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Top Insider Trades 4/23/14: CMG, ARP, EQIX, VTL

|Includes: ARP, Chipotle Mexican Grill, Inc. (CMG), EQIX, VTL

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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 Wednesday, April 23, 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 $24,263,058
Gross William H O Pimco DC Inc Fd PCI B $4,628,427
Satter Muneer A DIR,BO Vital Therapies VTL JB* $4,331,592
Aisling Capital Iii BO Transenterix TRXC JB* $4,151,068
Lu Pingji DIR,BO China Housing CHLN JB* $2,384,448
Gross William H O Pimco Dyn Inc Fd PDI B $2,308,661
Cooperman Leon BO Atlas Resource ARP B $2,211,552
Frost Phillip Md CEO,CB,BO Opko Health OPK B $741,717
Kindler Jeffrey B DIR Chipotle Mexican CMG B $509,576
Marubeni DIR,BO Aircastle AYR B $485,437

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Seidler Kutsenda Mgt DIR,BO Sportsmans WHse SPWH JS* $39,583,336
Crown Cork & Seal BO Aep Industries AEPI JS* $19,110,960
Camilleri Louis C CB,DIR Philip Morris Intl PM S $7,480,989
Lowder Thomas DIR Mid Amer Apt MAA AS $6,473,648
Franklin Resources BO Dynegy DYN S $2,627,840
Sherman John J DIR,BO Crestwood Midstr CMLP AS $2,123,853
Citron Jeffrey A DIR,BO Vonage VG AS $1,953,274
Rose Stuart A CEO,DIR,BO Rex American REX S $1,941,600
Schroepfer Michael CTO Facebook FB AS $1,486,750
Lange Michael J VP,DIR Mistras MG S $1,253,502

Source: | Key to Insider Title and Trans Type Codes