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Welcome to edition 637 of Insider Weekends. Insider buying decreased significantly last week with insiders purchasing $189.95 million of stock compared to $436.83 million in the week prior. Selling on the other hand increased to $902.53 million compared to $631.78 million in the week prior.
Insider buying in the prior week was elevated on account of the large $350 million purchase of project management software company Asana (ASAN) by its CEO Dustin Moskovitz in a private placement. Excluding that purchase, insider buying more than tripled last week when the major indices pulled back sharply after an increase in core CPI pointed to further rate increases.
The list of insider purchases last week was dominated by repeat purchases at companies we have discussed in the past including,
It was also interesting to see two directors of Starbucks (SBUX) purchase shares after the appointment of a new CEO as discussed in our C-Suite Transitions article two weeks ago. One of those Directors, Mellody Hobson, is also the Chair of the company and has served on the board since 2005. Interim CEO Howard Schultz’s insider purchase from May of this year was very well timed as the stock is up more than 30% since his last purchase as you can see from the chart below..