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Insider Buying

    Insider Weekends – July 25, 2014

    Welcome to edition 214 of Insider Weekends. Insider buying increased significantly last week with insiders buying $88.99 million of stock compared to $8.35 million in the week prior. Most of this increase was driven by IPO related purchases. With earnings season in full swing other insider purchases remain muted. Selling also increased with insiders selling $549.37 million of stock last week compared to $492.89 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 dropped to 6.17. In other words, insiders sold more than 6 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 59.03 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 25, 2014

    Insider Sell Buy Ratio July 25, 2014

    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. Colfax Corporation (CFX): $68.67

    Director A. Clayton Perfall acquired 7,447 shares of this industrial manufacturing and engineering company, paying $67.33 per share for a total amount of $501,397. These shares were purchased indirectly through a trust.

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

    P/E: 45.21 Forward P/E: 22.59 Industry P/E: 22.84
    P/S: 1.94 Price/Book: 2.72 EV/EBITDA: 16.37
    Market Cap: $8.49B Avg. Daily Volume: 516,490 52 Week Range: $50.73 – $75.37

    2. Simmons First National Corporation (SFNC): $39.11

    Shares of this regional bank were acquired by 2 insiders:

    • Chairman & CEO George Makris Jr. acquired 5,000 shares, paying $38.88 per share for a total amount of $194,400. Mr. Makris increased his stake by 7.20% to 74,433 shares with this purchase.
    • Director Steven A. Cosse acquired 4,000 shares, paying $38.94 per share for a total amount of $155,749. Mr. Cosse increased his stake by 44.32% to 13,025 shares with this purchase.

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

    P/E: 29.41 Forward P/E: 12.34 Industry P/E: 13.67
    P/S: 3.32 Price/Book: 1.53 EV/EBITDA: N/A
    Market Cap: $638.71M Avg. Daily Volume: 56,814 52 Week Range: $24.06 – $43.22

    3. Opko Health, Inc. (OPK): $9

    CEO & Chairman Phillip Frost M.D. acquired 40,000 shares of this medical devices and drug development company, paying $8.72 per share for a total amount of $348,881. 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: N/A Forward P/E: N/A Industry P/E: 25.55
    P/S: 43.21 Price/Book: 4.52 EV/EBITDA: -48.51
    Market Cap: $3.72B Avg. Daily Volume: 2,394,710 52 Week Range: $7.32 – $12.95

    4. KeyCorp. (KEY): $13.86

    Shares of this regional bank were acquired by 4 insiders:

    • Director Kristen L. Manos acquired 9,000 shares, paying $13.58 per share for a total amount of $122,220. Ms. Manos increased her stake by 25.14% to 44,795 shares with this purchase.
    • Director Demos Parneros acquired 4,000 shares, paying $13.63 per share for a total amount of $54,520.
    • Director William G. Gisel Jr. acquired 1,500 shares, paying $13.66 per share for a total amount of $20,490. Mr. Gisel increased his stake by 44.12% to 4,900 shares with this purchase.
    • Director Ruth Ann Gillis acquired 1,000 shares, paying $13.65 per share for a total amount of $13,650. Ms. Gillis increased her stake by 28.57% to 4,500 shares with this purchase.

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

    P/E: 13.51 Forward P/E: 12.16 Industry P/E: 14.27
    P/S: 2.99 Price/Book: 1.18 EV/EBITDA: N/A
    Market Cap: $12.15B Avg. Daily Volume: 8,730,760 52 Week Range: $11.05 – $14.7

    5. The Travelers Companies, Inc. (TRV): $92.1

    Director Philip T. Ruegger acquired 2,200 shares of this insurance company, paying $92.09 per share for a total amount of $202,598. Mr. Ruegger increased his stake by 43.88% to 7,214 shares with this purchase.

    You can view the list of recent insider transactions for The Travelers Companies, Inc. here.

    P/E: 8.9 Forward P/E: 10.01 Industry P/E: 12.23
    P/S: 1.22 Price/Book: 1.27 EV/EBITDA: 5.44
    Market Cap: $32.00B Avg. Daily Volume: 2,043,500 52 Week Range: $79.12 – $96.18

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $75.19

    Shares of Facebook were sold by 4 insiders:

    • Chief Operating Officer Sheryl Sandberg sold 283,334 shares for $69.16, generating $19.59 million from the sale.
    • Chief Product Officer Christopher K. Cox sold 42,521 shares for $68.84, generating $2.93 million from the sale.
    • VP Marketing & Business Partnerships David B. Fischer sold 36,000 shares for $72.85, generating $2.62 million from the sale.
    • Chief Accounting Officer Jas Athwal sold 10,000 shares for $75.94, generating $759,400 from the sale.

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

    P/E: 97.52 Forward P/E: 37.22 Industry P/E: 37.99
    P/S: 19.17 Price/Book: 10.46 EV/EBITDA: 32.31
    Market Cap: $192.49B Avg. Daily Volume: 49,318,300 52 Week Range: $34.01 – $76.74

    2. ManpowerGroup Inc. (MAN): $81.46

    Shares of this staffing company were sold by 2 insiders:

    • Executive Chairman Jeffrey A. Joerres sold 160,610 shares for $82.21, generating $13.2 million from the sale.
    • EVP, CFO Michael Van Handel sold 113,546 shares for $81.83, generating $9.29 million from the sale. 64,103 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 ManpowerGroup Inc. here.

    P/E: 19.61 Forward P/E: 13.78 Industry P/E: 23.76
    P/S: 0.32 Price/Book: 2.13 EV/EBITDA: 7.9
    Market Cap: $6.51B Avg. Daily Volume: 600,136 52 Week Range: $64.44 – $87.16

    3. ServiceNow, Inc. (NOW): $59.73

    Shares of this software-as-a-service provider were sold by 2 insiders:

    • Chief Product Officer Frederic B. Luddy sold 151,400 shares for $58.59, generating $8.87 million from the sale. 50,000 of these shares were sold indirectly by Frederic B. Luddy CRT, LLC and 1,400 shares were sold indirectly by Mr. Luddy’s spouse.
    • Chief Financial Officer Michael Scarpelli sold 10,000 shares for $60.04, generating $600,400 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 ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 271.5 Industry P/E: 17.72
    P/S: 17.84 Price/Book: 21.11 EV/EBITDA: -132.58
    Market Cap: $8.57B Avg. Daily Volume: 2,056,290 52 Week Range: $41.33 – $71.8

    4. REX American Resources Corporation (REX): $86.91

    Shares of this ethanol producer and real estate company were sold by 3 insiders:

    • COB; CEO Stuart A. Rose sold 57,000 shares for $88.51, generating $5.04 million from the sale.
    • Director Lawrence Tomchin sold 10,528 shares for $87.89, generating $925,279 from the sale. 82 of these shares were sold indirectly by Mr. Tomchin’s wife.
    • CFO; VP-Finance; Treasurer Douglas Bruggeman sold 2,000 shares for $89.76, generating $179,518 from the sale.

    You can view the list of recent insider transactions for REX American Resources Corporation here.

    P/E: 13.31 Forward P/E: 11.27 Industry P/E: 15.65
    P/S: 1.09 Price/Book: 2.33 EV/EBITDA: 7.3
    Market Cap: $711.10M Avg. Daily Volume: 133,016 52 Week Range: $26.7 – $90.2

    5. Crestwood Midstream Partners LP (CMLP): $23.35

    Director John J. Sherman sold 180,000 shares of this natural gas company for $23.32, generating $4.19 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Crestwood Midstream Partners LP here.

    P/E: N/A Forward P/E: 37.06 Industry P/E: 37.61
    P/S: 3.98 Price/Book: 1.11 EV/EBITDA: 25.07
    Market Cap: $4.39B Avg. Daily Volume: 635,535 52 Week Range: $20.4 – $24.94

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – July 18, 2014

    Welcome to edition 213 of Insider Weekends. Insider buying declined significantly last week with insiders buying $8.35 million of stock compared to $36.57 million in the week prior. Selling on the other hand increased with insiders selling $492.89 million of stock last week compared to $292.66 million in the week prior. With the start of earnings season, insider transactions are likely to be muted for a couple of weeks.

    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 went up to 59.03. In other words, insiders sold more than 59 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 8.66. 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 18, 2014

    Insider Sell Buy Ratio July 18, 2014

    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. Frank’s International N.V. (FI): $23.03

    Chairman of Supervisory Board, Director, Chief Executive Officer and President, D. Keith Mosing acquired 112,889 shares of this provider of  engineered tubular services to the energy industry, paying $22.92 per share for a total amount of $2.59 million. Mr. Mosing increased his direct stake by 99.88% to 225,915 shares with this purchase. 26,776 of these shares were purchased indirectly by Mr. Mosing’s child.

    Mr. Mosing also controls an entity called FWW B.V. that owns 119.02 million shares of Frank’s International. In other words Mr. Mosing controls nearly 78% of the shares of the company.

    Frank’s went public last August at $22 per share and after seeing a post-IPO run up to over $32/share, the stock dropped precipitously as the red-hot 44% revenue growth the company had experienced in 2012 fizzled out.

    Trading at 7 times EBITDA, sporting operating margins of 30.51% and a very strong balance sheet with $427.5 million in net cash, the company is worth exploring further.

    You can view the list of recent insider transactions for Frank’s International N.V. here.

    P/E: 13.34 Forward P/E: 15.88 Industry P/E: 37
    P/S: 3.16 Price/Book: 3.1 EV/EBITDA: 7.4
    Market Cap: $3.54B Avg. Daily Volume: 354,064 52 Week Range: $20.76 – $32.7

    2. Opko Health, Inc. (OPK): $8.62

    CEO & Chairman Phillip Frost M.D. acquired 106,000 shares of this medical devices and drug development company, paying $8.73 per share for a total amount of $925,741. 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: N/A Forward P/E: N/A Industry P/E: 26.67
    P/S: 40.7 Price/Book: 4.25 EV/EBITDA: -45.86
    Market Cap: $3.57B Avg. Daily Volume: 2,363,570 52 Week Range: $7.32 – $12.95

    3. Accelerate Diagnostics, Inc. (AXDX): $19.78

    Director Jack W. Schuler acquired 20,000 shares of this medical instrumentation and diagnostics company, paying $19.89 per share for a total amount of $397,800. 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: N/A
    P/S: 17 Price/Book: 20.62 EV/EBITDA: -43.83
    Market Cap: $828.86M Avg. Daily Volume: 217,595 52 Week Range: $6.86 – $31.86

    4. Sunshine Bancorp, Inc. (SBCP): $11.93

    Director Edward Verner acquired 14,107 shares of this regional bank, paying $12.19 per share for a total amount of $172,013. Mr. Verner increased his stake by 99.96% to 28,219 shares with this purchase. 12,151 of these shares were purchased through a Trust and an LLC.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $11.63 – $12.73

    5. American Homes 4 Rent (AMH): $18.49

    Executive Vice President David Goldberg acquired 5,000 preferred shares of this residential REIT, paying $24.80 per share for a total amount of $124,000.

    You can view the list of recent insider transactions for American Homes 4 Rent here.

    P/E: N/A Forward P/E: 19.67 Industry P/E: N/A
    P/S: 15.99 Price/Book: 1.15 EV/EBITDA: 48.65
    Market Cap: $3.43B Avg. Daily Volume: 1,323,020 52 Week Range: $15.1 – $18.52

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

    Notable Insider Sales:

    1. REX American Resources Corporation (REX): $84.58

    Shares of this ethanol producer and real estate company were sold by 3 insiders:

    • COB; CEO Stuart A. Rose sold 65,800 shares for $82.80, generating $5.45 million from the sale.
    • COO; President Zafar A. Rizvi sold 10,000 shares for $83.00, generating $830,000 from the sale.
    • CFO; VP-Finance; Treasurer Douglas Bruggeman sold 2,000 shares for $80.91, generating $161,821 from the sale.

    You can view the list of recent insider transactions for REX American Resources Corporation here.

    P/E: 12.95 Forward P/E: 10.97 Industry P/E: 16.18
    P/S: 1.05 Price/Book: 2.22 EV/EBITDA: 7.17
    Market Cap: $692.03M Avg. Daily Volume: 133,038 52 Week Range: $26.7 – $86.4

    2. Salesforce.com, Inc (CRM): $53.5

    Chairman of the Board & CEO Marc Benioff sold 100,000 shares of this Software as a Service (SaaS) providerfor $53.92, generating $5.39 million from the sale.

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

    P/E: N/A Forward P/E: 75.35 Industry P/E: 33.7
    P/S: 7.34 Price/Book: 10.32 EV/EBITDA: -1.04
    Market Cap: $32.85B Avg. Daily Volume: 6,034,650 52 Week Range: $41.84 – $67

    3. Biogen Idec Inc. (BIIB): $304.1

    Chief Executive Officer George A. Scangos sold 12,316 shares of this biotech company for $312.37, generating $3.85 million from the sale.

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

    P/E: 37.82 Forward P/E: 21.03 Industry P/E: N/A
    P/S: 9.28 Price/Book: 7.77 EV/EBITDA: 21.87
    Market Cap: $72.13B Avg. Daily Volume: 1,194,000 52 Week Range: $203.55 – $358.89

    4. Targa Resources Corp. (TRGP): $138.35

    Chief Executive Officer Joe Bob Perkins sold 25,000 shares of this natural gas production and pipeline company for $137.86, generating $3.45 million from the sale. These shares were sold indirectly by the Perkins Blue House Investments Limited Partnership.

    You can view the list of recent insider transactions for Targa Resources Corp. here.

    P/E: 81.38 Forward P/E: 45.21 Industry P/E: 37
    P/S: 0.78 Price/Book: 40.44 EV/EBITDA: 11.46
    Market Cap: $5.83B Avg. Daily Volume: 429,706 52 Week Range: $65.56 – $160.97

    5. Restoration Hardware Holdings, Inc. (RH): $85.27

    Director Carlos Alberini sold 40,000 shares of this home furnishing company for $85.34, generating $3.41 millio from the sale.

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

    P/E: 189.49 Forward P/E: 29.4 Industry P/E: 17.74
    P/S: 2.02 Price/Book: 6.01 EV/EBITDA: 22.62
    Market Cap: $3.36B Avg. Daily Volume: 976,484 52 Week Range: $54.61 – $94.5

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – July 4, 2014

    Welcome to edition 211 of Insider Weekends. Insider buying edged up slightly last week with insiders buying $29.59 million of stock compared to $29.36 million in the week prior. Selling declined with insiders selling $819.56 million of stock last week compared to $856.32 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 dropped down to 27.7. In other words, insiders sold almost 28 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 29.17. 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 4, 2014

    Insider Sell Buy Ratio July 4, 2014

    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. American Apparel, Inc. (APP): $0.87

    CEO (Suspended) Dov Charney acquired 27,351,407 shares of this apparel chain, paying $0.71 per share for a total amount of $19.56 million. Mr. Charney increased his stake by 57.94% to 74,560,813 shares with this purchase. These shares were purchased indirectly through a fund.

    This large purchase by Mr. Charney bumped his stake in American Apparel from 27% to 43% and was made possible through a $20 million loan from the hedge fund Standard General. The loan and purchase follow the board of directors decision to boot Mr. Charney from his position as Chairman and CEO of the company based on allegations of misuse of company funds and the dissemination of nude photos of a former employee. He has also been dogged for years by sexual harassment claims at the company that is known as much for its scantily clad models as it is for its “Made in America” claim.

    The decision by the board to remove Mr. Charney could trigger a default of $40 million in debt. The company has a highly leveraged balance sheet with $251 million in debt and just $16.68 million in cash. The load by Standard General comes with strings attached and it appears that Mr. Charney is giving up voting control to Standard General and might not get his position as CEO back. The stock, which had been on a steady decline has rebounded in the wake of Mr. Charney’s potential ouster. You can read more about this rather strange set of events here and here.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 7.31
    P/S: 0.23 Price/Book: N/A EV/EBITDA: 140.66
    Market Cap: $150.94M Avg. Daily Volume: 5,150,400 52 Week Range: $0.46 – $2.09

    2. Accelerate Diagnostics, Inc. (AXDX): $26.38

    Shares of this medical instrumentation company were acquired by two insiders:

    • 10% Owner Larry N. Feinberg acquired 20,000 shares, paying $25.72 per share for a total amount of $514,400.
    • Director Jack W. Schuler acquired 18,698 shares, paying $25.91 per share for a total amount of $484,439.

    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: N/A
    P/S: 23 Price/Book: 28.36 EV/EBITDA: -67.76
    Market Cap: $1.11B Avg. Daily Volume: 118,165 52 Week Range: $6.86 – $31.86

    3. Ladenburg Thalmann Financial Services Inc. (LTS): $3.5

    Shares of this investment brokerage were acquired by 3 insiders:

    • Director Phillip Frost M.D. acquired 200,000 shares, paying $3.36 per share for a total amount of $672,060. These shares were purchased indirectly by Frost Gamma Investments Trust.
    • Director Saul Gilinski acquired 60,000 shares, paying $3.15 per share for a total amount of $188,700. Mr. Gilinski increased his stake by 5.31% to 1,189,989 shares with this purchase.
    • Senior Vice President Joseph Giovanniello acquired 835 shares, paying $2.99 per share for a total amount of $2,497. Mr. Giovanniello increased his stake by 0.83% to 101,753 shares with this purchase. These shares were purchased indirectly under the Issuer’s employee stock purchase plan.

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

    P/E: N/A Forward P/E: 87.5 Industry P/E: 21.95
    P/S: 0.86 Price/Book: 2.99 EV/EBITDA: N/A
    Market Cap: $636.34M Avg. Daily Volume: 327,692 52 Week Range: $1.61 – $3.54

    4. Hercules Offshore, Inc. (HERO): $4.16

    Director Steven A. Webster acquired 150,000 shares of this offshore drilling company, paying $4.02 per share for a total amount of $602,470. Mr. Webster increased his stake by 9.58% to 1,715,140 shares with this purchase.

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

    P/E: N/A Forward P/E: 8 Industry P/E: 52.19
    P/S: 0.73 Price/Book: 0.8 EV/EBITDA: 5.27
    Market Cap: $668.27M Avg. Daily Volume: 5,158,110 52 Week Range: $3.9 – $7.96

    5. Opko Health, Inc. (OPK): $8.95

    CEO & Chairman Phillip Frost M.D. acquired 63,000 shares of this medical devices and drug development company, paying $8.91 per share for a total amount of $561,028. 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: N/A Forward P/E: N/A Industry P/E: 32.03
    P/S: 41.5 Price/Book: 4.34 EV/EBITDA: -48.36
    Market Cap: $3.70B Avg. Daily Volume: 2,490,580 52 Week Range: $7.13 – $12.95

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

    Notable Insider Sales:

    1. Nimble Storage, Inc. (NMBL): $29.61

    Shares of this data storage company were sold by 4 insiders:

