchase.

    You can view the list of recent insider transactions for Bassett Furniture Industries, Incorporated here.

    P/E: 16.87 Forward P/E: 14.65 Industry P/E: 12.99
    P/S: 0.63 Price/Book: 1.52 EV/EBITDA: 6.18
    Market Cap: $277.65M Avg. Daily Volume: 58,057 52 Week Range: $22.97 – $38.65

    5. InterCloud Systems, Inc. (ICLD): $0.601

    Shares of this IT and network solutions provider were acquired by 2 insiders:

    • Director Mark Durfee acquired 72,463 shares, paying $0.69 per share for a total amount of $49,999. Mr. Durfee increased his stake by 12.94% to 632,428 shares with this purchase.
    • Chairman and CEO Mark E. Munro acquired 72,463 shares, paying $0.69 per share for a total amount of $49,999. Mr. Munro increased his stake by 4.67% to 1,623,087 shares with this purchase.

    You can view the list of recent insider transactions for InterCloud Systems, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 52.28
    P/S: 0.28 Price/Book: N/A EV/EBITDA: -4.4
    Market Cap: $20.16M Avg. Daily Volume: 211,579 52 Week Range: $0.422 – $2.7

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $117.24

    Shares of Facebook were sold by 4 insiders:

    • Director Jan Koum sold 286,906 shares for $115.48, generating $33.13 million from the sale. These shares were sold indirectly through a trust.
    • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $113.51, generating $12.37 million from the sale. 52,404 of these shares were sold as a result of exercising options immediately prior to the sale.
    • VP Marketing & Business Partnerships David B. Fischer sold 23,625 shares for $115.17, generating $2.72 million from the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $114.20, generating $2.28 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Facebook, Inc. here.

    P/E: 71.71 Forward P/E: 25.27 Industry P/E: 20.83
    P/S: 16.76 Price/Book: 7 EV/EBITDA: 33.36
    Market Cap: $335.34B Avg. Daily Volume: 24,682,300 52 Week Range: $72 – $121.08

    2. American Capital Agency Corp. (AGNC): $19.24

    Shares of this residential mortgage REIT were sold by 4 insiders:

    • Director, CEO, Pres. and CIO Gary D. Kain sold 368,953 shares for $19.55, generating $7.21 million from the sale.
    • Senior VP Christopher Kuehl sold 153,987 shares for $19.55, generating $3 million from the sale.
    • EVP and CFO Peter J. Federico sold 153,987 shares for $19.55, generating $3 million from the sale.
    • SVP and Chief Accounting Officer Bernice Bell sold 9,504 shares for $19.55, generating $185,804 from the sale.

    You can view the list of recent insider transactions for American Capital Agency Corp. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 14.71
    P/S: 48.87 Price/Book: 0.88 EV/EBITDA: N/A
    Market Cap: $6.37B Avg. Daily Volume: 3,371,870 52 Week Range: $15.69 – $20.08

    3. Criteo SA (CRTO): $43.93

    Shares of this French digital marketing company were sold by 2 insiders:

    • Executive Chairman Jean-baptiste Rudelle sold 110,000 shares for $44.71, generating $4.92 million from the sale.
    • Chief Financial Officer Benoit Fouilland sold 1,752 shares for $44.99, generating $78,818 from the sale.

    You can view the list of recent insider transactions for Criteo SA here.

    P/E: 45.29 Forward P/E: 18.61 Industry P/E: 20.83
    P/S: 1.85 Price/Book: 5.14 EV/EBITDA: N/A
    Market Cap: $2.71B Avg. Daily Volume: 558,840 52 Week Range: $24.23 – $57.3

    4. The Priceline Group Inc. (PCLN): $1329.46

    Interim CEO & President Jeffery H. Boyd sold 3,000 shares of this online travel company for $1,266.92, generating $3.8 million from the sale.

    You can view the list of recent insider transactions for The Priceline Group Inc. here.

    P/E: 26.17 Forward P/E: 16.91 Industry P/E: 12.28
    P/S: 6.76 Price/Book: 7.11 EV/EBITDA: 18.92
    Market Cap: $65.99B Avg. Daily Volume: 658,544 52 Week Range: $954.02 – $1476.52

    5. Jacobs Engineering Group Inc. (JEC): $51.25

    Director Noel G. Watson sold 66,666 shares of this professional services company for $49.28, generating $3.29 million from the sale. 33,333 of these shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Jacobs Engineering Group Inc. here.

