Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, AutoZone's CIO, K. Michelle Borninkhof, made a $503,668 buy of AZO, purchasing 259 shares at a cost of $1944.66 a piece. AutoZone is trading up about 1% on the day Tuesday. This purchase marks the first one filed by Borninkhof in the past year.
And at SmartSheet, there was insider buying on Friday, by Director Matthew S. McIlwain who bought 10,000 shares at a cost of $49.62 each, for a total investment of $496,218. Before this latest buy, McIlwain made one other buy in the past twelve months, purchasing $1.06M shares at a cost of $70.88 a piece. SmartSheet is trading up about 3.3% on the day Tuesday. McIlwain was up about 12.3% on the buy at the high point of today's trading session, with SMAR trading as high as $55.73 at last check today.
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