    • Chief Financial Officer Anup V. Singh sold 150,000 shares for $30.25, generating $4.54 million from the sale.
    • Chief Executive Officer Suresh Vasudevan sold 129,400 shares for $30.61, generating $3.96 million from the sale.
    • Chief Technology Officer Umesh Maheshwari sold 32,000 shares for $30.06, generating $961,830 from the sale. 8,000 of these shares were sold indirectly through a trust.
    • VP Marketing Daniel Leary sold 14,200 shares for $30.90, generating $438,780 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 Nimble Storage, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 14.11 Price/Book: 11.67 EV/EBITDA: -40.72
    Market Cap: $2.12B Avg. Daily Volume: 889,095 52 Week Range: $19.17 – $58

    2. Salesforce.com, Inc (CRM): $58.76

    Shares of this Software as a Service (SaaS) provider were sold by 2 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 80,000 shares for $58.64, generating $4.69 million from the sale.
    • Co-Founder Parker Harris sold 11,333 shares for $58.93, generating $667,869 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 Salesforce.com, Inc here.

    P/E: N/A Forward P/E: 82.76 Industry P/E: 31.41
    P/S: 8.21 Price/Book: 11.55 EV/EBITDA: -1.15
    Market Cap: $36.08B Avg. Daily Volume: 6,384,000 52 Week Range: $37.94 – $67

    3. Sinclair Broadcast Group, Inc. (SBGI): $35.9

    Shares of this TV broadcasting company were sold by 2 insiders:

    • Director Robert E. Smith sold 138,880 shares for $35.20, generating $4.88 million from the sale.
    • Exec. VP and General Counsel Barry Faber sold 10,911 shares for $34.43, generating $375,693 from the sale.

    You can view the list of recent insider transactions for Sinclair Broadcast Group, Inc. here.

    P/E: 42.19 Forward P/E: 19.62 Industry P/E: 42
    P/S: 2.33 Price/Book: 10.46 EV/EBITDA: 12.22
    Market Cap: $3.50B Avg. Daily Volume: 1,668,850 52 Week Range: $23.28 – $37.5

    4. Ameriprise Financial, Inc. (AMP): $122.42

    Shares of this asset management company were sold by 3 insiders:

    • Chairman and CEO James M. Cracchiolo sold 27,695 shares for $119.61, generating $3.31 million from the sale.
    • Exec VP of Human Resources Kelli A. Hunter sold 8,249 shares for $119.86, generating $988,684 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres., Personal Advisors Group Donald E. Froude sold 4,500 shares for $119.87, generating $539,433 from the sale.

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

    P/E: 17.82 Forward P/E: 13.12 Industry P/E: 16.39
    P/S: 1.99 Price/Book: 2.77 EV/EBITDA: 8.26
    Market Cap: $23.24B Avg. Daily Volume: 1,003,780 52 Week Range: $81.57 – $122.7

    5. G-III Apparel Group, Ltd. (GIII): $83.77

    Shares of this apparel chain were sold by 6 insiders:

    • Chief Executive Officer Morris Goldfarb sold 19,440 shares for $81.29, generating $1.58 millions from the sale.
    • Chief Operating Officer Wayne S. Miller sold 16,250 shares for $81.26, generating $1.32 million from the sale.
    • Vice Chairman Sammy Aaron sold 12,917 shares for $81.29, generating $1.05 million from the sale.
    • Chief Financial Officer/Treas Neal Nackman sold 2,500 shares for $81.28, generating $203,202 from the sale.
    • Director Jeffrey David Goldfarb sold 1,243 shares for $81.29, generating $101,044 from the sale.
    • Director Katz Jeanette Nostra sold 641 shares for $81.29, generating $52,108 from the sale.

    You can view the list of recent insider transactions for G-III Apparel Group, Ltd. here.

    P/E: 22.68 Forward P/E: 16.75 Industry P/E: 7.31
    P/S: 0.93 Price/Book: 3.19 EV/EBITDA: 11.93
    Market Cap: $1.72B Avg. Daily Volume: 220,487 52 Week Range: $44.8 – $84.28

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – June 27, 2014

    Welcome to edition 210 of Insider Weekends. Insider buying decreased last week with insiders buying $29.36 million of stock compared to $59.95 million in the week prior. Selling also declined with insiders selling $856.32 million of stock last week compared to $1.37 billion 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 went up to 29.17. In other words, insiders sold more than 29 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 22.74. 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 27, 2014

    Insider Sell Buy Ratio June 27, 2014

    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. Opko Health, Inc. (OPK): $9.1

    CEO & Chairman Phillip Frost M.D. acquired 165,000 shares of this medical devices and drug development company, paying $8.88 per share for a total amount of $1.46 million. 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: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 42.02 Price/Book: 4.39 EV/EBITDA: -49.03
    Market Cap: $3.77B Avg. Daily Volume: 2,538,490 52 Week Range: $7.13 – $12.95

    2. Full Circle Capital Corporation (FULL): $7.77

    President and Co-CEO Gregg J. Felton acquired 116,352 shares of this business development company, paying $7.40 per share for a total amount of $861,005. Mr. Felton increased his stake by 636.64% to 134,628 shares with this purchase. This purchase appears to be related to a secondary offering by the company and might not be an open market purchase.

