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Briggs Teresa: insider trades

Director at 4 companies we cover. No open-market purchases and 11 sales not made under a pre-set plan, reported from June 2, 2021 to June 1, 2026.

What happened after Briggs Teresa’s sales?

After their sales, the shares moved −29.5% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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 11 −12.3% −8.0% 73% 6 −1.03 0.35 No reliable evidence
Sales, 12 months after the report 10 −29.5% −29.2% 100% 5 −5.15 0.007 Some evidence: seller right
Sales, 12 months after the trade 10 −30.4% −31.1% 100% 5 −4.84 0.008 Some evidence: seller right

“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
Warby Parker Inc. WRBY —04March 23, 2022August 13, 2025
Snowflake Inc. SNOW —03June 2, 2021August 30, 2022
ServiceNow NOW —03May 2, 2022June 1, 2026
Docusign, Inc. DOCU —01March 17, 2023March 17, 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
June 1, 2026May 28, 2026 NOW Sale $173,376 +11.4%not yetnot yet
August 13, 2025August 11, 2025 WRBY Sale $141,360 −41.1%−25.8%−13.8%
August 13, 2024August 9, 2024 NOW Sale $242,459 +17.9%−10.9%−16.1%
August 16, 2023August 14, 2023 WRBY Sale $125,789 −8.0%−10.8%−22.8%
March 17, 2023March 16, 2023 DOCU Sale $116,358 −18.2%−29.2%−33.0%
March 9, 2023March 7, 2023 WRBY Sale $227,745 −7.6%−32.1%−29.1%
August 30, 2022August 26, 2022 SNOW Sale $633,414 −24.6%−29.2%−35.1%
May 2, 2022April 29, 2022 NOW Sale $456,922 −2.1%−9.6%−8.6%
March 23, 2022March 21, 2022 WRBY Sale $579,943 −47.7%−61.4%−57.6%
December 22, 2021December 20, 2021 SNOW Sale $998,070 −33.5%−43.0%−42.3%
June 2, 2021May 28, 2021 SNOW Sale $3,605,047 +18.0%−43.0%−45.6%

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