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Anderson Scott Arnold: insider trades

Officer at Cirrus Logic, Inc. No open-market purchases and 24 sales not made under a pre-set plan, reported from July 27, 2010 to February 10, 2023.

What happened after Anderson Scott Arnold’s sales?

After their sales, the shares moved −4.8% against the index over 12 months on average (a negative figure means selling was the right call); 71% 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

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
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 24 −6.2% −2.1% 54% 10 −2.38 0.041 Some evidence: seller right
Sales, 12 months after the report 24 −4.8% −11.1% 71% 10 −1.80 0.11 No reliable evidence
Sales, 12 months after the trade 24 −4.4% −9.5% 67% 10 −1.65 0.13 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Cirrus Logic, Inc. CRUS Sr VP, Supply Chain024July 27, 2010February 10, 2023

Trades and what followed

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

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
February 10, 2023February 9, 2023 CRUS Sale $3,079,481 −25.0%−37.1%−37.2%
May 22, 2020May 20, 2020 CRUS Sale $886,200 −34.4%−37.4%−40.3%
February 14, 2020February 12, 2020 CRUS Sale $502,267 +1.3%−6.8%−9.1%
February 10, 2020February 6, 2020 CRUS Sale $463,876 +0.1%−9.4%−9.5%
November 15, 2019November 13, 2019 CRUS Sale $833,161 +0.5%−12.8%−10.9%
November 8, 2019November 6, 2019 CRUS Sale $1,100,960 +5.6%−11.4%−11.4%
August 21, 2019August 19, 2019 CRUS Sale $1,085,613 +21.5%−10.7%−9.5%
February 20, 2019February 19, 2019 CRUS Sale $274,878 −0.7%+74.0%+82.2%
May 17, 2017May 15, 2017 CRUS Sale $1,451,731 −17.0%−56.9%−55.0%
August 8, 2016August 4, 2016 CRUS Sale $490,500 +11.3%−4.0%+0.6%
August 3, 2016August 1, 2016 CRUS Sale $1,952,600 +14.1%+0.6%+11.2%
May 25, 2016May 24, 2016 CRUS Sale $880,500 +36.3%+64.1%+64.0%
February 3, 2016February 1, 2016 CRUS Sale $448,006 −9.0%+42.6%+53.0%
November 6, 2015November 4, 2015 CRUS Sale $542,514 +10.2%+69.1%+74.4%
August 3, 2015July 30, 2015 CRUS Sale $372,682 +6.8%+58.7%+40.2%
May 7, 2015May 6, 2015 CRUS Sale $1,040,700 −17.3%−8.8%−4.4%
February 4, 2015February 3, 2015 CRUS Sale $623,114 +26.4%+23.3%+26.3%
November 21, 2013November 19, 2013 CRUS Sale $1,232,515 −3.5%−21.9%−24.8%
November 8, 2013November 6, 2013 CRUS Sale $1,099,862 −7.1%−15.6%−29.9%
February 7, 2013February 5, 2013 CRUS Sale $812,700 −24.5%−55.8%−54.2%
August 14, 2012August 10, 2012 CRUS Sale $995,223 −23.8%−67.4%−69.6%
February 2, 2011January 31, 2011 CRUS Sale $1,305,900 −34.2%−16.3%−7.0%
August 11, 2010August 9, 2010 CRUS Sale $615,300 −43.6%−36.6%−38.8%
July 27, 2010July 26, 2010 CRUS Sale $614,204 −41.8%−39.4%−45.0%

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 Anderson Scott Arnold traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.