    P/E: 27.09 Forward P/E: 15.63 Industry P/E: N/A
    P/S: 0.52 Price/Book: 1.39 EV/EBITDA: 9.08
    Market Cap: $6.25B Avg. Daily Volume: 985,803 52 Week Range: $34.76 – $53.33

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – July 1, 2016

    Welcome to edition 315 of Insider Weekends and a happy fourth of July weekend to all of you. I just got back from a trip to Hawaii and the island of Oahu was absolutely stunning. Given below are a couple of pictures of Hanauma Bay on the island of Oahu where I tried snorkeling for the first time and spotted Hawaii’s national fish called the Humuhumunukunukuapua’a (try pronouncing that one).

    View of Hanauma Bay from the top

    View of Hanauma Bay from the top

    Snorkelers on Hanauma Bay

    Snorkelers on Hanauma Bay

    Getting back to the investing, Insider buying decreased by half last week with insiders buying $53.24 million of stock compared to $124.52 million in the week prior. Selling increased with insiders selling $984.67 million of stock last week compared to $462.5 million in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 18.49. In other words, insiders sold  more than 18 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 3.71. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio July 1, 2016

    Insider Sell Buy Ratio July 1, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Paratek Pharmaceuticals, Inc. (PRTK): $13.67

    Shares of this biotech company were acquired by 2 insiders:

    • Director Richard J. Lim acquired 461,538 shares, paying $13.00 per share for a total amount of $5.99 million. These shares were purchased indirectly through a fund.
    • Chairman and CEO Michael Bigham acquired 20,000 shares, paying $13.45 per share for a total amount of $269,014. Mr. Bigham increased his stake by 25.00% to 100,000 shares with this purchase.

    You can view the list of recent insider transactions for Paratek Pharmaceuticals, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: 3.36 EV/EBITDA: -1.67
    Market Cap: $299.49M Avg. Daily Volume: 263,114 52 Week Range: $12.05 – $28.74

    2. Accelerate Diagnostics, Inc. (AXDX): $16.22

    Director Jack W. Schuler acquired 90,147 shares of this in vitro diagnostics company, paying $13.95 per share for a total amount of $1.26 million. These shares were purchased indirectly through a trust.

    You can view the list of recent insider transactions for Accelerate Diagnostics, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 26.87
    P/S: 2 Price/Book: 6.16 EV/EBITDA: -14.34
    Market Cap: $830.76M Avg. Daily Volume: 255,452 52 Week Range: $10.29 – $31.29

    3. NuStar GP Holdings, LLC (NSH): $25.36

    Director William E. Greehey acquired 40,000 shares of this oil & gas pipeline company, paying $25.15 per share for a total amount of $1.01 million. These shares were purchased indirectly.

    You can view the list of recent insider transactions for NuStar GP Holdings, LLC here.

    P/E: 17.54 Forward P/E: 15.56 Industry P/E: 28.05
    P/S: 15.91 Price/Book: 4.02 EV/EBITDA: N/A
    Market Cap: $1.09B Avg. Daily Volume: 123,338 52 Week Range: $12.86 – $37.66

    4. Cheniere Energy, Inc. (LNG): $38.65

    President and CEO Jack A. Fusco acquired 29,000 shares of this liquefied natural gas company, paying $34.27 per share for a total amount of $993,760. Mr. Fusco increased his stake by 11.22% to 287,378 shares with this purchase. 14,500 of these shares were purchased indirectly by Fusco Energy Investments, LLP.

    You can view the list of recent insider transactions for Cheniere Energy, Inc. here.

    P/E: N/A Forward P/E: 50.19 Industry P/E: 28.05
    P/S: 31.9 Price/Book: N/A EV/EBITDA: -100.22
    Market Cap: $9.11B Avg. Daily Volume: 2,522,900 52 Week Range: $22.8 – $71.11

    5. Leucadia National Corporation (LUK): $17.47

    Director Patrick W. Campbell acquired 56,737 shares of this diversified holding company, paying $17.15 per share for a total amount of $973,040. Mr. Campbell increased his stake by 110.85% to 107,920 shares with this purchase.

