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Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Thursday, April 27, 2012 as ranked by dollar value.

Company executives and directors are in the best position to assess the attractiveness of their firms' shares, and here is how many of them are voting their wallets!

Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and further analysis of a stock's full insider history may not indicate a significant insider signal.

But at Insider Insights, we find significant insider signals just about every day using screens like these to determine where we should focus are subsequent fundamental and technical analysis. And while stocks don't (and shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

Today's tables continue to reflect the current seasonably slow filing period for insider data at the SEC. The dollar values of the purchases in particular are lower now than usual given that many firms still have their trading windows closed to their executives until after March quarter earnings are released.

You may not be aware, but the concept of companies having "trading windows" for their insiders is not imposed by the SEC or any legal statute. Instead, trading windows are established by companies themselves to keep their executives out of trouble.

The legal departments at larger firms tend to have stricter trading windows, but most firms these days have established that the period between a quarter end and the subsequent release of earnings is too rife with the potential for acting on the material, nonpublic information an earnings release represents, to allow their insiders to trade within that window of time.

Even so, insiders are hardly stymied by trading windows. The emergence of 10b5-1 programs (aka "automatic trading" programs) has allowed executives to set up pre-established trading regimens that give them legal cover to trade shares as directed by the instructions they formulate in the 10b5-1 program. This includes being allowed to trade on the instructions even while normal trading windows are closed.

At InsiderInsights, our value-added data feed demarcates when a trade is made under a 10b5-1 program. And we label the trade as an "AS" when an open-market sale is made via such a program, and an "AB" when there is an automatic open-market buy.

On today's tables, insiders at Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG), Cabelas (NYSE:CAB), and Lithia Motors (NYSE:LAD) all filed 10b5-1 sales. But all those firms have already reported their March quarter earnings at this point anyway. Director Patricia Rice at Select Medical (NYSE:SEM), however, could not have made her sale without her 10b5-1 program. Select is due to announce earnings on May 2.

Automatic buying programs for insiders are more rare, but Daniel Och at Och-Ziff Capital (NYSE:OZM) has an AB transaction on today's tables. Mr. Och established his 10b5-1 program last December, along with several of his fellow insiders. The group seems to be signaling that the last unfortunate year for their stock has brought it into value territory. We're not quite convinced of the value at OZM ourselves, and haven't follow insiders into this stock yet. But the continued insider buying of OZM is keeping it on our watch list.

These aren't the only insights you can garner from today's tables. So use these regular columns as the initial research tools they are meant to be, and come to InsiderInsights.com to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value Shares Traded Trans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1 Frost Phillip MD et al CEO,CB,BO Opko Health OPK B $482,146 100,000 4/26/12 $4.88 --- 111,245,856
2 Och Daniel CEO,DIR,BO Och Ziff Capital Mgt OZM AB $249,528 31,200 4/25/12 $8.00 1,456,600 ---
3 Dahl James H BO Pope Resources POPE B $224,997 5,001 4/26/12 $44.98 146,952 129,085
4 Richmond Hill Investments BO Global Indemnity GBLI B $220,232 12,155 4/25/12 $18.12 --- 1,899,319
5 Bell Lon E DIR Clearsign Combustion CLIR B $200,000 50,000 4/25/12 $4.00 50,000 ---
6 Hesse Daniel PR,CEO,DIR Sprint Nextel S B $119,000 50,000 4/26/12 $2.38 4,735,364 ---
7 Bentley J Thomas DIR Rambus RMBS B $97,900 20,000 4/25/12 $4.89 --- 20,000
8 Rini Paul J BO Arc Wireless Solutions ARCW B $46,704 13,438 4/24/12 $3.37 456,368 ---
9 Larson Michael DIR Autonation AN B $34,142 1,000 4/27/12 $34.14 3,000 ---
10 Grant William F III DIR First Security FSGI B $30,027 9,325 4/25/12 $3.22 9,325 ---

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value Shares Traded Trans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1 Gates William H III DIR Microsoft MSFT AS $209,162,208 6,500,000 4/25/12 $32.18 488,981,728 ---
2 Warburg Pincus PE X DIR,BO Primerica PRI JS* $149,999,984 5,736,137 4/26/12 $26.15 10,676,303 ---
3 Schmidt Eric E CB,DIR Google GOOG AS $9,228,755 15,000 4/26/12 $615.89 --- 0
4 Rice Patricia A PR Select Medical SEM AS $3,480,000 400,000 4/25/12 $8.70 --- 45,000
5 Riley Bryant R DIR DDi DDIC S $2,953,216 227,800 4/27/12 $12.96 --- 0
6 Humphrey John VP,CFO Roper Industries ROP S $2,530,000 25,000 4/26/12 $101.20 108,155 ---
7 Highby Dennis VCB,DIR Cabelas CAB AS $2,323,442 57,225 4/26/12 $41.21 319,526 ---
8 Henley Robert W CT NVR NVR S $1,583,159 2,023 4/26/12 $782.58 2,024 ---
9 Lithia Holding Co BO Lithia Motors LAD AS $1,384,641 50,000 4/27/12 $27.81 0 ---
10 Miller Charles Brigham CAO,TR Core Laboratories CLB S $1,315,214 10,000 4/25/12 $130.85 44,260 ---

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

Source: Top Insider Trades: April 27th