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Insider Buying

    Insider Weekends – May 22, 2015

    Welcome to edition 257 of Insider Weekends. Insider buying decreased last week with insiders buying $86.26 million of stock compared to $143.37 million in the week prior. Selling increased with insiders selling $3.19 billion of stock last week compared to $1.83 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 36.93. In other words, insiders sold almost 37 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 12.77. 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 May 22, 2015

    Insider Sell Buy Ratio May 22, 2015

    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. MaxPoint Interactive, Inc. (MXPT): $8.76

    Shares of this digital advertising services provider were acquired by 5 insiders:

    • Director Len Jordan acquired 396,174 shares, paying $8.89 per share for a total amount of $3.52 million. These shares were purchased indirectly through Madrona Venture Fund IV, L.P.
    • President, CEO, Chairman Joseph Epperson acquired 6,000 shares, paying $8.28 per share for a total amount of $49,666. Mr. Epperson increased his stake by 0.29% to 2.09 million shares with this purchase.
    • Chief Operating Officer Gretchen Joyce acquired 3,000 shares, paying $8.40 per share for a total amount of $25,200. Ms. Joyce increased her stake by 0.62% to 487,364 shares with this purchase.
    • Chief Technology Officer Kurt Carlson acquired 2,895 shares, paying $8.29 per share for a total amount of $24,005. Mr. Carlson increased his stake by 0.64% to 452,895 shares with this purchase.
    • Director Lynnette Frank acquired 2,700 shares, paying $9.43 per share for a total amount of $25,465.

    This was an interesting group of cluster purchases as it comes less than 2 months after MaxPoint priced its IPO at $11.50 a share on March 6, 2015. While revenue is growing at a high double digit clip (up 87% in Q1), losses have also kept pace, with the company posting a net loss of $8.1 million in Q1 2015 compared to a loss of $4.2 million in Q1 2014.

    While investors have been forgiving of some high growth companies that post losses year after year, they have not been as enthusiastic about MaxPoint. They are either concerned about growing losses or are reminded of AOL’s disastrous foray into local advertising or both.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 2.16 Price/Book: 130.43 EV/EBITDA: -25.62
    Market Cap: $223.96M Avg. Daily Volume: 262,804 52 Week Range: $6.73 – $11.24

    2. Virgin America Inc. (VA): $28.49

    Director Robert A. Nickell acquired 70,500 shares of this airline, paying $28.35 per share for a total amount of $1.99 million. Mr. Nickell increased his stake by 47.32% to 219,485 shares with this purchase. 10,500 of these shares were acquired indirectly through trusts.

    While operating margins for VA are lower than most local US airlines, the stock is significantly cheaper in comparison and the company is known for its exceptional customer experience.

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

    P/E: 5.94 Forward P/E: 7.68 Industry P/E: N/A
    P/S: 0.81 Price/Book: 2.51 EV/EBITDA: 6.22
    Market Cap: $1.23B Avg. Daily Volume: 1,059,890 52 Week Range: $26.5 – $45.43

    3. Keurig Green Mountain, Inc. (GMCR): $90.76

    Shares of this specialty coffee company were acquired by 2 insiders:

    • Director Jose Octavio Reyes acquired 15,000 shares, paying $89.82 per share for a total amount of $1.35 million. Mr. Reyes increased his stake by 1,039.50% to 16,443 shares with this purchase.
    • Director Robert Allan Steele acquired 2,500 shares, paying $88.76 per share for a total amount of $221,900. Mr. Steele increased his stake by 55.62% to 6,995 shares with this purchase.

    You can view the list of recent insider transactions for Keurig Green Mountain, Inc. here.

    P/E: 25.25 Forward P/E: 21.61 Industry P/E: 37.52
    P/S: 2.96 Price/Book: 5.2 EV/EBITDA: 13.48
    Market Cap: $13.97B Avg. Daily Volume: 2,002,400 52 Week Range: $88.01 – $158.87

    4. Northern Oil and Gas, Inc. (NOG): $7.08

    CEO Michael Lewis Reger acquired 175,000 shares of this independent energy company, paying $6.93 per share for a total amount of $1.21 million. Mr. Reger increased his stake by 6.36% to 2,925,458 shares with this purchase.

    You can view the list of recent insider transactions for Northern Oil and Gas, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 1.11 Price/Book: 0.79 EV/EBITDA: 2.71
    Market Cap: $435.76M Avg. Daily Volume: 1,793,190 52 Week Range: $4.79 – $17.43

    5. American Express Company (AXP): $81.25

    Director Ronald A. Williams acquired 13,585 shares of this credit card company, paying $80.98 per share for a total amount of $1.1 million. Mr. Williams increased his stake by 49.40% to 41,085 shares with this purchase.

    You can view the list of recent insider transactions for American Express Company here.

    P/E: 14.23 Forward P/E: 14.2 Industry P/E: 14.33
    P/S: 2.56 Price/Book: 3.76 EV/EBITDA: N/A
    Market Cap: $82.53B Avg. Daily Volume: 6,446,010 52 Week Range: $76.53 – $96.24

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

    Notable Insider Sales:

    1. Microsoft Corporation (MSFT): $46.9

    Shares of Microsoft were sold by 2 insiders:

    • Founder Bill Gates sold 8,000,000 shares for $48.08, generating $384.62 million from the sale.
    • Director Maria Klawe sold 1,000 shares for $48.25, generating $48,254 from the sale.

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

    P/E: 19.47 Forward P/E: 16.99 Industry P/E: 16.89
    P/S: 4.05 Price/Book: 4.27 EV/EBITDA: 9.49
    Market Cap: $380.50B Avg. Daily Volume: 37,023,400 52 Week Range: $39.81 – $50.05

    2. Public Storage (PSA): $195.09

    Director B. Wayne Hughes Jr. sold 400,000 shares of this equity real estate investment trust for $197.33, generating $78.93 million from the sale.

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

    P/E: 35.67 Forward P/E: 21 Industry P/E: 13.65
    P/S: 14.46 Price/Book: 6.6 EV/EBITDA: 22.62
    Market Cap: $33.73B Avg. Daily Volume: 646,295 52 Week Range: $162.34 – $206.92

    3. The Charles Schwab Corporation (SCHW): $31.41

    Chairman Charles R. Schwab sold 1,000,000 shares of this investment brokerage for $31.58, generating $31,576,250 from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for The Charles Schwab Corporation here.

    P/E: 33.77 Forward P/E: 20.8 Industry P/E: 13.7
    P/S: 6.85 Price/Book: 3.66 EV/EBITDA: N/A
    Market Cap: $41.26B Avg. Daily Volume: 6,637,140 52 Week Range: $23.35 – $32.43

    4. FireEye, Inc. (FEYE): $45.07

    Shares of this security software company were sold by 4 insiders:

    • President Kevin R. Mandia sold 431,918 shares for $41.25, generating $17.82 million from the sale. 55,251 of these shares were sold indirectly through a trust.
    • Chief Strategy Officer Ashar Aziz sold 188,434 shares for $44.18, generating $8.33 million from the sale. These shares were sold indirectly through a trust.
    • SVP and General Counsel Alexa King sold 12,000 shares for $45.38, generating $544,500 from the sale. These shares were sold indirectly through a trust.
    • Director Ronald E. Codd sold 5,000 shares for $45.00, generating $225,000 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 14.16 Price/Book: 5.72 EV/EBITDA: -15.39
    Market Cap: $7.04B Avg. Daily Volume: 5,209,620 52 Week Range: $24.81 – $46.44

    5. Take-Two Interactive Software Inc. (TTWO): $27.26

    Shares of this video software company were sold by 3 insiders:

    • Chairman and CEO Strauss Zelnick sold 304,772 shares for $27.68, generating $8.44 milion from the sale. These shares were sold indirectly by Zelnick Media Corporation.
    • President Karl Slatoff sold 39,896 shares for $27.58, generating $1.1 million from the sale.
    • Chief Financial Officer Lainie Goldstein sold 18,705 shares for $28.00, generating $523,740 from the sale.

    You can view the list of recent insider transactions for Take-Two Interactive Software Inc. here.

    P/E: N/A Forward P/E: 15.67 Industry P/E: 60
    P/S: 2.5 Price/Book: 2.99 EV/EBITDA: -35.66
    Market Cap: $2.30B Avg. Daily Volume: 2,066,750 52 Week Range: $19.25 – $30.8

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

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

    Insider Weekends – May 15, 2015

    Welcome to edition 256 of Insider Weekends. Insider buying almost doubled again last week with insiders buying $143.37 million of stock compared to $74.57 million in the week prior. Selling also increased with insiders selling $1.83 billion of stock last week compared to $1.04 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 dropped down to 12.77. In other words, insiders sold almost 13 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 13.99. 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 May 15, 2015

    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:

    While the top 5 insiders purchases this week are worth checking out, there were a large number of other purchases that looked a whole lot more interesting but were not large enough to make the top 5 list. Some of them include a cluster of purchases by 6 insiders of car security company LoJack (LOJN) following the release of Q1 results last week, purchases by the CEO and the President of TrueCar (TRUE), a $1 million purchase by the President of single-family property REIT Altisource Residential (RESI) and purchases by two directors of Green Mountain Coffee Roasters (GMCR) following the big drop in the stock last week. The purchases by the insiders of LoJack were interesting to watch as they kept buying at ever higher prices. The stock is already up 49% since the company announced results on May 7th and the insider purchase filings started rolling in.

    1. Chevron Corporation (CVX): $108.03

    Director John G. Stumpf acquired 180,000 shares of this oil & gas company, paying $108.10 per share for a total amount of $19.46 million. Mr. Stumpf increased his stake by 9549.07% to 181,885 shares with this purchase.

