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Top Insider Trades 3/21/14: CHK, EQIX, PSEC, SANW

|Includes:Chesapeake Energy Corporation (CHK), EQIX, PSEC, SANW

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In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Friday, March 21, 2014 as ranked by dollar value.

Please note, however, that these are factual lists (with edits to remove some noise), not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

We should also point out that we are presently in a slow filing time for insiders because many companies still have their trading windows closed to their executives until their June quarter earnings are released.

But at, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or 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.

So use these regular blog posts as the initial research tools they are meant to be, and click the links in the tables 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
Dollar Value
Spo Advisory BO Equinix EQIX B $58,561,296
Sanofi BO Regeneron Pharm REGN B $22,229,162
Srinivasan Mallika DIR AGCO AGCO AB $13,173,027
Maverick Capital BO Castlight Health CSLT JB* $7,200,000
Dunham Archie DIR Chesapeake Energy CHK B $1,354,655
Barry John F CEO,DIR Prospect Capital PSEC B $1,086,000
Wickersham Grover DIR S & W Seed SANW JB* $1,030,500
Frost Phillip Md CEO,CB,BO Opko Health OPK B $336,984
Miller Michael Jaye DIR Kinder Morgan KMI B $315,600
O Dowd William Iv CEO,DIR,BO Dolphin Digital Media DPDM JB* $212,000
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Mason Capital Mgt BO Babcock & Wilcox BWC S $36,074,500
Relational Invest BO Spx SPW S $21,823,274
Tomasko Edith L BO Scripps Networks SNI S $15,486,800
Cadila Pharm BO Novavax NVAX S $14,850,000
Ells Steve CB,CEO Chipotle Mexican CMG S $10,603,200
Luddy Frederic B DIR Servicenow NOW AS $3,057,677
Rentler Barbara PR Ross Stores ROST S $2,624,028
Schuler Jack W BO Gtx GTXI S $2,199,408
Long Roger Keith DIR CNO Financial CNO S $2,028,834
Panattoni Lisa R VP Ross Stores ROST S $2,022,771
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes