It Starts With The Cleanest and Most Accurate Filing-Level Data
Insider Transaction Datafeed | |
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History back to 2004 of cleansed Form 4 Filings | |
Nearly 50 data points per transaction | |
Frequency is customizable |
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Proprietary Software to Parse and Process Filings:
Form 4s are notoriously inaccurate. We estimate that we modify around 20% of all Form 4 Transactions. We've built software to combine exercise and sell transactions, to ignore non-discretionary activity like RSU- and tax-related selling, and much more. -
Experienced Analyst Team Also Reviews Filings:
In addition to our industry-leading parsing software, our team of U.S.-based analysts reviews transactions for accuracy. Our team breaks down very complex transactions, confirms companies are using the proper transaction codes, verifies insider positions, and much more. All significant buy and sell transactions are reviewed by an analyst to ensure accuracy. -
Important Note About Form 4s on Other Providers:
Form 4s are complex regulatory filings that no other data provider has invested the time into properly parsing and displaying the data from. We get questions from clients daily asking why a transaction is showing as a purchase or sale on another data platform but not on InsiderScore. Very large data providers treat non-discretionary transactions such as stock awards and tax withholdings no differently then they do discretionary purchases and sales, so you don't know if you're looking at buy or a stock award. If you're looking at insider transactions on another platform, you're likely making decisions based on inaccurate data.
We Add Proprietary Datasets and Detailed Attributes to Provide Important Context
Rule 10b5-1 Plan Statistics | |
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10b5-1 Plans | 35,000 |
10b5-1 Buy Plans | 1,000 |
10b5-1 Plan Associated Transactions | 300,000* |
Between 50% and 60% of all 10b5-1 transactions are associated to a specific plan. |
We often hear, "It was a pre-planned sale so it doesn't matter." But some of the strongest opportunistic and valuation-based selling involves specific 10b5-1 behaviors. We've built the algorithms to easily identify them.
- To find the opportunistic and valuation-driven buy and sell activity, it's critical to analyze more than the basic information contained within Table I of the Form 4. We've built proprietary databases to help us isolate the most meaningful behaviors. Here are some examples:
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Rule 10b5-1 Plans and Related Transactions:
Our analyst team reviews 10b5-1 transactions to create a database of all disclosed 10b5-1 plans and associates specific transactions to plans when possible. By linking transactions to specific plans, we get much greater confidence around likely 10b5-1 price targeting and other very unusual and meaningful activity. -
Options-Related Details:
We parse the underlying option information for all exercise and sell transactions. This detail allows us to isolate 'unexpected' options-related selling, i.e., settling for small gains with long-life options. -
Insider-Specific Histories:
We maintain an Insider IQ for each insider, allowing us to quickly understand who is a smart (or not-so-great) buyer or seller at their company's stock.
Focus On Notable Activity and Behaviors With Research Briefs and Unusual Events
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Research Briefs - Like Having Your Very Own Insider Analyst:
Our Research Analysts review all possible-valuation based activity - daily. We highlight important behaviors and other activity that you may have otherwise missed. Our expert team of analysts draws on fifteen years of insider and company histories to publish short-form Research Briefs. If there is a behavioral shift or likely valuation-based targeting - we have you covered - highlighting the most salient points. Research often involves reviewing an insider's compensation and total equity exposure to understand motivations better. -
Unusual Events - Instant Context Around Important Behaviors:
Most clients receive a daily email covering activity for their Watchlist companies. In addition to transaction-level details, emails will contain Unusual Events which highlight important activity and behaviors like: Cluster Buying, Buy Reversals, Increases in 10b5-1 Selling Activity, New 10b5-1 Plans, and much more. Emails are customizable to help you focus on the companies and types of activity you care most about.
Finding The Behaviors That Matter - It's Critical To Look Well Beyond the Value Sold
- If you're looking at individual Form 4 filings to make decisions - you're missing key insights and drawing inaccurate conclusions - you're also spending way too much time doing it.
- The combination of our advanced parsing, proprietary data, and research overlay allows us to deliver key insights going well beyond the information in a single Form 4.
- Remember, every company and every insider is different. Identifying the most meaningful valuation-based activity is as much art as it is science; company selling cultures can vary widely, and compensation and company policies greatly impact motivations. See these examples of what you're likely missing:
Supercharge your Insider Analysis And Make Better Decisions