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Top Insider Trades: SPB, OPK, MSFT, BERY

By Jonathan Moreland, founder of Insider Insights and author of Profit From Legal Insider Trading.

NEW YORK ( TheStreet) -- It is a victory for common sense. Tracking the trading behavior of company executives, directors and large shareholders in the stocks of firms they're registered in as "insiders" has proven to be profitable, according to 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 Thursday as ranked by dollar value. Please note, however, that these are only factual lists, 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.

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 Top Insider Trades columns 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 contact us with any questions on our proprietary insider data, and how it is best analyzed.
Spectrum (SPB) Harbinger BO 87,900 5,012,550
Frost Phillip Md CEO,CB,BO 100,000 692,447
Wooten M Rhem VP 24,000 300,000
Real Goods (RSOL) Gaiam DIR,BO 62,111 99,999
Bcb Bancorp (BCBP) Brogan Joseph J VCB,DIR 9,200 93,380
First Finl Bank (FFIN) Giddiens Ronald N DIR 1,218 59,752
Osborne Richard J DIR 5,000 56,500
Jeanquart Louis DIR 2,000 18,800
Firstmerit (FMER) Quinlan Mark D VP 1,000 16,790
Mediashift (MSHF) Grant David CEO,DIR 5,000 15,000
Source: Insider Insights
Microsoft (MSFT) Gates Wm H III DIR 12,605,493 390,360,320
Berry Plastics (BERY) Apollo Mgt Gp BO 17,383,802 285,181,280
Shutterfly (SFLY) Housenbold Jeffrey PR,CEO,DIR 134,187 6,136,275
Farrington Deborah DIR 47,300 3,786,276
Constellation (STZ) Ryder Robert P VP,CFO 75,000 3,619,463
MSC Ind (MSM) Jacobson Mitchell DIR,BO 45,000 3,531,150
State Street (STT) Phalen James S VP 29,477 1,710,845
Enstar (ESGR) O Shea Paul J VP,DIR 9,595 1,199,389
Childs Place (PLCE) Elfers Jane T PR,CEO,DIR 16,907 760,984
Linkedin (LNKD) Rottenberg Erika VP,GC,SEC 4,000 750,646
Source: Insider Insights

Key to Titles: A=Assistant, AI=Affiliated Investor, AO=Accounting Officer, BD=Business Development, BO=Beneficial Owner, CAO=Chief Accounting Officer, CB=Chairman, CCO=Chief Compliance Officer, CEO=Chief Executive Officer, CFO=Chief Financial Officer, CIO=Chief Information Officer, CO=Compliance Officer, COO=Chief Operating Officer, CT=Controller, CTO=Chief Technology Officer, DIR=Director, EVP=Executive Vice President, F=Founder, FO=Financial Officer, GC=General Counsel, HR=Human Resources, IO=Information Officer, IR=Investor Relations, LO=Legal Officer, MD=Managing Director, O=Officer, OO=Operating Officer, PR=President, PT=Partner, REL=Relative of an insider, SEC=Secretary, SH=Shareholder, SO=Sales Officer, TO=Technology Officer, TR=Treasurer, TT=Trustee, VCB=Vice Chairman, VP=Vice President, X=Ex Officer or other title displayed.

Jonathan Moreland is the founder of , which produces a weekly newsletter and offers professional screening and alerting tools to analyze a proprietary, real-time insider data feed. He is also the principal of Insider Asset Management, a registered investment advisor in New York. Mr. Moreland has been analyzing insider data professionally for two decades and has been a contributor to since 2001. A fundamental analyst with an MBA in finance, Mr. Moreland long ago identified insider data as an excellent first screen to determine where to focus his research efforts. He is quoted frequently in the media for his insider analysis and stock recommendations stemming from it. He is also author of Profit From Legal Insider Trading.

Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, Moreland appreciates your feedback; click here to send him an email.

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