    As the Chairman and CEO of Wells Fargo, Mr. Stumpf took home $2.8 million in base pay last year. He also received a $4 million cash bonus and an additional $12.5 million in company stock, bringing his total pay for 2014 to $19.3 million. So this purchase represents more than 100% of his annual compensation and could signal confidence that the rebound in oil prices we have seen since mid-March could hold.

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

    P/E: 11.79 Forward P/E: 17.17 Industry P/E: 78.54
    P/S: 1.16 Price/Book: 1.3 EV/EBITDA: 7
    Market Cap: $203.15B Avg. Daily Volume: 6,925,180 52 Week Range: $98.88 – $135.1

    2. La Jolla Pharmaceutical Co. (LJPC): $19.75

    Shares of this biotech company were acquired by 3 insiders:

    • Director Kevin C. Tang acquired 190,583 shares, paying $18.24 per share for a total amount of $3.48 million. These shares were acquired indirectly by Tang Capital Partners, LP.
    • President, CEO & Secretary George F. Tidmarsh acquired 4,000 shares, paying $18.37 per share for a total amount of $73,480. 2,000 of these shares were acquired indirectly by Mr. Tidmarsh’s children.
    • Director Saiid Zarrabian acquired 307 shares, paying $19.50 per share for a total amount of $5,987. These shares were acquired indirectly for Mr. Zarrabian’s children.

    You can view the list of recent insider transactions for La Jolla Pharmaceutical Co. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 14.67
    P/S: N/A Price/Book: 8.32 EV/EBITDA: -9.59
    Market Cap: $301.20M Avg. Daily Volume: 151,779 52 Week Range: $6.17 – $24.89

    3. Annaly Capital Management, Inc. (NLY): $10.18

    Chairman of Board & CEO Wellington Denahan acquired 198,216 shares of this mortgage REIT, paying $10.04 per share for a total amount of $1.99 million. Ms. Denahan increased her stake by 13.45% to 1,559,866 shares with this purchase.

    You can view the list of recent insider transactions for Annaly Capital Management, Inc. here.

    P/E: N/A Forward P/E: 9.88 Industry P/E: 12.05
    P/S: 77.29 Price/Book: 0.79 EV/EBITDA: N/A
    Market Cap: $9.65B Avg. Daily Volume: 7,869,960 52 Week Range: $9.75 – $11.95

    4. Qualys, Inc. (QLYS): $38.61

    Director Sandra E. Bergeron acquired 50,000 shares of this security and compliance services company, paying $37.51 per share for a total amount of $1.88 million. These shares were acquired indirectly by DBG Investments Inc.

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

    P/E: 44.48 Forward P/E: 55.96 Industry P/E: N/A
    P/S: 9.3 Price/Book: 8.06 EV/EBITDA: 41.88
    Market Cap: $1.31B Avg. Daily Volume: 676,736 52 Week Range: $20.96 – $55.47

    5. Avid Technology, Inc. (AVID): $16.31

    Director Robert M. Bakish acquired 100,000 shares of this digital media software and hardware company, paying $15.33 per share for a total amount of $1.53 million. Mr. Bakish increased his stake by 35.10% to 384,886 shares with this purchase.

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

    P/E: 113.26 Forward P/E: 8.86 Industry P/E: 60
    P/S: 1.23 Price/Book: N/A EV/EBITDA: 20.69
    Market Cap: $645.45M Avg. Daily Volume: 376,933 52 Week Range: $12.02 – $16.89

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

    Notable Insider Sales:

    1. Bank of the Ozarks, Inc. (OZRK): $42.03

    Shares of this regional bank were sold by 3 insiders:

    • Chairman & CEO George G. Gleason II sold 250,000 shares for $42.04, generating $10.51 million from the sale.
    • Director Ross M. Whipple sold 115,600 shares for $40.64, generating $4.69 million from the sale. These shares were sold indirectly by an LLP.

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

    P/E: 25.46 Forward P/E: 17.73 Industry P/E: N/A
    P/S: 10.12 Price/Book: 3.13 EV/EBITDA: N/A
    Market Cap: $3.65B Avg. Daily Volume: 443,036 52 Week Range: $28.3 – $42.84

    2. GoPro, Inc. (GPRO): $50.09

    Director Edward A. Gilhuly sold 474,500 shares of this action camera company for $50.32, generating $23.88 million from the sale. These shares were sold indirectly by various entities.

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

    P/E: 55.78 Forward P/E: 26.23 Industry P/E: N/A
    P/S: 4.46 Price/Book: 9.67 EV/EBITDA: 28.53
    Market Cap: $6.74B Avg. Daily Volume: 6,136,330 52 Week Range: $28.65 – $98.47

    3. Palo Alto Networks, Inc. (PANW): $154.72

    Shares of this network security company were sold by 2 insiders:

    • CTO Nir Zuk sold 130,000 shares for $150.48, generating $19.56 million from the sale.
    • President & CEO Mark D. McLaughlin sold 25,000 shares for $152.39, generating $3.81 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 Palo Alto Networks, Inc. here.

    P/E: N/A Forward P/E: 99.82 Industry P/E: N/A
    P/S: 17.11 Price/Book: 24.5 EV/EBITDA: -159.76
    Market Cap: $12.73B Avg. Daily Volume: 1,355,460 52 Week Range: $60.54 – $158.24

    4. The Walt Disney Company (DIS): $110.3

    Chairman and CEO Robert A. Iger sold 200,000 shares of Disney for $108.73, generating $21.75 million from the sale.

    You can view the list of recent insider transactions for The Walt Disney Company here.

    P/E: 23.73 Forward P/E: 19.49 Industry P/E: 18.83
    P/S: 3.68 Price/Book: 4.06 EV/EBITDA: 13.45
    Market Cap: $187.15B Avg. Daily Volume: 5,878,810 52 Week Range: $78.54 – $113.3

    5. Western Gas Partners LP (WES): $69.12

    Director James R. Crane sold 300,000 shares of this oil & gas pipelines company for $68.77, generating $20.63 million from the sale.

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

    P/E: 32.6 Forward P/E: 30.45 Industry P/E: N/A
    P/S: 7.52 Price/Book: 2.5 EV/EBITDA: 20.7
    Market Cap: $9.58B Avg. Daily Volume: 251,529 52 Week Range: $60.09 – $79.81

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

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

    Insider Weekends – May 8, 2015

    Welcome to edition 255 of Insider Weekends. Insider buying more than doubled last week with insiders buying $74.57 million of stock compared to $32.77 million in the week prior. Selling on the other hand decreased with insiders selling $1.04 billion of stock last week compared to $1.15 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 dropped down to 13.99. In other words, insiders sold almost 14 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 35.02. 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 May 8, 2015

    Insider Sell Buy Ratio May 8, 2015

    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. Seattle Genetics, Inc. (SGEN): $41.13

    Director Felix Baker acquired 1,032,664 shares of this biotech company, paying $35.56 per share for a total amount of $36.72 million. These shares were acquired indirectly through a fund.

    We often exclude fund related purchases but decided to highlight this one because these shares were acquired through the highly successful biotech-focused $10 billion Baker Brothers fund. The Baker Brothers along with Randal J. Kirk are worth keeping an eye on if investing in biotech stocks is your cup of tea.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 29.64
    P/S: 15.8 Price/Book: 22.68 EV/EBITDA: -58.5
    Market Cap: $5.13B Avg. Daily Volume: 1,207,100 52 Week Range: $30.05 – $44.95

    2. Sears Holdings Corporation (SHLD): $42.13

    10% owner Bruce E. Berkowitz acquired 130,000 shares of this department stores chain, paying $41.28 per share for a total amount of $5.37 million. These shares were acquired by a private fund managed by Mr. Bruce R. Berkowitz.

    This is the second week in a row we are highlighting Mr. Berkowitz adding to his position in Sears Holdings.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 21.29
    P/S: 0.14 Price/Book: N/A EV/EBITDA: -9.27
    Market Cap: $4.49B Avg. Daily Volume: 640,149 52 Week Range: $22.45 – $48.25

    3. Omega Healthcare Investors Inc. (OHI): $36.19

    Director Bernard J. Korman acquired 100,000 shares of this healthcare REIT, paying $35.99 per share for a total amount of $3.59 million. Mr. Korman increased his stake by 16.39% to 710,057 shares with this purchase.

    You can view the list of recent insider transactions for Omega Healthcare Investors Inc. here.

    P/E: 20.8 Forward P/E: 11.42 Industry P/E: 19.19
    P/S: 9.71 Price/Book: 3.22 EV/EBITDA: 15.82
    Market Cap: $6.60B Avg. Daily Volume: 1,926,970 52 Week Range: $33.69 – $45.46

    4. Air Products & Chemicals Inc. (APD): $147.97

    Chairman, President and CEO Seifi Ghasemi acquired 20,000 shares of this supplier of industrial gases and performance material, paying $145.68 per share for a total amount of $2.91 million. Mr. Ghasemi increased his stake by 11.82% to 189,171 shares with this purchase.

    You can view the list of recent insider transactions for Air Products & Chemicals Inc. here.

    P/E: 31.09 Forward P/E: 20.35 Industry P/E: 17.12
    P/S: 3 Price/Book: 4.26 EV/EBITDA: 14.08
    Market Cap: $31.71B Avg. Daily Volume: 987,662 52 Week Range: $116.29 – $158.2

    5. Trinity Industries Inc. (TRN): $30.37

    Shares of this diversified industrial equipment and services company were acquired by 4 insiders:

    • Chairman, CEO & President Timothy R. Wallace acquired 20,000 shares, paying $29.44 per share for a total amount of $588,800. Mr. Wallace increased his stake by 1.79% to 1,136,268 shares with this purchase.
    • Director John L. Adams acquired 17,500 shares, paying $29.51 per share for a total amount of $516,425. Mr. Adams increased his stake by 33.79% to 69,284 shares with this purchase.
    • Senior Vice President & CFO James E. Perry acquired 10,000 shares, paying $29.50 per share for a total amount of $295,000. Mr. Perry increased his stake by 4.47% to 233,498 shares with this purchase.
    • Director Antonio Carrillo acquired 5,000 shares, paying $29.01 per share for a total amount of $145,050.

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

    P/E: 7.77 Forward P/E: 7.5 Industry P/E: 20.14
    P/S: 0.73 Price/Book: 1.47 EV/EBITDA: 5.13
    Market Cap: $4.73B Avg. Daily Volume: 3,120,540 52 Week Range: $24.41 – $50.77

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

    Notable Insider Sales:

    1. Discover Financial Services (DFS): $59.01

    Shares of this credit card company were sold by 6 insiders:

    • EVP Harit Talwar sold 225,849 shares for $59.07, generating $13.34 million from the sale. 50,100 of these shares were sold indirectly through a trust and 15,691 shares were sold as a result of exercising options immediately prior to the sale.
    • Chairman & CEO David W. Nelms sold 30,000 shares for $59.06, generating $1.77 million from the sale.
    • President & COO Roger C. Hochschild sold 20,000 shares for $58.87, generating $1.18 million from the sale.
    • EVP Diane E. Offereins sold 9,000 shares for $59.06, generating $531,540 from the sale.
    • EVP Carlos Minetti sold 8,000 shares for $58.39, generating $467,120 from the sale.
    • EVP, GC & Secretary Kathryn McNamara Corley sold 4,000 shares for $58.86, generating $235,440 from the sale.

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

    P/E: 12.13 Forward P/E: 10.3 Industry P/E: 17.79
    P/S: 3.68 Price/Book: 2.3 EV/EBITDA: N/A
    Market Cap: $26.33B Avg. Daily Volume: 3,720,740 52 Week Range: $54.02 – $66.75

    2. Papa John’s International Inc. (PZZA): $65.64

    Shares of this pizza delivery restaurant were sold by 2 insiders:

    • CEO & President John H. Schnatter sold 242,493 shares for $64.47, generating $15.63 million from the sale.
    • Chief Operating Officer Steve M. Ritchie sold 15,864 shares for $64.34, generating $1.02 million from the sale.

    You can view the list of recent insider transactions for Papa John’s International Inc. here.

    P/E: 37.51 Forward P/E: 27.35 Industry P/E: 40.44
    P/S: 1.64 Price/Book: 30.31 EV/EBITDA: 16.87
    Market Cap: $2.62B Avg. Daily Volume: 371,376 52 Week Range: $37.32 – $67.14

    3. Chipotle Mexican Grill, Inc. (CMG): $633.82

    Chairman & Co-CEO Steve Ells sold 14,910 shares of this restaurant chain for $699.00, generating $10.42 million from the sale.

    You can view the list of recent insider transactions for Chipotle Mexican Grill, Inc. here.

    P/E: 41.24 Forward P/E: 30.65 Industry P/E: 29.41
    P/S: 4.55 Price/Book: 9.15 EV/EBITDA: 20.92
    Market Cap: $19.68B Avg. Daily Volume: 501,456 52 Week Range: $490.55 – $727.97

    4. Platform Specialty Products Corporation (PAH): $27.38

    CEO Daniel H. Leever sold 369,620 shares of this specialty chemicals company for $27.10, generating $10.02 million from the sale.

    You can view the list of recent insider transactions for Platform Specialty Products Corporation here.

    P/E: N/A Forward P/E: 18.01 Industry P/E: N/A
    P/S: 6.23 Price/Book: 2.02 EV/EBITDA: 29.17
    Market Cap: $5.26B Avg. Daily Volume: 1,112,770 52 Week Range: $19.36 – $28.95

    5. VASCO Data Security International Inc. (VDSI): $25.06

    Shares of this security software & services provider were sold by 2 insiders:

    • Executive VP and CFO Clifford K. Bown sold 231,350 shares for $24.25, generating $5.61 million from the sale.
    • President and COO Jan E. Valcke sold 120,000 shares for $25.95, generating $3.11 million from the sale.

    You can view the list of recent insider transactions for VASCO Data Security International Inc. here.

    P/E: 29.45 Forward P/E: 21.98 Industry P/E: 23.92
    P/S: 4.68 Price/Book: 4.58 EV/EBITDA: 22.63
    Market Cap: $987.87M Avg. Daily Volume: 1,782,160 52 Week Range: $10.3 – $31.84

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

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

    Insider Weekends – May 1, 2015

    Welcome to edition 254 of Insider Weekends. Insider buying decreased last week with insiders buying $32.77 million of stock compared to $38.91 million in the week prior. Selling on the other hand increased with insiders selling $1.15 billion of stock last week compared to $561.54 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 35.02. In other words, insiders sold more than 35 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 14.43. 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 May 1, 2015

    Insider Sell Buy Ratio May 1, 2015

    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. Sears Holdings Corporation (SHLD): $40.52

    10% Owner Bruce R. Berkowitz acquired 158,800 shares of this department stores chain, paying $39.59 per share for a total amount of $6.29 million.

    We normally don’t include purchases by 10% owners or funds but decided to make an exception in this case to highlight Bruce Berkowitz’s continued purchases of Sears just as we did back in October 2014. We wrote back then that Mr. Berkowitz’s purchases remind me of Francis Chou’s purchases of Overstock.com (OSTK) back in 2011-2012 when the numbers didn’t look particularly attractive. You can read a profile of Mr. Chou in a Gurufocus.com article titled ‘The Investment Guru That You Never Heard Of‘.

    Even as the core operations at Sears continue to deteriorate, Mr. Berkowitz appears to be confident in his investment thesis that the real estate assets of Sears are worth a whole lot more than the market is giving it credit for. He recently mentioned that they have a dedicated analyst solely covering the company and claims that “Sears Holding controls more square footage than any of the nation’s top mall REITs, yet its price, which is much lower by comparison, tells a different story.”

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 0.14 Price/Book: N/A EV/EBITDA: -9.31
    Market Cap: $4.32B Avg. Daily Volume: 633,219 52 Week Range: $22.45 – $48.25

    2. APIGEE CORP (APIC): $15.11

    10% Owner Daniel S. Loeb acquired 300,000 shares of this API software platform company, paying $17 per share for a total amount of $5.1 million.

    This seems to be a week of exceptions. We normally exclude IPO related purchases and purchases by 10% owners but decided to make an exception again because this purchase by hedge fund manager Dan Loeb of Third Point was interesting. IPOs present a liquidity event that allow existing investors to exit their position or reduce their holdings but in this case, Mr. Loeb decided to add to his position instead.

    The company went public on April 24, 2015 at $17/share. After an initial pop to $20.50, the stock settled lower and has continued to lose ground in the ensuing days.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 0.97 Price/Book: 2.45 EV/EBITDA: N/A
    Market Cap: $439.70M Avg. Daily Volume: 1,362,650 52 Week Range: $13.78 – $20.5

    3. NexPoint Residential Trust, Inc (NXRT): $14.3

    President James D. Dondero acquired 142,750 shares of this apartment REIT, paying $13.98 per share for a total amount of $1.99 million.

    You can view the list of recent insider transactions for NexPoint Residential Trust, 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: 165,581 52 Week Range: $12.9 – $15.5

    4. Altisource Portfolio Solutions S.A. (ASPS): $26.94

    Shares of this mortgage services company were acquired by 2 insiders:

    • Chief Executive Officer William B. Shepro acquired 35,000 shares, paying $25.93 per share for a total amount of $907,561.
    • Chief Administration Officer Kevin James Wilcox acquired 18,000 shares, paying $25.98 per share for a total amount of $467,580. Mr. Wilcox increased his stake by 84.78% to 39,232 shares with this purchase.

    You can view the list of recent insider transactions for Altisource Portfolio Solutions S.A. here.

    P/E: 4.73 Forward P/E: 5.99 Industry P/E: N/A
    P/S: 0.45 Price/Book: 12.17 EV/EBITDA: 3.74
    Market Cap: $542.36M Avg. Daily Volume: 627,111 52 Week Range: $12.28 – $122.25

    5. General Electric Company (GE): $27.31

    Shares of GE were acquired by 2 insiders:

    • Director Francisco D’souza acquired 36,500 shares, paying $27.26 per share for a total amount of $994,990.
    • Director Mary L. Schapiro acquired 7,000 shares, paying $27.22 per share for a total amount of $190,540. Ms. Schapiro increased his stake by 7000.00% to 7,100 shares with this purchase.

    You can view the list of recent insider transactions for General Electric Company here.

    P/E: N/A Forward P/E: 17.62 Industry P/E: N/A
    P/S: 1.89 Price/Book: 2.51 EV/EBITDA: 26.08
    Market Cap: $274.94B Avg. Daily Volume: 44,898,200 52 Week Range: $23.41 – $28.68

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

    Notable Insider Sales:

    1. The Charles Schwab Corporation (SCHW): $30.71

    Shares of this investment brokerage were sold by 2 insiders:

    • Chairman Charles R. Schwab sold 1,047,300 shares for $30.23, generating $31.66 million from the sale.
    • President and CEO Walter W. Bettinger sold 100,000 shares for $30.75, generating $3.07 million from the sale.

