Siboni Roger S: insider trades

Director at 2 companies we cover. No open-market purchases and 22 sales not made under a pre-set plan, reported from February 16, 2010 to May 16, 2016.

What happened after Siboni Roger S’s sales?

After their sales, the shares moved −6.1% against the index over 12 months on average (a negative figure means selling was the right call); 64% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Siboni Roger S: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	22	+6.7%	+10.2%	27%	7	1.62	0.16	No reliable evidence
Sales, 12 months after the report	22	−6.1%	−12.5%	64%	7	−0.90	0.40	No reliable evidence
Sales, 12 months after the trade	22	−5.6%	−11.5%	64%	7	−0.86	0.42	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Dolby Laboratories, Inc. DLB	—	0	18	February 16, 2010	May 16, 2016
Cadence Design Systems Inc CDNS	—	0	4	June 13, 2014	May 2, 2016

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
May 16, 2016	May 12, 2016	DLB	Sale	$632,570	+3.0%	−4.0%	−4.2%
May 2, 2016	April 28, 2016	CDNS	Sale	$232,791	−2.6%	+22.2%	+22.4%
October 27, 2015	October 26, 2015	DLB	Sale	$195,214	+10.5%	+36.1%	+41.1%
May 5, 2015	May 4, 2015	CDNS	Sale	$191,362	+11.7%	+23.1%	+24.2%
May 4, 2015	April 30, 2015	CDNS	Sale	$690,121	+11.9%	+24.2%	+23.3%
February 5, 2015	February 4, 2015	DLB	Sale	$288,547	+0.3%	+3.7%	+1.3%
November 10, 2014	November 6, 2014	DLB	Sale	$237,197	−12.3%	−23.4%	−20.3%
June 13, 2014	June 12, 2014	CDNS	Sale	$423,276	+1.7%	+7.8%	+8.0%
May 12, 2014	May 8, 2014	DLB	Sale	$69,434	+10.2%	−12.8%	−12.0%
May 8, 2014	May 6, 2014	DLB	Sale	$312,720	+10.3%	−12.2%	−11.0%
May 6, 2014	May 2, 2014	DLB	Sale	$489,850	+12.2%	−10.9%	−10.7%
February 28, 2014	February 26, 2014	DLB	Sale	$379,103	−6.5%	−17.8%	−17.4%
February 12, 2013	February 11, 2013	DLB	Sale	$105,621	+0.3%	+8.9%	+8.5%
February 8, 2013	February 7, 2013	DLB	Sale	$251,220	−0.4%	+8.5%	+7.9%
February 16, 2012	February 15, 2012	DLB	Sale	$258,264	+16.7%	−23.6%	−21.6%
February 14, 2012	February 13, 2012	DLB	Sale	$120,800	+19.3%	−21.6%	−18.5%
February 13, 2012	February 10, 2012	DLB	Sale	$126,259	+21.3%	−19.3%	−20.9%
February 10, 2012	February 9, 2012	DLB	Sale	$127,621	+19.7%	−18.5%	−21.5%
February 3, 2012	February 2, 2012	DLB	Sale	$253,932	+16.0%	−20.3%	−21.0%
February 22, 2011	February 18, 2011	DLB	Sale	$517,000	−8.4%	−31.0%	−27.4%
February 16, 2011	February 15, 2011	DLB	Sale	$1,031,600	−5.1%	−27.4%	−29.3%
February 16, 2010	February 16, 2010	DLB	Sale	$353,369	+17.7%	−26.0%	−24.7%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Siboni Roger S traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.