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Carolan Brian: insider trades

Chief financial officer, Officer at 2 companies we cover. No open-market purchases and 15 sales not made under a pre-set plan, reported from May 20, 2010 to October 9, 2025.

What happened after Carolan Brian’s sales?

After their sales, the shares moved −0.1% against the index over 12 months on average (a negative figure means selling was the right call); 60% 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 15 −0.2% −2.5% 53% 9 −1.03 0.33 No reliable evidence
Sales, 12 months after the report 15 −0.1% −8.6% 60% 9 −0.62 0.55 No reliable evidence
Sales, 12 months after the trade 15 +1.6% −9.6% 60% 9 −0.53 0.61 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
Commvault Systems Inc CVLT VP Finance and CFO014May 20, 2010February 3, 2021
Sailpoint, Inc. SAIL Chief Financial Officer01October 9, 2025October 9, 2025

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
October 9, 2025October 7, 2025 SAIL Sale $3,542,840 −16.5%−31.3%−25.9%
February 3, 2021February 1, 2021 CVLT Sale $1,917,504 −4.5%−15.6%−16.6%
February 18, 2020February 18, 2020 CVLT Sale $17,304 −16.9%+15.3%+13.7%
November 7, 2019November 5, 2019 CVLT Sale $32,450 −7.2%−25.9%−28.2%
August 16, 2017August 14, 2017 CVLT Sale $548,605 −12.5%−8.6%−6.9%
May 11, 2017May 8, 2017 CVLT Sale $190,682 +1.0%+3.9%+5.0%
February 16, 2017February 15, 2017 CVLT Sale $22,486 +6.6%−15.5%−15.4%
February 9, 2017February 7, 2017 CVLT Sale $482,056 +8.1%−17.4%−16.5%
February 6, 2017February 2, 2017 CVLT Sale $443,430 +9.2%−16.5%−15.8%
February 17, 2016February 17, 2016 CVLT Sale $22,604 +13.7%+15.9%+13.6%
February 3, 2015February 3, 2015 CVLT Sale $20,007 −2.5%−8.1%−9.6%
August 4, 2014August 4, 2014 CVLT Sale $18,003 −14.8%−35.5%−34.2%
August 25, 2010August 23, 2010 CVLT Sale $23,614 +8.5%+20.4%+24.7%
August 17, 2010August 13, 2010 CVLT Sale $290,250 +30.9%+71.0%+101.0%
May 20, 2010May 18, 2010 CVLT Sale $60,000 −6.5%+47.1%+34.4%

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