Insiders Buying Up Tech Stocks: Analog Devices, Citrix Systems and More
While the holiday shortened Thanksgiving week kept the 24/7 Wall St. insider reports on the sidelines, it sure didn’t keep the insider buyers from continuing to add shares. With less than a month left in the 2015 trading year, insider buying continues at a reasonably large volume pace. That also continues to be a very bullish sign for stock investors, as insiders may feel the market edges higher this month and into 2016.
We cover insider buying every week at 24/7 Wall St. (as well as insider selling), and we like to remind readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it still remains a positive indicator.
Here are companies that reported notable insider buying this past week.
Citrix Systems Inc. (NASDAQ: CTXS) had a director by deputization make two big purchases recently. Elliot Management bought 26,858 shares of the stock at $75.70 for a total of $2 million. In the Thanksgiving week, the firm bought a 50,000 share block of the stock at $75.77. The total for that trade came to $3.8 million. Citrix Systems provides virtualization, mobility management, networking and software as a service solutions worldwide. The shares closed trading on Friday at $76.21.
Analog Devices Inc. (NASDAQ: ADI) had a director at the firm also buying stock last week. That director purchased a block of 10,000 shares of the company at prices that ranged from $60.59 to $60.64. The total for the buy came to $606,000. The company designs and manufactures semiconductor products and solutions that enable customers to interpret the world by intelligently bridging the physical and digital with unmatched technologies that sense, measure and connect. The shares ended trading on Friday at $59.21.
Ares Management L.P. (NYSE: ARES) had four co-founders of the company buying stock this past week. They purchased a total of 77,800 shares at prices between $14.08 and $14.20 apiece. The total for the buy came to $1.1 million. Ares is a leading global alternative asset manager with approximately $92 billion of assets under management as of September 30, 2015, and more than 15 offices in the United States, Europe and Asia. The stock ended last week at $13.90.
Wesco Aircraft Holdings Inc. (NYSE: WAIR) saw a director make a big buy last week. That director purchased 233,365 shares of the company at prices that ranged from $12.23 to $13.00. The total for the buy came to an even $3 million. The company is one of the world’s largest distributors and providers of comprehensive supply chain management services to the global aerospace industry. Its services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management. Shares were trading at $13.31 on Friday’s close.
Aircastle Ltd. (NYSE: AYR) hits our screens yet again as 10% owner Marubeni Corp. continues to add to its position. The company bought 63,530 shares of the stock at $20.48 per share. The total for the buy came to $1.3 million. Aircastle acquires, leases and sells commercial jet aircraft to airlines worldwide. The company also makes investments in various aviation assets, such as debt investments secured by commercial jet aircraft. The stocks closed trading Friday at $20.64.
These companies also reported insider buying this week: GlobalStar Inc. (NYSE: GSAT), HubSpot Inc. (NYSE: HUBS), Mallinckrodt PLC (NYSE: MNK), Nimble Storage Inc. (NYSE: NMBL) and Universal Insurance Holdings Inc. (NYSE: UVE).
The consistent buying continues to bode well for stock investors. While the holiday shortened week was a touch slower, the executives and 10% owners picked right back up this week making purchases.