Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At ServiceNow, a filing with the SEC revealed that on Monday, Director Dennis Woodside purchased 2,861 shares of NOW, for a cost of $694.58 each, for a total investment of $1.99M. Investors can grab NOW at a price even lower than Woodside did, with the stock trading as low as $673.89 in trading on Thursday -- that's 3.0% under Woodside's purchase price. ServiceNow is trading up about 1% on the day Thursday.
And at Scotts Miracle-Gro, there was insider buying on Tuesday, by Director Gerald Volas who bought 6,000 shares for a cost of $171.52 each, for a trade totaling $1.03M. This buy marks the first one filed by Volas in the past year. Scotts Miracle-Gro is trading up about 3% on the day Thursday.
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