Top Insider Trades: SRPT, ARDC, WBMD, AEO

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 Wednesday, Sept. 18, 2013, 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.
Marubeni DIR,BO 39,500 673,289
Behrens M Kathleen DIR 6,500 240,778
Mainstay DT
Kim John Y DIR 10,000 158,750
Clearone (CLRO) Braithwaite Michael J O 45,632 155,404
Ares Dyn (ARDC) Ares Capital Mgt II O 6,000 112,310
De Perio Joseph A DIR 9,000 103,590
Am Eagle
Spiegel Noel Joseph DIR 5,000 74,445
Siga Tech
Bayer Michael J DIR 15,000 53,736
Nuveen Muni
Miller John V O 4,000 45,720
Mag Hunter (MHR) McClaugherty Joe L DIR 7,000 36,960
Source: Insider Insights
Marketo (MKTO) Interwest Mgt BO 2,083,435 70,818,664
Webmd Health (WBMD) Icahn Carl C BO 1,173,092 39,885,128
Autonation (AN) Lampert Edward S BO 748,067 39,141,629
Marketo (MKTO) Storm Venture BO 1,087,750 36,974,036
Linkedin (LNKD) Hoffman Reid DIR,BO 83,334 20,562,152
Webmd Health (WBMD) Kensico Capital Mgt BO 572,301 19,458,234
Angelo John M DIR 275,000 13,351,800
Linkedin (LNKD) Weiner Jeff CEO,DIR 37,000 9,129,322
Gulfmark Offshore (GLF) Butters David J DIR 92,825 4,676,011
Safeway (SWY) Wright Donald P VP 102,000 3,162,000
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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