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Insider Buying

    Insider Weekends – April 22, 2016

    Welcome to edition 305 of Insider Weekends. Insider buying decreased last week with insiders buying $8.03 million of stock compared to $8.36 million in the week prior. Selling increased with insiders selling $596.17 million of stock last week compared to $362.04 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 74.28. In other words, insiders sold more than 74 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 43.36. 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.

    With both the S&P 500 and the Dow within a stone’s throw of their all-time highs, this big jump in the insider sell/buy ratio could have been a concern if we were not in the thick of the first quarter earnings season. If the ratio remains elevated or insider buying remains muted as we exit the earnings season then the old adage “Sell in May and go away” might be relevant this year. Looking back over the last five years, that rule of thumb worked very well in 2011 and 2015 but not so much from 2012 through 2014, showing how timing the market over the short-term or long-term remains challenging if not nearly impossible.

    Insider Sell Buy Ratio April 22, 2016

    Insider Sell Buy Ratio April 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. United Continental Holdings, Inc. (UAL): $50.74

    President and CEO Oscar Munoz acquired 19,800 shares of this airline, paying $50.53 per share for a total amount of $1 million. Mr. Munoz increased his stake by 13.76% to 163,675 shares with this purchase.

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

    P/E: 2.61 Forward P/E: 5.89 Industry P/E: 8.76
    P/S: 0.5 Price/Book: 2.15 EV/EBITDA: 3.44
    Market Cap: $18.24B Avg. Daily Volume: 5,609,960 52 Week Range: $42.17 – $63.9

    2. Akamai Technologies, Inc. (AKAM): $51.13

    Chief Executive Officer F. Thomson Leighton acquired 19,546 shares of this content delivery and cloud infrastructure company, paying $51.15 per share for a total amount of $999,778. These shares were purchased indirectly through a trust.

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

    P/E: 28.72 Forward P/E: 16.55 Industry P/E: 31.49
    P/S: 4.14 Price/Book: 2.91 EV/EBITDA: 11.85
    Market Cap: $9.03B Avg. Daily Volume: 2,702,700 52 Week Range: $39.43 – $78.44

    3. Inovio Pharmaceuticals, Inc. (INO): $10.33

    Director Morton Collins acquired 68,400 shares of this biotech company, paying $9.52 per share for a total amount of $650,925. These shares were purchased indirectly through trusts and IRA accounts.

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

    P/E: N/A Forward P/E: N/A Industry P/E: 26.67
    P/S: 19.83 Price/Book: 3.81 EV/EBITDA: -19.2
    Market Cap: $746.07M Avg. Daily Volume: 2,161,850 52 Week Range: $4.5 – $10.57

    4. Ryman Hospitality Properties, Inc. (RHP): $50.34

    Chairman & CEO Colin V. Reed acquired 7,400 shares of this hotel operator, paying $52.53 per share for a total amount of $388,694. Mr. Reed increased his stake by 0.73% to 1,015,484 shares with this purchase.

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

    P/E: 23.31 Forward P/E: 13.46 Industry P/E: 21.43
    P/S: 2.39 Price/Book: 6.89 EV/EBITDA: 13.4
    Market Cap: $2.54B Avg. Daily Volume: 277,486 52 Week Range: $41.5 – $61.02

    5. Monsanto Company (MON): $94.08

    Director Charles S. McMillan acquired 3,500 shares of this agricultural products company, paying $87.25 per share for a total amount of $305,375. Mr. McMillan increased his stake by 6.37% to 58,440 shares with this purchase.

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

    P/E: 24.47 Forward P/E: 17.17 Industry P/E: 14.95
    P/S: 2.89 Price/Book: 11.64 EV/EBITDA: 11.21
    Market Cap: $41.10B Avg. Daily Volume: 3,311,800 52 Week Range: $81.22 – $123.82

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

    Notable Insider Sales:

    1. The Charles Schwab Corporation (SCHW): $29.72

    Chairman Charles R. Schwab sold 560,000 shares of this investment brokerage for $29.02, generating $16.25 million 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: 28.85 Forward P/E: 19.3 Industry P/E: 16.16
    P/S: 6.1 Price/Book: 3.22 EV/EBITDA: N/A
    Market Cap: $39.27B Avg. Daily Volume: 10,509,100 52 Week Range: $21.51 – $35.72

    2. QVC Group (QVCA): $26.64

    Director Mark C. Vadon sold 279,000 shares of this online commerce company for $26.37, generating $7.36 million from the sale. These shares were sold indirectly by Lake Tana LLC.

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

    P/E: 14.11 Forward P/E: 16.65 Industry P/E: 36.03
    P/S: N/A Price/Book: 1.81 EV/EBITDA: N/A
    Market Cap: $12.46B Avg. Daily Volume: 2,227,240 52 Week Range: $22.51 – $31.62

    3. Intel Corporation (INTC): $31.64

    Chairman Andy D. Bryant sold 185,740 shares of this semiconductor company for $31.98, generating $5.94 million from the sale.