    You can view the list of recent insider transactions for Full Circle Capital Corporation here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: N/A EV/EBITDA: N/A
    Market Cap: $N/A Avg. Daily Volume: N/A 52 Week Range: $6.67 – $9.59

    3. ProPhase Labs, Inc. (PRPH): $1.66

    CEO & Chairman Ted William Karkus acquired 500,000 shares of this drug manufacturer, paying $1.56 per share for a total amount of $780,191. Mr. Karkus increased his stake by 30.04% to 2,164,588 shares with this purchase.

    I had checked out ProPhase several years ago after their Cold-EEZE zinc lozenges helped cut down the duration of a cold I had. The company was called The Quigley Corporation back then and I came away unimpressed by the company. It looks like the stock has continued drifting lower since I last checked it out. Revenue has however increased from $17.45 million in 2011 to $25.03 million in 2013 and the company managed to eke out a small profit in 2013 before swinging to a loss in the first quarter of 2014.

    It is interesting to see the CEO purchase such a large number of shares even as the company raised $2.5 million by selling shares to Duchess Capital as part of a $3 million equity line. As of Q1 2014, the company had $5.52 million in net cash on its balance sheet.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 1.15 Price/Book: 2.12 EV/EBITDA: -44.86
    Market Cap: $27.66M Avg. Daily Volume: 109,680 52 Week Range: $1.42 – $2.98

    4. Access National Corporation (ANCX): $14.76

    Director Thomas M. Kody acquired 38,199 shares of this regional bank, paying $14.48 per share for a total amount of $552,996. Mr. Kody increased his stake by 6.43% to 632,469 shares with this purchase. 5,000 of these shares were purchased as part of an option exercise.

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

    P/E: 12.83 Forward P/E: 12.3 Industry P/E: N/A
    P/S: 2.83 Price/Book: 1.58 EV/EBITDA: N/A
    Market Cap: $153.70M Avg. Daily Volume: 44,094 52 Week Range: $12.95 – $17.62

    5. T. Rowe Price Group, Inc. (TROW): $83.78

    Director Mark S. Bartlett acquired 4,500 shares of this asset management company, paying $83.32 per share for a total amount of $374,940. Mr. Bartlett increased his stake by 82.57% to 9,950 shares with this purchase.

    You can view the list of recent insider transactions for T. Rowe Price Group, Inc. here.

    P/E: 20.38 Forward P/E: 16.62 Industry P/E: 17.92
    P/S: 6.04 Price/Book: 4.35 EV/EBITDA: 11.08
    Market Cap: $22.01B Avg. Daily Volume: 1,212,020 52 Week Range: $69.9 – $84.73

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

    Notable Insider Sales:

    1. McGraw Hill Financial, Inc. (MHFI): $83.2

    Shares of this financial intelligence company were sold by 2 insiders:

    • Director Harold McGraw III sold 500,000 shares for $82.66, generating $41.33 million from the sale.
    • EVP Corporate Affairs Edward D. Smyth sold 12,139 shares for $83.30, generating $1.01 million from the sale.

    You can view the list of recent insider transactions for McGraw Hill Financial, Inc. here.

    P/E: 26.09 Forward P/E: 19.44 Industry P/E: 38.49
    P/S: 4.57 Price/Book: 16.52 EV/EBITDA: 12.25
    Market Cap: $22.65B Avg. Daily Volume: 1,297,030 52 Week Range: $53.45 – $84.81

    2. Salesforce.com, Inc (CRM): $57.38

    Shares of this Software as a Service (SaaS) provider were sold by 4 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 160,000 shares for $57.40, generating $9.18 million from the sale.
    • Chief Financial Officer Graham Smith sold 13,000 shares for $57.10, generating $742,242 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Co-Founder Parker Harris sold 11,333 shares for $57.66, generating $653,406 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Craig Conway sold 2,256 shares for $57.07, generating $128,757 from the sale.

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

    P/E: N/A Forward P/E: 80.82 Industry P/E: 17.13
    P/S: 7.97 Price/Book: 11.21 EV/EBITDA: -1.12
    Market Cap: $35.23B Avg. Daily Volume: 6,457,640 52 Week Range: $37.73 – $67

    3. Liberty Media Corporation (LMCA): $134.88

    Chairman of the Board John C. Malone sold 74,890 shares of this broadcasting company for $133.53, generating $10 million from the sale.

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

    P/E: 21.49 Forward P/E: 32.19 Industry P/E: 30.71
    P/S: 3.63 Price/Book: 1.08 EV/EBITDA: 16.98
    Market Cap: $15.42B Avg. Daily Volume: 789,102 52 Week Range: $122.56 – $159.33

    4. Jazz Pharmaceuticals Public Limited Company (JAZZ): $146

    Shares of this biotech company were sold by 2 insiders:

    • Director Seamus Mulligan sold 50,000 shares for $149.69, generating $7.48 million from the sale.
    • EVP & Chief Operating Officer Russell J. Cox sold 2,000 shares for $155.00, generating $310,000 from the sale.

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

    P/E: 111.03 Forward P/E: 14.43 Industry P/E: 39.2
    P/S: 9.63 Price/Book: 7.12 EV/EBITDA: 21.66
    Market Cap: $8.67B Avg. Daily Volume: 919,127 52 Week Range: $69 – $176.6

    5. Wyndham Worldwide Corporation (WYN): $75.62

    President, CEO WHG Geoffrey A. Ballotti sold 70,271 shares of this hospitality services provider for $75.00, generating $5.27 million from the sale.

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

    P/E: 20.24 Forward P/E: 15.5 Industry P/E: 41.9
    P/S: 1.89 Price/Book: 6.29 EV/EBITDA: N/A
    Market Cap: $9.60B Avg. Daily Volume: 1,222,560 52 Week Range: $56.37 – $76.63

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria

    Insider Weekends – June 20, 2014

    Welcome to edition 209 of Insider Weekends. Insider buying increased last week with insiders buying $59.95 million of stock compared to $42.41 million in the week prior. Selling also increased with insiders selling $1.37 billion of stock last week compared to $910.43 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 went up to 22.74. In other words, insiders sold almost 23 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 21.47. 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 20, 2014

    Insider Sell Buy Ratio June 20, 2014

    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. Prospect Capital Corporation (PSEC): $10.33

    Shares of this business development company were acquired by 4 insiders:

    • Chief Executive Officer John F. Barry acquired 100,000 shares, paying $10.33 per share for a total amount of $1.03 million. Mr. Barry increased his stake by 2.56% to 4,010,959 shares with this purchase.
    • CFO, CCO, Treasurer and Secretary Brian H. Oswald acquired 30,000 shares, paying $10.25 per share for a total amount of $307,500. Mr. Oswald increased his stake by 32.72% to 121,700 shares with this purchase.
    • Chief Operating Officer Grier M. Eliasek acquired 24,000 shares, paying $10.28 per share for a total amount of $246,720. Mr. Eliasek increased his stake by 16.76% to 167,196 shares with this purchase.
    • Director Eugene S. Stark acquired 1,000 shares, paying $10.27 per share for a total amount of $10,270. Mr. Stark increased his stake by 6.90% to 15,488 shares with this purchase.

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

    P/E: 8.64 Forward P/E: 8.01 Industry P/E: 19.46
    P/S: 5.08 Price/Book: 0.97 EV/EBITDA: N/A
    Market Cap: $3.54B Avg. Daily Volume: 5,486,740 52 Week Range: $9.17 – $11.62

    2. NASB Financial, Inc. (NASB): $24.6

    Director Linda S. Hancock acquired 65,000 shares of this regional bank, paying $23.10 per share for a total amount of $1.5 million. These shares were purchased indirectly through a trust.

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

    P/E: 11.77 Forward P/E: N/A Industry P/E: 220.13
    P/S: 1.95 Price/Book: 0.88 EV/EBITDA: N/A
    Market Cap: $193.53M Avg. Daily Volume: 5,591 52 Week Range: $19.85 – $30.5

    3. INSYS Therapeutics, Inc. (INSY): $29.16

    Director John N. Kapoor acquired 30,000 shares of this specialty pharmaceutical company, paying $25.15 per share for a total amount of $754,593. These shares were purchased indirectly through a trust.

    Dr. Kapoor is Executive Chairman of INSYS and has served on its board of directors since its formation in 1990.

    The company has seen revenue and its stock price soar from a low of below $8 last June to $55.58 on March 4, before giving up more than half of those gains in the subsequent months. Extensive off-label use of its powerful narcotic drug that is currently only approved for use by cancer patients resulted in a subpoena from the federal health department’s Office of the Inspector General for documents related to its sales and marketing practices as detailed in this NY Times article.

    While the company trades for 18 times EBITDA, operating margins (34.2%) and revenue growth numbers (276.5%) are off the charts.

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

    P/E: 20.67 Forward P/E: 16.38 Industry P/E: 19.94
    P/S: 7.85 Price/Book: 10.47 EV/EBITDA: 18.1
    Market Cap: $998.12M Avg. Daily Volume: 639,808 52 Week Range: $7.24 – $57.91

    4. Bristow Group, Inc. (BRS): $79.33

    SVP & Chief Financial Officer John H. Briscoe acquired 7,000 shares of this helicopter services provider to the offshore drilling industry, paying $76.98 per share for a total amount of $538,830. Mr. Briscoe increased his stake by 100% to 14,000 shares with this purchase.