    You can view the list of recent insider transactions for The Charles Schwab Corporation here.

    P/E: 32.95 Forward P/E: 20.34 Industry P/E: N/A
    P/S: 6.63 Price/Book: 3.66 EV/EBITDA: N/A
    Market Cap: $40.32B Avg. Daily Volume: 6,749,960 52 Week Range: $23.35 – $31.73

    2. Pfenex Inc. (PFNX): $12.74

    Shares of this biotechnology company were sold by 2 insiders:

    • Director James C. Gale sold 1,907,767 shares for $14.57, generating $27.8 million from the sale.
    • Chief Executive Officer Bertrand C. Liang sold 5,000 shares for $13.49, generating $67,440 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 25.74 Price/Book: 4.55 EV/EBITDA: -32.84
    Market Cap: $261.46M Avg. Daily Volume: 225,029 52 Week Range: $5.28 – $19.95

    3. Twitter, Inc. (TWTR): $37.84

    Shares of Twitter were sold by 2 insiders:

    • Director Evan Clark Williams sold 468,000 shares for $51.38, generating $24.05 million from the sale.
    • Vice President of Product Kevin Weil sold 3,729 shares for $39.83, generating $148,513 from the sale.

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

    Voluntary Disclosure: I hold a long position in Twitter.

    P/E: N/A Forward P/E: 54.84 Industry P/E: N/A
    P/S: 17.7 Price/Book: 6.85 EV/EBITDA: -89.5
    Market Cap: $24.76B Avg. Daily Volume: 23,255,500 52 Week Range: $29.51 – $55.99

    4. FireEye, Inc. (FEYE): $43.31

    Shares of this security software company were sold by 2 insiders:

    • Chief Strategy Officer Ashar Aziz sold 188,434 shares for $44.08, generating $8.31 million from the sale.
    • SVP and General Counsel Alexa King sold 5,000 shares for $44.75, generating $223,750 from the sale.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 15.1 Price/Book: 5.05 EV/EBITDA: -16.93
    Market Cap: $6.74B Avg. Daily Volume: 6,492,940 52 Week Range: $24.81 – $46.44

    5. Red Hat, Inc. (RHT): $75.36

    Shares of this open source software company were sold by 3 insiders:

    • Director William S. Kaiser sold 70,112 shares for $76.60, generating $5.37 million from the sale.
    • EVP, General Counsel Michael Cunningham sold 19,000 shares for $75.75, generating $1.44 million from the sale.
    • EVP, Global Sales & Service Arun Oberoi sold 15,000 shares for $75.35, generating $1.13 million from the sale.

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

    P/E: 79.33 Forward P/E: 35.21 Industry P/E: N/A
    P/S: 7.72 Price/Book: 10.72 EV/EBITDA: 40.92
    Market Cap: $13.82B Avg. Daily Volume: 1,382,490 52 Week Range: $47.72 – $77.82

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

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

    Insider Weekends – April 24, 2015

    Welcome to edition 253 of Insider Weekends. Insider buying increased last week with insiders buying $38.91 million of stock compared to $33.56 million in the week prior. Selling on the other hand decreased with insiders selling $561.54 million of stock last week compared to $883.34 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 dropped to 14.43. In other words, insiders sold more than 14 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 26.32. Before we read too much into this drop, it is important to keep in mind that we are in the thick of earnings season and hence insider transactions in general are muted. 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 April 24, 2015

    Insider Sell Buy Ratio April 24, 2015

    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. NexPoint Residential Trust, Inc (NXRT): $13.97

    President James D. Dondero acquired 472,200 shares of this apartment REIT, paying $13.97 per share for a total amount of $6.59 million. These shares were acquired indirectly by Highland Capital Management, L.P.

    NXRT was spun-off from the closed-end fund NexPoint Credit Strategies Fund (NHF) and started trading earlier this month. Mr. Dondero is the Co-Founder and President of Highland Capital Management, a Dallas-based investment management firm with $21 billion in assets under management.

    You can view the list of recent insider transactions for NexPoint Residential Trust, 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: 159,992 52 Week Range: $12.9 – $15.5

    2. AGCO Corporation (AGCO): $48.31

    Director Mallika Srinivasan acquired 28,966 shares of this farm & construction machinery company, paying $47.82 per share for a total amount of $1.39 million. These shares were purchased indirectly by Chennai, India based TAFE Motors and Tractors Limited.

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

    P/E: 11.08 Forward P/E: 16.16 Industry P/E: N/A
    P/S: 0.44 Price/Book: 1.26 EV/EBITDA: 5.19
    Market Cap: $4.27B Avg. Daily Volume: 1,130,980 52 Week Range: $41.56 – $59.18

    3. General Electric Company (GE): $26.8

    Shares of General Electric were acquired by 2 insiders:

    • Director Marijn E. Dekkers acquired 20,000 shares, paying $26.93 per share for a total amount of $538,600. These shares were acquired indirectly through a trust.
    • Director James E. Rohr acquired 20,000 shares, paying $27.15 per share for a total amount of $543,000. These shares were acquired indirectly through a trust.

    You can view the list of recent insider transactions for General Electric Company here.

    P/E: 17.88 Forward P/E: 17.29 Industry P/E: 68.33
    P/S: 1.87 Price/Book: 2.49 EV/EBITDA: 26.08
    Market Cap: $269.81B Avg. Daily Volume: 45,521,900 52 Week Range: $23.41 – $28.68

    4. ServisFirst Bancshares, Inc. (SFBS): $35.16

    Director Michael D. Fuller acquired 23,695 shares of this bank holding company, paying $34.81 per share for a total amount of $824,892. Mr. Fuller increased his stake by 43.24% to 78,489 shares with this purchase.

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

    P/E: 16.82 Forward P/E: 13.17 Industry P/E: 16.89
    P/S: 6.59 Price/Book: 2.23 EV/EBITDA: N/A
    Market Cap: $901.26M Avg. Daily Volume: 27,165 52 Week Range: $26.5 – $35.37

    5. Biglari Holdings Inc. (BH): $396.61

    Chairman and CEO Sardar Biglari, acquired 1,215 shares of this restaurant holding company, paying $411.32 per share for a total amount of $499,754. 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: 2.05 Forward P/E: 35.73 Industry P/E: 36.4
    P/S: 0.91 Price/Book: 1.13 EV/EBITDA: 18.35
    Market Cap: $819.40M Avg. Daily Volume: 6,730 52 Week Range: $312 – $440

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

    Notable Insider Sales:

    1. Kinder Morgan, Inc. (KMI): $44.34

    Shares of this oil & gas pipeline company were sold by 2 insiders:

    • Director Park C. Shaper sold 1,000,000 shares for $43.70, generating $43.69 million from the sale. These shares were sold indirectly by Family Limited Partnership and Limited Liability Company.
    • VP (President, Terminals) John W. Schlosser sold 17,566 shares for $44.48, generating $781,336 from the sale.

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

    P/E: 49.82 Forward P/E: 44.79 Industry P/E: 28.5
    P/S: 6.05 Price/Book: 2.72 EV/EBITDA: 21.41
    Market Cap: $95.12B Avg. Daily Volume: 9,686,210 52 Week Range: $32.1 – $44.71

    2. The Charles Schwab Corporation (SCHW): $30.12

    Shares of this investment brokerage were sold by 2 insiders:

    • Chairman Charles R. Schwab sold 1,260,000 shares for $30.48, generating $38.4 million from the sale. These shares were sold indirectly through a trust.
    • President and CEO Walter W. Bettinger sold 100,000 shares for $30.28, generating $3.03 million from the sale.

    You can view the list of recent insider transactions for The Charles Schwab Corporation here.

    P/E: 31.71 Forward P/E: 19.95 Industry P/E: 424.06
    P/S: 6.63 Price/Book: 3.66 EV/EBITDA: N/A
    Market Cap: $39.55B Avg. Daily Volume: 6,862,680 52 Week Range: $23.35 – $31.73

    3. Six Flags Entertainment Corporation (SIX): $51.08

    Chairman, President & CEO James Reid-anderson sold 150,000 shares of this theme park operator for $50.08, generating $7.51 million from the sale.

    You can view the list of recent insider transactions for Six Flags Entertainment Corporation here.

    P/E: 66.68 Forward P/E: 28.54 Industry P/E: 60
    P/S: 3.99 Price/Book: 20.71 EV/EBITDA: 18.59
    Market Cap: $4.85B Avg. Daily Volume: 688,259 52 Week Range: $31.77 – $51.09

    4. salesforce.com, inc. (CRM): $67.83

    Shares of this software-as-a-service (SaaS) provider were sold by 3 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 87,500 shares for $67.45, generating $5.9 million from the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $67.46, generating $337,320 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres, Applications & Platform Alexandre Dayon sold 4,171 shares for $67.38, generating $281,063 from the sale. 1,667 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 salesforce.com, inc. here.

    P/E: N/A Forward P/E: 74.54 Industry P/E: 36.63
    P/S: 8.29 Price/Book: 11.21 EV/EBITDA: 271.4
    Market Cap: $42.80B Avg. Daily Volume: 4,156,920 52 Week Range: $48.18 – $71

    5. CSX Corp. (CSX): $37.12

    Director Gilbert H. Lamphere sold 165,556 shares of this railroad company for $32.38, generating $5.36 million from the sale.

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

    P/E: 19.33 Forward P/E: 16.14 Industry P/E: 27.02
    P/S: 2.87 Price/Book: 3.22 EV/EBITDA: 9.28
    Market Cap: $36.67B Avg. Daily Volume: 8,619,540 52 Week Range: $27.58 – $37.99

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

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