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

    P/E: 13.58 Forward P/E: 12.03 Industry P/E: 21.59
    P/S: 2.73 Price/Book: 2.47 EV/EBITDA: 6.35
    Market Cap: $149.26B Avg. Daily Volume: 24,287,200 52 Week Range: $24.87 – $35.59

    4. salesforce.com, inc. (CRM): $76.48

    Shares of this software-as-a-service (SaaS) provider were sold by 6 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $76.35, generating $4.77 million from the sale.
    • EVP, General Counsel Amy E. Weaver sold 7,062 shares for $76.62, generating $541,082 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $76.30, generating $381,498 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres, Applications & Platform Alexandre Dayon sold 1,038 shares for $76.66, generating $79,573 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Craig Conway sold 400 shares for $76.28, generating $30,512 from the sale.
    • Director John Victor Roos sold 180 shares for $77.53, generating $13,955 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 58.83 Industry P/E: 34.07
    P/S: 7.74 Price/Book: 10.32 EV/EBITDA: 85.89
    Market Cap: $51.89B Avg. Daily Volume: 5,487,330 52 Week Range: $52.6 – $82.9

    5. Capella Education Co. (CPLA): $52.48

    Director Stephen G. Shank sold 108,907 shares of this Education & Training Services company for $50.70, generating $5.52 million from the sale. These shares were sold indirectly through trusts.

    You can view the list of recent insider transactions for Capella Education Co. here.

    P/E: 16.05 Forward P/E: 13.88 Industry P/E: 29.18
    P/S: 1.41 Price/Book: 3.09 EV/EBITDA: 6.77
    Market Cap: $615.56M Avg. Daily Volume: 103,170 52 Week Range: $39.06 – $67.56

    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 – April 15, 2016

    Welcome to edition 304 of Insider Weekends. Insider buying decreased significantly last week with insiders buying $8.36 million of stock compared to $119.62 million in the week prior. Selling also declined with insiders selling $362.04 million of stock last week compared to $906 million in the week prior.

    As we mentioned in our last report, 94% of the insider buying in the prior week was related to a single private placement transaction and insider buying dropped to just $7.2 million once you remove that transaction. In that context, insider buying did not drop as precipitously as it appears at first blush but is still low since we are entering earnings season.

    One of the more interesting insider purchases last week did not make the top 5 list but caught my attention because the stock popped 9.33% over the course of four days after the purchase. The CEO of Stage Stores, a specialty department stores company with 834 stores in 39 states, purchased 24,556 shares paying $6.68 per share for a total amount of $163,951. The stock sports an unusually high dividend yield of 8.1% and trades for just 3 times EBITDA. The dividend has been going up every year for the last 5 years. On the negative side, growth appears to have stalled with the company reporting a 3.5% drop in revenue last quarter and free cash flow was negative in two out of the last three years. The short ratio at 8 is higher than I would have expected. Insider buying provides an interesting way to uncover new companies for further research and may not in itself be a buying signal.

    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 43.36. In other words, insiders sold more than 43 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 7.57. 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 15, 2016

    Insider Sell Buy Ratio April 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. Sears Holdings Corporation (SHLD): $16.9

    Chief Executive Officer Edward S. Lampert acquired 57,261 shares of this department stores chain, paying $14.34 per share for a total amount of $821,267. Mr. Lampert increased his stake by 0.18% to 31,045,117 shares with this purchase.

    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: 22.92
    P/S: 0.07 Price/Book: N/A EV/EBITDA: -4.37
    Market Cap: $1.80B Avg. Daily Volume: 665,447 52 Week Range: $14.05 – $44.72

    2. Western Refining Logistics, LP (WNRL): $24.04

    President and CEO Jeff A. Stevens acquired 31,800 shares of this oil and gas pipelines company, paying $24.36 per share for a total amount of $774,759. Mr. Stevens increased his stake by 29.88% to 138,226 shares with this purchase.

    You can view the list of recent insider transactions for Western Refining Logistics, LP here.

    P/E: 18.02 Forward P/E: 12.52 Industry P/E: 28.76
    P/S: 0.44 Price/Book: N/A EV/EBITDA: 12.92
    Market Cap: $1.14B Avg. Daily Volume: 76,944 52 Week Range: $17.35 – $32.7

    3. aTyr Pharma Inc. (LIFE): $4.19

    Director Paul Schimmel acquired 202,840 shares of this biotech company, paying $3.64 per share for a total amount of $738,884. Mr. Schimmel increased his stake by 251.22% to 283,581 shares with this purchase. 77,400 of these shares were purchased indirectly through a trust.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: 0.77 EV/EBITDA: 0.08
    Market Cap: $99.21M Avg. Daily Volume: 372,155 52 Week Range: $3.03 – $28.29

    4. SeaChange International, Inc. (SEAC): $3.78

    Shares of this software and media services company were acquired by 2 insiders:

    • Chief Executive Officer Edward Terino acquired 40,000 shares, paying $3.83 per share for a total amount of $153,000. Mr. Terino increased his stake by 21.00% to 230,475 shares with this purchase.
    • Director Steven Craddock acquired 25,000 shares, paying $3.90 per share for a total amount of $97,500. Mr. Craddock increased his stake by 42.21% to 84,233 shares with this purchase.

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

    P/E: N/A Forward P/E: 27 Industry P/E: 35.69
    P/S: 1.14 Price/Book: 0.83 EV/EBITDA: -6.31
    Market Cap: $127.36M Avg. Daily Volume: 225,195 52 Week Range: $3.7 – $7.93

    5. Bank of the Ozarks, Inc. (OZRK): $43.74

    Shares of this regional bank were acquired by 2 insiders:

    • Director Richard L. Cisne acquired 3,700 shares, paying $44.29 per share for a total amount of $163,863. Mr. Cisne increased his stake by 4.98% to 77,950 shares with this purchase.
    • Director John B. Reynolds acquired 750 shares, paying $43.64 per share for a total amount of $32,730. Mr. Reynolds increased his stake by 4.19% to 18,649 shares with this purchase.

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

    P/E: 20.93 Forward P/E: 13.93 Industry P/E: 15.67
    P/S: 8.47 Price/Book: 2.69 EV/EBITDA: N/A
    Market Cap: $3.97B Avg. Daily Volume: 1,322,640 52 Week Range: $35.87 – $54.96

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

    Notable Insider Sales:

    1. Bed Bath & Beyond Inc. (BBBY): $48.04

    Co-Chairman Warren Eisenberg sold 959,837 shares of this retail chain for $47.56, generating $45.65 million from the sale. 165,970 of these shares were sold as a result of exercising options immediately prior to the sale and 321,126 shares were sold indirectly by Mr. Eisenberg’s spouse.

    You can view the list of recent insider transactions for Bed Bath & Beyond Inc. here.

    P/E: 9.5 Forward P/E: 9.19 Industry P/E: 17.78
    P/S: 0.64 Price/Book: 2.99 EV/EBITDA: 5.1
    Market Cap: $7.86B Avg. Daily Volume: 2,279,390 52 Week Range: $41.26 – $74.21

    2. QVC Group (QVCA): $26.04

    Director Mark C. Vadon sold 855,000 shares of this online commerce company for $25.82, generating $22.08 million from the sale. These shares were sold indirectly by Lake Tana LLC.

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

    P/E: 13.79 Forward P/E: 16.28 Industry P/E: 52.82
    P/S: N/A Price/Book: 1.76 EV/EBITDA: N/A
    Market Cap: $12.18B Avg. Daily Volume: 2,255,060 52 Week Range: $22.51 – $31.62

    3. ServiceNow, Inc. (NOW): $63.28

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

    • Chief Product Officer Frederic B. Luddy sold 150,000 shares for $62.92, generating $9.44 million from the sale. These shares were sold indirectly through a trust.
    • Chief Revenue Officer David Schneider sold 30,900 shares for $63.62, generating $1.97 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 ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 63.28 Industry P/E: 23.24
    P/S: 10.11 Price/Book: 17.87 EV/EBITDA: -92.84
    Market Cap: $10.17B Avg. Daily Volume: 2,884,870 52 Week Range: $46 – $91.28

    4. JPMorgan Chase & Co. (JPM): $61.87

    Shares of this JP Morgan were sold by 4 insiders:

    • Chief Operating Officer Matthew E. Zames sold 45,144 shares for $61.77, generating $2.79 million from the sale.
    • Executive Vice President Gordon Smith sold 32,096 shares for $62.01, generating $1.99 million from the sale.
    • Managing Director Daniel E. Pinto sold 28,837 shares for $62.38, generating $1.79 million from the sale.
    • Chief Financial Officer Marianne Lake sold 13,684 shares for $62.41, generating $854,064 from the sale.

    You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

    P/E: 10.31 Forward P/E: 9.68 Industry P/E: 12.43
    P/S: 2.56 Price/Book: 1.04 EV/EBITDA: N/A
    Market Cap: $226.63B Avg. Daily Volume: 20,161,900 52 Week Range: $50.07 – $70.61

    5. Palo Alto Networks, Inc. (PANW): $140.66

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

    • CTO Nir Zuk sold 30,000 shares for $151.25, generating $4.54 million from the sale.
    • Director Asheem Chandna sold 15,000 shares for $141.26, generating $2.12 million from the sale. These shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for Palo Alto Networks, Inc. here.