    You can view the list of recent insider transactions for Leucadia National Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: 16.85
    P/S: 0.6 Price/Book: 0.62 EV/EBITDA: 17.11
    Market Cap: $6.33B Avg. Daily Volume: 1,972,950 52 Week Range: $14.27 – $25.39

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $114.19

    Shares of Facebook were sold by 2 insiders:

    • Director Jan Koum sold 1,434,530 shares for $109.64, generating $157.29 million from the sale. These shares were sold indirectly through a trust.
    • Chief Product Officer Christopher K. Cox sold 15,600 shares for $109.68, generating $1.71 million from the sale.

    You can view the list of recent insider transactions for Facebook, Inc. here.

    P/E: 69.84 Forward P/E: 24.82 Industry P/E: 27.47
    P/S: 16.54 Price/Book: 6.91 EV/EBITDA: 32.43
    Market Cap: $326.62B Avg. Daily Volume: 25,672,500 52 Week Range: $72 – $121.08

    2. Sun Communities Inc. (SUI): $76.37

    Chairman and CEO Gary A. Shiffman sold 115,521 shares of this residential REIT for $75.94, generating $8.77 million from the sale.

    You can view the list of recent insider transactions for Sun Communities Inc. here.

    P/E: 30.82 Forward P/E: 18.63 Industry P/E: 19.92
    P/S: 7.15 Price/Book: 2.73 EV/EBITDA: 20.54
    Market Cap: $4.95B Avg. Daily Volume: 543,305 52 Week Range: $61.65 – $77.17

    3. Accenture plc (ACN): $113.52

    Shares of this management and technology consulting company were sold by 7 insiders:

    • Chairman & CEO Pierre Nanterme sold 46,739 shares for $111.32, generating $5.2 million from the sale.
    • Group Chief Exec-Products Alexander M. Van’t Noordende sold 7,929 shares for $109.88, generating $871,246 from the sale.
    • Chief Operating Officer Johan Deblaere sold 5,000 shares for $109.88, generating $549,382 from the sale.
    • Chief Financial Officer David Rowland sold 4,553 shares for $109.84, generating $500,108 from the sale.
    • Chief Human Resources Officer Ellyn Shook sold 3,200 shares for $109.85, generating $351,533 from the sale.
    • Group Chief Exec-Resources Jean-Marc Ollagnier sold 2,237 shares for $109.82, generating $245,666 from the sale.
    • Group Chief Executive-Fin Serv Richard Lumb sold 1,250 shares for $109.88, generating $137,351 from the sale.

    You can view the list of recent insider transactions for Accenture plc here.

    P/E: 19.19 Forward P/E: 19.47 Industry P/E: 18.45
    P/S: 2.18 Price/Book: 9.9 EV/EBITDA: 12.4
    Market Cap: $70.67B Avg. Daily Volume: 2,162,970 52 Week Range: $88.43 – $120.78

    4. Intercontinental Exchange, Inc. (ICE): $252.74

    Chief Executive Officer Jeffrey C. Sprecher sold 24,606 shares of this financial services and brokerage company for $251.95, generating $6.19 million from the sale. 9,606 of these shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Intercontinental Exchange, Inc. here.

    P/E: 21.64 Forward P/E: 16.36 Industry P/E: 19.01
    P/S: 8.09 Price/Book: 2.02 EV/EBITDA: 15.3
    Market Cap: $30.09B Avg. Daily Volume: 796,209 52 Week Range: $220.28 – $271.95

    5. Adobe Systems Incorporated (ADBE): $95.32

    Shares of this software company were sold by 4 insiders:

    • EVP & GM, Digital Marketing Bradley Rencher sold 37,562 shares for $95.46, generating $3.59 million from the sale.
    • EVP & GM, Digital Media Bryan Lamkin sold 9,616 shares for $95.04, generating $913,905 from the sale.
    • Director John E. Warnock sold 4,000 shares for $95.15, generating $380,605 from the sale. These shares were sold indirectly through a trust.
    • VP, Corp. Controller & CAO Richard Rowley sold 271 shares for $95.68, generating $25,929 from the sale.

    You can view the list of recent insider transactions for Adobe Systems Incorporated here.

    P/E: 53.85 Forward P/E: 25.02 Industry P/E: 41.88
    P/S: 9.03 Price/Book: 6.61 EV/EBITDA: 29.64
    Market Cap: $47.68B Avg. Daily Volume: 2,555,390 52 Week Range: $71.27 – $100.56

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria

    Insider Weekends – June 24, 2016

    Welcome to edition 314 of Insider Weekends. Insider buying increased last week with insiders buying $124.52 million of stock compared to $81.74 million in the week prior. Selling decreased with insiders selling $462.5 million of stock last week compared to $1.15 billion in the week prior.

    Nearly 80% of the insider buying last week was related to the 10% owner and Singapore based investment company Shanda Group increasing their stake in Lending Club (LC) after the big drop in the company’s shares in April that eventually led to the CEO resigning.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 3.71. In other words, insiders sold  almost 4 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 14.06. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio June 24, 2016

    Insider Sell Buy Ratio June 24, 2016

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. Applied Optoelectronics, Inc. (AAOI): $9.82

    Director Alan D. Moore acquired 105,000 shares of this fiber-optic networking products provider, paying $10.08 per share for a total amount of $1.06 million. Mr. Moore increased his stake by 89.33% to 222,542 shares with this purchase.

    You can view the list of recent insider transactions for Applied Optoelectronics, Inc. here.

    P/E: 16.53 Forward P/E: 8.69 Industry P/E: 27.01
    P/S: 0.85 Price/Book: 1.08 EV/EBITDA: 8.9
    Market Cap: $167.70M Avg. Daily Volume: 499,444 52 Week Range: $8.08 – $22.79

    2. TICC Capital Corp. (TICC): $5.18

    Shares of this business development company were acquired by 3 insiders:

    • President and COO Saul B. Rosenthal acquired 68,800 shares, paying $5.45 per share for a total amount of $374,649. Mr. Rosenthal increased his stake by 9.00% to 833,651 shares with this purchase.
    • Chief Executive Officer Jonathan H. Cohen acquired 68,800 shares, paying $5.45 per share for a total amount of $374,649. Mr. Cohen increased his stake by 7.11% to 1,036,514 shares with this purchase.
    • Director Charles M. Royce acquired 34,400 shares, paying $5.45 per share for a total amount of $187,325. Mr. Royce increased his stake by 7.74% to 478,614 shares with this purchase.

    You can view the list of recent insider transactions for TICC Capital Corp. here.

    P/E: N/A Forward P/E: 11.02 Industry P/E: N/A
    P/S: 3.34 Price/Book: 0.89 EV/EBITDA: N/A
    Market Cap: $266.66M Avg. Daily Volume: 282,848 52 Week Range: $4.16 – $7.1

    3. Pure Storage, Inc. (PSTG): $10.15

    10% Owner James N. White acquired 66,000 shares of this enterprise data storage platform provider, paying $10.12 per share for a total amount of $667,920. 16,000 of these shares were purchased indirectly by Mr. White’s children and 50,000 shares were purchased indirectly by a limited partnership.

    We normally tend to avoid highlighting purchases by 10% owners but decided to make an exception in this case. Mr. White is a Managing Director at the Venture Capital firm Sutter Hill Ventures and Sutter Hill was an investor in Pure Storage through its Series A through F rounds of investments before it became a public company. These purchases stood out because some of these purchases were made by Mr. White for his children or were acquired directly by his children.

    You can view the list of recent insider transactions for Pure Storage, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 4.18 Price/Book: 3.9 EV/EBITDA: -7.64
    Market Cap: $1.97B Avg. Daily Volume: 1,661,640 52 Week Range: $9.62 – $20.6

    4. Minerva Neurosciences, Inc. (NERV): $10.23

    Director David Kupfer acquired 55,635 shares of this biotech company, paying $10.84 per share for a total amount of $603,001. Mr. Kupfer increased his stake by 36.23% to 209,188 shares with this purchase. 27,935 of these shares were purchased indirectly by Mr. Kupfer’s wife.

    You can view the list of recent insider transactions for Minerva Neurosciences, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 26.17
    P/S: N/A Price/Book: 4.53 EV/EBITDA: -8.98
    Market Cap: $339.69M Avg. Daily Volume: 1,156,850 52 Week Range: $3.45 – $15.84

    5. Biglari Holdings Inc. (BH): $425.69

    Director Sardar Biglari, acquired 1,359 shares of this restaurant holding company, paying $397.65 per share for a total amount of $540,401. These shares were purchased indirectly by The Lion Fund.

    You can view the list of recent insider transactions for Biglari Holdings Inc. here.

    P/E: 23.55 Forward P/E: 33.65 Industry P/E: 22.92
    P/S: 1 Price/Book: 1.76 EV/EBITDA: 20.04
    Market Cap: $879.84M Avg. Daily Volume: 5,663 52 Week Range: $321 – $459.43

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Fidelity National Financial, Inc. (FNF): $34.67

    Shares of this insurance company were sold by 3 insiders:

    • Director William P. Foley II sold 862,775 shares for $34.81, generating $30.03 million from the sale.
    • Chief Operating Officer Roger S. Jewkes sold 57,459 shares for $35.33, generating $2.03 million from the sale. 38,282 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Executive Officer Raymond R. Quirk sold 37,613 shares for $34.75, generating $1.31 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Fidelity National Financial, Inc. here.

    P/E: 18.69 Forward P/E: 13.18 Industry P/E: 13.54
    P/S: 1.07 Price/Book: 1.71 EV/EBITDA: 8.45
    Market Cap: $9.50B Avg. Daily Volume: 1,208,830 52 Week Range: $28.24 – $40.25

    2. Facebook, Inc. (FB): $112.08

    Shares of Facebook were sold by 2 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $114.19, generating $12.45 million from the sale. 52,404 of these shares were sold as a result of exercising options immediately prior to the sale.
    • Director Jan Koum sold 19,534 shares for $115.01, generating $2.25 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Facebook, Inc. here.

    P/E: 68.55 Forward P/E: 24.31 Industry P/E: 27.47
    P/S: 16.65 Price/Book: 6.96 EV/EBITDA: 31.79
    Market Cap: $320.58B Avg. Daily Volume: 25,794,200 52 Week Range: $72 – $121.08

    3. Celgene Corporation (CELG): $96.29

    Executive Chairman Robert J. Hugin sold 75,000 shares of this biotech company for $100.16, generating $7.5 million from the sale.

    You can view the list of recent insider transactions for Celgene Corporation here.

    P/E: 46.83 Forward P/E: 13.76 Industry P/E: 26.17
    P/S: 8.05 Price/Book: 15.37 EV/EBITDA: 25.68
    Market Cap: $74.59B Avg. Daily Volume: 4,368,440 52 Week Range: $92.98 – $140.72

    4. DexCom, Inc. (DXCM): $77.46

    Shares of this medical devices company were sold by 3 insiders:

    • EVP, Clinical, Regulatory Andrew K. Balo sold 55,000 shares for $75.00, generating $4.13 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • President & CEO Kevin R. Sayer sold 35,000 shares for $75.00, generating $2.63 million from the sale.
    • SVP, Operations Jeffrey Moy sold 7,209 shares for $77.00, generating $555,093 from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for DexCom, Inc. here.

    P/E: N/A Forward P/E: 242.06 Industry P/E: 26.87
    P/S: 14.53 Price/Book: 27.99 EV/EBITDA: -122.5
    Market Cap: $6.46B Avg. Daily Volume: 894,989 52 Week Range: $47.92 – $103.29

    5. Black Knight Financial Services, Inc. (BKFS): $34.84

    Shares of this business software & services company were sold by 2 insiders:

    • Chairman William P. Foley II sold 139,722 shares for $34.24, generating $4.78 million from the sale.
    • Chief Operating Officer Anthony Orefice sold 42,125 shares for $35.00, generating $1.47 million from the sale.

    You can view the list of recent insider transactions for Black Knight Financial Services, Inc. here.

    P/E: 71.54 Forward P/E: 27.43 Industry P/E: 23.98
    P/S: 2.44 Price/Book: 2.78 EV/EBITDA: 11.65
    Market Cap: $2.41B Avg. Daily Volume: 157,845 52 Week Range: $25.24 – $38.85

    You can view the full list of sales from this Insider Sales page.

    Disclaimer Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter @asifsuria