Insider Trading Weekly – Heavy Selling Continues as Stocks Rise. Insiders at Coty Bet on Themselves
November 27, 2020

At Boardroom Alpha we spend a lot of time looking at insider buying and selling activity as a way to monitor what actions company insiders are taking and what that might say about the future prospects of a given company.

Have a look in more detail at the below data using our Insider Trading Tacker.

The Sellers 

Large-cap companies with most aggregate insider sells this week (Tracker link here)

CTLT, WMT, NFLX, CG, FB, PLTR, SCCO, GM, PINS, RNG, SQ

Despite the shortened trading week, there was still a lot of selling activity at large-cap companies; 11 had more than $20mm in net sales:

  • Leonard Green Partners sold $535.2mm worth of shares of Catalent (CTLT) that they had converted into common, cashing out on a portion of the $650mm in Convertible Prefs they purchased as investment in the company last year
    • LGP Partner Peter Zippelius (A-) was appointed to CTLT board in May 2019 as part of the investment
  • Director S. Robson Walton (D) was the lone seller at Walmart (WMT), selling $107mm worth of shares.
  • Co-Founder and CEO Mark Zuckerberg (A-) was responsible for the bulk of the selling at Facebook (FB), offloading $44mm worth of shares. All the sales were regular-way 10b5-1 trading for the tech execs.

In addition to the bigger sales at large-cap companies, there were smaller but still significant net sales totaling $10-20mm at 7 large-cap companies. There was a decline of 50% in this segment compared to last week.

KEYS, NET, FWONA, NVR, TWTR, NUAN, DELL
  • Director Omid Kordestani (C) was the lone seller at Twitter (TWTR), offloading $11.1mm worth of shares
  • There were multiple sellers at Nuance Communications (NUAN) following their earnings and the stock hitting an all-time high
    • CEO Mark Benjamin (A) sold $4.9mm, CFO Daniel Tempesta (B+) sold $4.3mm, CLO Wendy Cassity sold $1mm and each of CRO Robert Dahdah and CAO Arthur Giterman each sold less than $1mm worth of shares for a total of $10.9mm
    • This is the CEO’s first sale since April-20

Mid-cap companies with most aggregate insider sells this week (Tracker link here)

BLI, BIGC, SONO, MSTR, RAMP, LPI, AMRC, ASGN
  • Berkeley Lights (BLI) Co-Founder and director Igor Khandros (C-) sold $86.7mm worth of shares. Director Michael Marks (C-) sold $29.9mm worth of shares on behalf of Walden Riverwood Ventures, an investment firm of which Marks is a partner
  • Director Mike Volpi (D) was the lone seller at Sonos (SONO), offloading $25.7mm worth of shares. This was on behalf of Index Ventures, an investment firm of which Volpi is a partner.

For small-caps… (Tracker link here)

TPIC, PLYA, GRWG

There were 3 companies with more than $5mm in net sales:

  • Director Paul Giovacchini (A-) sold $96.8mm worth of TPI Composites (TPIC) shares on behalf of Landmark Growth Capital Partners, an investment firm which Giovacchini is a partner of. Directors Steven Lockard (A-) and Daniel Weiss (C+) sold $5.9mm and $.627mm worth of shares respectively
  • Director Richard Fried (C-) was the lone seller at Playa Hotels & Resorts N.V. (PLYA), offloading $64mm worth of shares. This was on behalf Farallon Partners, an investment firm of which Fried is a partner.

The Buyers 

Large-cap companies with most aggregate buys this week (Tracker link here)

COTY

There were no mid-cap companies with more than $1mm in net buying

For small-caps… (Tracker link here)

STOK, BH

There were two companies with more than $1mm in net buying:

  • Director Seth Harrison (C-) was the lone buyer at Stoke Therapeutics (STOK), purchasing $14.6mm worth of shares.
  • CEO Sardar Biglari (C) was the lone buyer at Biglari Holdings, purchasing $2.6mm worth of shares.

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