    P/E: N/A Forward P/E: 53.89 Industry P/E: 17.32
    P/S: 10.81 Price/Book: 20.98 EV/EBITDA: -98.21
    Market Cap: $12.43B Avg. Daily Volume: 2,326,750 52 Week Range: $111.09 – $200.55

    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 – April 8, 2016

    Welcome to edition 303 of Insider Weekends. Insider buying increased significantly last week with insiders buying $119.62 million of stock compared to $26.94 million in the week prior. Selling on the other hand declined with insiders selling $906 million of stock last week compared to $1.32 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 to 7.57. In other words, insiders sold more than 7 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 48.99. 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.

    While the headline numbers indicate that insider buying jumped significantly and the Sell/Buy ratio dropped, looking deeper shows that 94% of the insider buying was related to a single transaction for Transmontaigne Partners (TLP) that appears to be a private placement with various entities indirectly related to a director of the company. Removing this transaction would mean insiders just purchased $7.2 million of stock last week. Some of this muted buying could be explained by the fact that we were in the first week of the quarter and earnings related quite periods at most companies.

    Insider Sell Buy Ratio April 8, 2016

    Insider Sell Buy Ratio April 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. Actuant Corporation (ATU): $24.22

    Shares of this industrial products and systems company were acquired by 3 insiders:

    • EVP-Human Resources Eugene Edward Skogg acquired 10,000 shares, paying $24.46 per share for a total amount of $244,600. Mr. Skogg increased his stake by 10.49% to 105,319 shares with this purchase.
    • Exec VP Industrial Segment Mark Sefcik acquired 6,500 shares, paying $24.50 per share for a total amount of $159,250. Mr. Sefcik increased his stake by 12.48% to 58,582 shares with this purchase.
    • Pres. & CEO Randal W. Baker acquired 4,061 shares, paying $24.63 per share for a total amount of $100,022. Mr. Baker increased his stake by 8.62% to 51,153 shares with this purchase.

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

    P/E: 140 Forward P/E: 17.55 Industry P/E: 19.48
    P/S: 1.15 Price/Book: 2.12 EV/EBITDA: 10.16
    Market Cap: $1.43B Avg. Daily Volume: 681,403 52 Week Range: $17.02 – $25.5

    2. Opko Health, Inc. (OPK): $10.73

    CEO & Chairman Phillip Frost M.D. acquired 40,000 shares of this devices and drug development company, paying $10.45 per share for a total amount of $417,803. 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: 63.12 Industry P/E: 27.96
    P/S: 12.76 Price/Book: 3.17 EV/EBITDA: -86.27
    Market Cap: $5.86B Avg. Daily Volume: 4,375,290 52 Week Range: $7.12 – $19.2

    3. Ambac Financial Group, Inc. (AMBC): $15.15

    Shares of this insurance company were acquired by 2 insiders:

    • Chief Executive Officer Tavakoli Nader acquired 16,200 shares, paying $14.84 per share for a total amount of $240,408. Mr. Nader increased his stake by 9.92% to 179,487 shares with this purchase.
    • Director Alexander David Greene acquired 10,000 shares, paying $15.05 per share for a total amount of $150,500. Mr. Greene increased his stake by 333.33% to 13,000 shares with this purchase.

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

    P/E: 1.41 Forward P/E: 7.58 Industry P/E: 15.08
    P/S: 1.02 Price/Book: 0.39 EV/EBITDA: 10.69
    Market Cap: $682.46M Avg. Daily Volume: 375,481 52 Week Range: $11.92 – $25.59

    4. aTyr Pharma Inc. (LIFE): $3.2

    Shares of this biotherapeutics company were acquired by 2 insiders:

    • Director Paul Schimmel acquired 90,000 shares, paying $3.29 per share for a total amount of $295,701. Mr. Schimmel increased his stake by 715.88% to 102,572 shares with this purchase.
    • CEO and Director John Mendlein acquired 5,000 shares, paying $3.53 per share for a total amount of $17,675. Mr. Mendlein increased his stake by 2.03% to 250,971 shares with this purchase.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: 0.59 EV/EBITDA: 0.75
    Market Cap: $75.77M Avg. Daily Volume: 262,531 52 Week Range: $3.03 – $28.29

    5. Engility Holdings, Inc. (EGL): $17.75

    Chief Executive Officer Lynn A. Dugle acquired 13,656 shares of this staffing & consulting services provider, paying $18.30 per share for a total amount of $249,944.

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

    P/E: 88.75 Forward P/E: 12.68 Industry P/E: 15.26
    P/S: 0.35 Price/Book: 0.7 EV/EBITDA: 9.53
    Market Cap: $652.39M Avg. Daily Volume: 265,306 52 Week Range: $11.46 – $35.92

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $110.63

    Shares of Facebook were sold by 4 insiders:

    • Director Jan Koum sold 1,434,530 shares for $112.78, generating $161.79 million from the sale. These shares were sold indirectly through a trust.
    • Chief Operating Officer Sheryl Sandberg sold 109,000 shares for $112.78, generating $12.29 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chief Technology Officer Michael Todd Schroepfer sold 20,000 shares for $113.75, generating $2.28 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • VP and General Counsel Colin Stretch sold 1,000 shares for $112.00, generating $112,000 from the sale.

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

    P/E: 85.56 Forward P/E: 26.66 Industry P/E: 31.86
    P/S: 18.04 Price/Book: 7.28 EV/EBITDA: 36.02
    Market Cap: $324.52B Avg. Daily Volume: 35,607,100 52 Week Range: $72 – $117.59

    2. Six Flags Entertainment Corporation (SIX): $59.42

    Exec. Chairman James Reid-Anderson sold 281,646 shares of this theme park operator for $57.77, generating $16.27 million from the sale.

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

    P/E: 37.61 Forward P/E: 31.95 Industry P/E: 29.39
    P/S: 4.28 Price/Book: 223.06 EV/EBITDA: 14.79
    Market Cap: $5.54B Avg. Daily Volume: 904,653 52 Week Range: $41.6 – $59.92

    3. Palo Alto Networks, Inc. (PANW): $147.85

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

    • President & CEO Mark D. McLaughlin sold 35,000 shares for $160.04, generating $5.6 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director James J. Goetz sold 23,643 shares for $157.14, generating $3.72 million from the sale.
    • Chief Marketing Officer Rene Bonvanie sold 17,185 shares for $165.00, generating $2.84 million from the sale.
    • Director Carl M. Eschenbach sold 1,780 shares for $160.57, generating $285,822 from the sale.

    You can view the list of recent insider transactions for Palo Alto Networks, Inc. here.

    P/E: N/A Forward P/E: 56.65 Industry P/E: 17.65
    P/S: 11.5 Price/Book: 22.31 EV/EBITDA: -103.39
    Market Cap: $13.07B Avg. Daily Volume: 2,336,980 52 Week Range: $111.09 – $200.55

    4. Mylan N.V. (MYL): $47

    Executive Chairman Robert J. Coury sold 217,755 shares of this pharmaceutical company for $45.96, generating $10 million from the sale.

    You can view the list of recent insider transactions for Mylan N.V. here.

    P/E: 27.65 Forward P/E: 8.05 Industry P/E: 25.9
    P/S: 2.5 Price/Book: 2.42 EV/EBITDA: 10.28
    Market Cap: $23.06B Avg. Daily Volume: 5,925,850 52 Week Range: $37.59 – $76.69

    5. QVC Group (QVCA): $25.98

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

    • Director Michael A. George sold 150,000 shares for $25.10, generating $3.77 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Chairman of the Board John C. Malone sold 128,000 shares for $28.30, generating $3.62 million from the sale.

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

    P/E: 13.76 Forward P/E: 16.24 Industry P/E: 49.86
    P/S: N/A Price/Book: 1.74 EV/EBITDA: N/A
    Market Cap: $12.91B Avg. Daily Volume: 2,298,830 52 Week Range: $22.51 – $31.62

    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 – April 1, 2016

    Welcome to edition 302 of Insider Weekends. Insider buying declined last week with insiders buying $26.94 million of stock compared to $38.86 million in the week prior. Selling more than doubled with insiders selling $1.32 billion of stock last week compared to $635.25 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 48.99. In other words, insiders sold almost 49 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 16.35 and is the highest we have seen since March 27, 2015. 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 1, 2016

    Insider Sell Buy Ratio April 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. Opko Health, Inc. (OPK): $10.41

    Shares of this medical devices and drug development company were acquired by 2 insiders:

    • CEO & Chairman Phillip Frost M.D. acquired 134,200 shares, paying $10.17 per share for a total amount of $1.37 million. These shares were purchased indirectly by Frost Gamma Investments Trust.
    • Executive VP-Administration Steven D. Rubin acquired 1,000 shares, paying $10.17 per share for a total amount of $10,166. Mr. Rubin increased his stake by 0.02% to 5,442,407 shares with this purchase.

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

    P/E: N/A Forward P/E: 61.24 Industry P/E: 24.96
    P/S: 12.47 Price/Book: 3.1 EV/EBITDA: -83.64
    Market Cap: $5.68B Avg. Daily Volume: 4,518,290 52 Week Range: $7.12 – $19.2

    2. Patriot National, Inc. (PN): $8.51

    Shares of this insurance industry services provider were acquired by 2 insiders:

    • Chairman, CEO and President Steven M. Mariano acquired 70,000 shares, paying $7.60 per share for a total amount of $532,000. These shares were purchased indirectly by Corporation.
    • Director John Del Pizzo acquired 19,200 shares, paying $7.56 per share for a total amount of $145,152. Mr. Del increased his stake by 15.89% to 140,065 shares with this purchase.

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

    P/E: N/A Forward P/E: 7.34 Industry P/E: 27.93
    P/S: 1.02 Price/Book: 2.46 EV/EBITDA: 9.76
    Market Cap: $231.27M Avg. Daily Volume: 503,656 52 Week Range: $3.56 – $19.32

    3. Ambac Financial Group, Inc. (AMBC): $16.77

    Shares of this insurance company were acquired by 2 insiders:

    • Chief Executive Officer Tavakoli Nader acquired 28,390 shares, paying $15.98 per share for a total amount of $453,562. Mr. Nader increased his stake by 21.05% to 163,287 shares with this purchase.
    • Director David L. Herzog acquired 12,820 shares, paying $15.84 per share for a total amount of $203,069.

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

    P/E: 1.56 Forward P/E: 8.38 Industry P/E: 3.57
    P/S: 1.1 Price/Book: 0.42 EV/EBITDA: 10.75
    Market Cap: $755.44M Avg. Daily Volume: 369,226 52 Week Range: $11.92 – $25.91

    4. EVINE Live Inc. (EVLV): $1.27

    Shares of this digital commerce company were acquired by 9 insiders:

    • Interim CEO Robert Rosenblatt acquired 305,000 shares, paying $0.97 per share for a total amount of $294,829. Mr. Rosenblatt increased his stake by 997.71% to 335,570 shares with this purchase.
    • Chief Financial Officer Tim Peterman acquired 162,000 shares, paying $0.90 per share for a total amount of $146,205. These shares were purchased indirectly by Mr. Peterman’s wife.
    • Director Landel C. Hobbs acquired 20,000 shares, paying $1.06 per share for a total amount of $21,190. Mr. Hobbs increased his stake by 50.36% to 59,718 shares with this purchase.
    • SVP, Gen Counsel and Secretary Damon E. Schramm acquired 20,000 shares, paying $0.94 per share for a total amount of $18,716. Mr. Schramm increased his stake by 444.44% to 24,500 shares with this purchase.
    • SVP, Human Resources Jaime Nielsen acquired 19,000 shares, paying $0.92 per share for a total amount of $17,474. Ms. Nielsen increased his stake by 114.19% to 35,639 shares with this purchase.
    • SVP, Corporate Controller Nick Vassallo acquired 16,700 shares, paying $0.85 per share for a total amount of $14,245. Mr. Vassallo increased his stake by 43.14% to 55,407 shares with this purchase.
    • Director Lisa Letizio acquired 15,000 shares, paying $0.99 per share for a total amount of $14,819.
    • Director Fred R. Siegel acquired 12,000 shares, paying $1.04 per share for a total amount of $12,500. These shares were purchased indirectly through Individual Retirement Account for Self.
    • Director Lowell W. Robinson acquired 5,000 shares, paying $1.12 per share for a total amount of $5,600. Mr. Robinson increased his stake by 15.28% to 37,718 shares with this purchase.

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

    P/E: N/A Forward P/E: 21.17 Industry P/E: 15.39
    P/S: 0.1 Price/Book: 0.88 EV/EBITDA: 18.77
    Market Cap: $72.61M Avg. Daily Volume: 548,623 52 Week Range: $0.41 – $6.96

    5. Care Capital Properties, Inc. (CCP): $26.17

    Chief Executive Officer Raymond J. Lewis acquired 20,000 shares of this healthcare facilities REIT, paying $25.69 per share for a total amount of $513,846. Mr. Lewis increased his stake by 9.95% to 221,080 shares with this purchase.

    You can view the list of recent insider transactions for Care Capital Properties, Inc. here.

    P/E: 14.76 Forward P/E: 9.28 Industry P/E: N/A
    P/S: 7.22 Price/Book: 1.83 EV/EBITDA: 12.79
    Market Cap: $2.20B Avg. Daily Volume: 668,553 52 Week Range: $23.65 – $36.44

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $116.06

    Shares of Facebook were sold by 3 insiders:

    • Director Jan Koum sold 1,147,624 shares for $115.34, generating $132.37 million from the sale. These shares were sold indirectly through a trust.
    • Chief Product Officer Christopher K. Cox sold 15,600 shares for $113.75, generating $1.77 million from the sale.
    • VP and General Counsel Colin Stretch sold 1,000 shares for $113.83, generating $113,830 from the sale.

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

    P/E: 89.76 Forward P/E: 28.03 Industry P/E: 31.22
    P/S: 18.11 Price/Book: 7.31 EV/EBITDA: 37.9
    Market Cap: $340.44B Avg. Daily Volume: 35,694,300 52 Week Range: $72 – $117.59

    2. Apple Inc. (AAPL): $109.99

    Senior Vice President Philip W. Schiller sold 268,644 shares of Apple for $110.01, generating $29.55 million from the sale. These shares were sold indirectly through a trust.

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

    P/E: 11.7 Forward P/E: 10.98 Industry P/E: 21.25
    P/S: 2.57 Price/Book: 4.71 EV/EBITDA: 7.66
    Market Cap: $609.85B Avg. Daily Volume: 46,038,500 52 Week Range: $92 – $134.54

    3. Ross Stores Inc. (ROST): $58.64

    Shares of this apparel chain were sold by 4 insiders:

    • Chairman, Executive Michael Balmuth sold 135,128 shares for $57.53, generating $7.77 million from the sale.
    • Executive VP & Corp Secretary John G. Call sold 27,000 shares for $57.40, generating $1.55 million from the sale.
    • President, Chief Operating Off Michael O’Sullivan sold 5,170 shares for $58.15, generating $300,658 from the sale.
    • President, Merchandising Bernard G. Brautigan sold 2,617 shares for $57.57, generating $150,670 from the sale.

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

    P/E: 23.93 Forward P/E: 19.29 Industry P/E: 16.81
    P/S: 2 Price/Book: 9.8 EV/EBITDA: 12.62
    Market Cap: $24.26B Avg. Daily Volume: 3,207,470 52 Week Range: $43.47 – $59.68

    4. Six Flags Entertainment Corporation (SIX): $58.19

    Shares of this theme park operator were sold by 2 insiders:

    • Exec. Chairman James Reid-Anderson sold 118,354 shares for $55.44, generating $6.56 million from the sale.
    • Senior VP – Marketing Brett Petit sold 10,000 shares for $56.04, generating $560,410 from the sale.

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

    P/E: 36.83 Forward P/E: 31.45 Industry P/E: 29.87
    P/S: 4.02 Price/Book: 209.4 EV/EBITDA: 14.54
    Market Cap: $5.42B Avg. Daily Volume: 907,273 52 Week Range: $41.6 – $58.3

    5. salesforce.com, inc. (CRM): $75.73

    Shares of this software-as-a-service (SaaS) provider were sold by 5 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 50,000 shares for $72.46, generating $3.62 million from the sale.
    • Chief Financial Officer Mark J. Hawkins sold 8,625 shares for $71.89, generating $620,059 from the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $71.86, generating $359,295 from the sale.
    • EVP, Global Employee Success Cynthia G. Robbins sold 5,000 shares for $73.00, generating $365,000 from the sale.
    • Director John Victor Roos sold 180 shares for $71.54, generating $12,877 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 58.25 Industry P/E: 36.8
    P/S: 7.41 Price/Book: 9.87 EV/EBITDA: 85.06
    Market Cap: $50.81B Avg. Daily Volume: 6,114,910 52 Week Range: $52.6 – $82.9

    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 – March 25, 2016

    Welcome to edition 301 of Insider Weekends. Insider buying decreased significantly last week with insiders buying $38.86 million of stock compared to $269.24 million in the week prior. Selling also decreased significantly with insiders selling $635.25 million of stock last week compared to $1.33 billion in the week prior.

    This muted activity is not unusual as we approach the end of the quarter and most companies enter a quite period when insiders cannot purchase or sell their stock. Insider buying in our previous report was dominated by biotech stocks and this week is no different with biotech stocks accounting for three of the five top purchases. Amongst the insider purchases OvaScience (OVAS) and Flex Pharma (FLKS) stood out because both were purchased by their CEOs indirectly through the venture capital firm Longwood Fund. Both these CEOs are also co-founders and Partners of Longwood Fund.

    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 16.35. In other words, insiders sold more than 16 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 4.93. 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 March 25, 2016

    Insider Sell Buy Ratio March 25, 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. Seattle Genetics, Inc. (SGEN): $34.68

    Director Felix Baker acquired 124,065 shares of this biotech company, paying $31.85 per share for a total amount of $3.95 million. These shares were purchased indirectly by Baker Bros. Advisors LP.

    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: 26.85
    P/S: 14.37 Price/Book: 7.04 EV/EBITDA: -39.49
    Market Cap: $4.85B Avg. Daily Volume: 1,411,960 52 Week Range: $26.02 – $52.33

    2. OvaScience, Inc. (OVAS): $9.06

    Chief Executive Officer Michelle Dipp acquired 179,300 shares of this biotech company, paying $9.40 per share for a total amount of $1.68 million. These shares were purchased indirectly by Longwood Fund III LP.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: 906.05 Price/Book: 1.98 EV/EBITDA: -1.7
    Market Cap: $247.34M Avg. Daily Volume: 519,759 52 Week Range: $4.53 – $48.94

    3. Flex Pharma, Inc. (FLKS): $10.48

    President and CEO Christoph H. Westphal acquired 135,195 shares of this biotech company, paying $11.29 per share for a total amount of $1.53 million. These shares were purchased indirectly by Longwood Fund III LP.

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

    P/E: N/A Forward P/E: N/A Industry P/E: N/A
    P/S: N/A Price/Book: 1.8 EV/EBITDA: -2.37
    Market Cap: $188.19M Avg. Daily Volume: 91,075 52 Week Range: $6.48 – $24.82

    4. Demandware, Inc. (DWRE): $35.42

    President and CEO Thomas D. Ebling acquired 30,000 shares of this software-as-a-service E-commerce solutions provider, paying $34.93 per share for a total amount of $1.05 million. Mr. Ebling increased his stake by 17.85% to 198,070 shares with this purchase.

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

    P/E: N/A Forward P/E: 101.2 Industry P/E: 33.08
    P/S: 5.28 Price/Book: 4.36 EV/EBITDA: -60.28
    Market Cap: $1.34B Avg. Daily Volume: 658,000 52 Week Range: $26.47 – $75.9

    5. Sears Holdings Corporation (SHLD): $15

    Chief Executive Officer Edward S. Lampert acquired 68,271 shares of this department stores chain, paying $14.77 per share for a total amount of $1 million. Mr. Lampert increased his stake by 0.22% to 30,965,732 shares with this purchase.

    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: 23.56
    P/S: 0.06 Price/Book: N/A EV/EBITDA: -4.18
    Market Cap: $1.60B Avg. Daily Volume: 681,362 52 Week Range: $14.56 – $46.23

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

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $113.05

    Shares of Facebook were sold by 2 insiders:

    • Director Jan Koum sold 1,434,530 shares for $111.63, generating $160.14 million from the sale. These shares were sold indirectly through a trust.
    • VP and General Counsel Colin Stretch sold 1,000 shares for $111.34, generating $111,340 from the sale.

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

    P/E: 87.43 Forward P/E: 27.37 Industry P/E: 30.97
    P/S: 17.87 Price/Book: 7.21 EV/EBITDA: 36.86
    Market Cap: $331.61B Avg. Daily Volume: 35,142,300 52 Week Range: $72 – $117.59

    2. ServiceNow, Inc. (NOW): $61.69

    Chief Product Officer Frederic B. Luddy sold 195,000 shares of this software-as-a-service providerfor $61.56, generating $12 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: 61.69 Industry P/E: 21.62
    P/S: 9.99 Price/Book: 17.66 EV/EBITDA: -90.84
    Market Cap: $9.92B Avg. Daily Volume: 2,776,550 52 Week Range: $46 – $91.28

    3. Adobe Systems Incorporated (ADBE): $92.52

    Shares of this software company were sold by 10 insiders:

    • Director Charles M. Geschke sold 25,000 shares for $92.47, generating $2.31 million from the sale.
    • EVP, Cust. & Emp. Experience Donna Morris sold 25,000 shares for $93.00, generating $2.33 million from the sale. These shares were sold indirectly through a trust.
    • Director John E. Warnock sold 9,000 shares for $92.70, generating $834,309 from the sale. These shares were sold indirectly through a trust.
    • VP, Corp. Controller & CAO Richard Rowley sold 4,146 shares for $92.46, generating $383,349 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 Adobe Systems Incorporated here.

    P/E: 74.61 Forward P/E: 24.41 Industry P/E: 33.08
    P/S: 9.58 Price/Book: 6.55 EV/EBITDA: 35.39
    Market Cap: $46.37B Avg. Daily Volume: 3,873,690 52 Week Range: $71.27 – $98

    4. Ross Stores Inc. (ROST): $57.41

    Shares of this apparel chain were sold by 3 insiders:

    • President, Chief Operating Officer Michael B. O’Sullivan sold 58,163 shares for $58.10, generating $3.38 million from the sale.
    • President, Merchandising Bernard G. Brautigan sold 24,586 shares for $58.35, generating $1.43 million from the sale.
    • Group S.V.P., CFO Michael J. Hartshorn sold 13,831 shares for $59.17, generating $818,415 from the sale.

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

    P/E: 23.43 Forward P/E: 18.88 Industry P/E: 18
    P/S: 2.01 Price/Book: 9.84 EV/EBITDA: 12.35
    Market Cap: $23.76B Avg. Daily Volume: 3,177,510 52 Week Range: $43.47 – $59.68

    5. salesforce.com, inc. (CRM): $72.44

    Shares of this software-as-a-service (SaaS) provider were sold by 5 insiders:

    • Chairman of the Board & CEO Marc Benioff sold 62,500 shares for $72.51, generating $4.53 million from the sale.
    • EVP, General Counsel Amy E. Weaver sold 7,062 shares for $72.87, generating $514,626 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Co-Founder Parker Harris sold 5,000 shares for $72.87, generating $364,339 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Pres., Sales & Cust. Success Maria Martinez sold 1,574 shares for $72.50, generating $114,115 from the sale.
    • Director John Victor Roos sold 180 shares for $72.16, generating $12,989 from the sale.

    You can view the list of recent insider transactions for salesforce.com, inc. here.

    P/E: N/A Forward P/E: 55.72 Industry P/E: 33.08
    P/S: 7.2 Price/Book: 9.6 EV/EBITDA: 81.42
    Market Cap: $48.60B Avg. Daily Volume: 6,011,640 52 Week Range: $52.6 – $82.9

    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