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Srouji Johny: insider trades

Officer at Apple Inc. No open-market purchases and 12 sales not made under a pre-set plan, reported from May 31, 2016 to August 21, 2018.

What happened after Srouji Johny’s sales?

After their sales, the shares moved +14.6% against the index over 12 months on average (a negative figure means selling was the right call); 25% 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 12 +3.7% +3.3% 33% 3 — — Not enough years
Sales, 12 months after the report 12 +14.6% +11.0% 25% 3 — — Not enough years
Sales, 12 months after the trade 12 +13.4% +10.3% 25% 3 — — Not enough years

“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
Apple Inc. AAPL Senior Vice President012May 31, 2016August 21, 2018

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
August 21, 2018August 17, 2018 AAPL Sale $3,039,838 −10.1%−5.8%−5.6%
May 25, 2018May 23, 2018 AAPL Sale $2,811,594 +8.2%−9.4%−9.0%
November 27, 2017November 22, 2017 AAPL Sale $1,811,128 −0.8%−0.2%−3.2%
August 30, 2017August 28, 2017 AAPL Sale $948,612 −2.4%+21.4%+17.4%
August 18, 2017August 16, 2017 AAPL Sale $1,698,072 +1.9%+18.8%+17.4%
May 30, 2017May 25, 2017 AAPL Sale $1,542,530 +5.2%+9.9%+9.7%
May 24, 2017May 22, 2017 AAPL Sale $1,532,000 +2.5%+9.7%+7.4%
February 22, 2017February 17, 2017 AAPL Sale $1,801,109 +10.6%+12.1%+10.9%
February 7, 2017February 3, 2017 AAPL Sale $2,147,160 +11.5%+4.8%+5.9%
November 22, 2016November 18, 2016 AAPL Sale $894,301 +15.6%+39.5%+36.3%
August 16, 2016August 12, 2016 AAPL Sale $1,065,643 −1.9%+33.5%+35.2%
May 31, 2016May 26, 2016 AAPL Sale $798,000 +4.0%+40.4%+38.1%

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