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

    P/E: 15.59 Forward P/E: 13.22 Industry P/E: 15.47
    P/S: 1.84 Price/Book: 1.6 EV/EBITDA: 12.6
    Market Cap: $2.82B Avg. Daily Volume: 255,955 52 Week Range: $62.34 – $85.7

    5. Rally Software Development Corp. (RALY): $10.46

    Shares of this application software company were acquired by 2 insiders:

    • Director Thomas F. Bogan acquired 50,000 shares, paying $9.18 per share for a total amount of $459,200. Mr. Bogan increased his stake by 72.40% to 119,060 shares with this purchase.
    • Director Timothy V. Wolf acquired 5,000 shares, paying $9.15 per share for a total amount of $45,745. Mr. Wolf increased his stake by 16.38% to 35,527 shares with this purchase.

    Trading close to its 52 week low, the stock rallied 13% following these transactions and has managed to hold on to most of those gains in the ensuing days.

    You can view the list of recent insider transactions for Rally Software Development Corp. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 46.97
    P/S: 3.36 Price/Book: 3.63 EV/EBITDA: -9.82
    Market Cap: $260.04M Avg. Daily Volume: 607,753 52 Week Range: $8.4 – $33.05

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

    Notable Insider Sales:

    1. Sanchez Energy Corporation (SN): $38

    Executive Chairman of the Board of Directors Antonio R. Sanchez Jr. sold 700,000 shares of this independent oil & gas company for $35.25, generating $24.68 million from the sale. 375,000 of these shares were sold indirectly by Sanchez Oil & Gas Corporation.

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

    P/E: N/A Forward P/E: 22.75 Industry P/E: 28.97
    P/S: 4.42 Price/Book: 2.13 EV/EBITDA: 8.73
    Market Cap: $1.88B Avg. Daily Volume: 1,294,690 52 Week Range: $20.4 – $38.02

    2. The Gap, Inc. (GPS): $41.68

    Director Robert J. Fisher sold 297,336 shares of this apparel chain for $41.21, generating $12.25 million from the sale.

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

    P/E: 15.96 Forward P/E: 12.55 Industry P/E: 15.18
    P/S: 1.13 Price/Book: 6.07 EV/EBITDA: 6.96
    Market Cap: $18.37B Avg. Daily Volume: 4,130,630 52 Week Range: $36.13 – $46.56

    3. General Dynamics Corp. (GD): $119.55

    Director Nicholas D. Chabraja sold 50,000 shares of this aerospace and defense company for $120.01, generating $6million from the sale.

    You can view the list of recent insider transactions for General Dynamics Corp. here.

    P/E: 17.7 Forward P/E: 15.25 Industry P/E: N/A
    P/S: 1.32 Price/Book: 3 EV/EBITDA: 9.43
    Market Cap: $40.91B Avg. Daily Volume: 1,865,170 52 Week Range: $75.63 – $121.68

    4. The Priceline Group Inc. (PCLN): $1203.17

    Shares of this online travel company were sold by 2 insiders:

    • Director Jeffery H. Boyd sold 3,000 shares for $1,197.37, generating $3.59 million from the sale.
    • Director Jeffrey E. Epstein sold 2,000 shares for $1,196.97, generating $2.39 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 The Priceline Group Inc. here.

    P/E: 32.11 Forward P/E: 18.76 Industry P/E: 37.17
    P/S: 8.87 Price/Book: 8.75 EV/EBITDA: 21.45
    Market Cap: $63.08B Avg. Daily Volume: 982,253 52 Week Range: $791.15 – $1378.96

    5. Bright Horizons Family Solutions, Inc. (BFAM): $42.7

    Shares of this child care and early education services provider were sold by 5 insiders:

    • President and COO Mary Ann Tocio sold 42,600 shares for $42.59, generating $1.81 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Executive Officer David H. Lissy sold 25,000 shares for $42.00, generating $1.05 million from the sale.
    • Director Roger H. Brown sold 20,000 shares for $42.00, generating $840,000 from the sale.
    • Director Linda A. Mason sold 20,000 shares for $42.00, generating $840,000 from the sale.
    • Chief Administrative Officer Stephen I. Dreier sold 5,000 shares for $42.75, generating $213,750 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 Bright Horizons Family Solutions, Inc. here.

    P/E: 36.09 Forward P/E: 24.83 Industry P/E: 16.91
    P/S: 2.2 Price/Book: 3.05 EV/EBITDA: 16.38
    Market Cap: $2.80B Avg. Daily Volume: 256,222 52 Week Range: $30.35 – $43.28

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

    Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria