Insider Trading Signals — September 09, 2026 — Midday Update — Last 24 Hours (Pacific Time)

Executive Summary

The past 24 hours have been dominated by insider selling, with a handful of massive transactions — most notably NVIDIA director Mark Stevens offloading ~$235.6M in shares and a coordinated Silver Lake exit from Dell Technologies totaling well over $200M across multiple entities. Buying activity exists but is modest in comparison, with standout purchases from Conifer Management ($40.6M in Group 1 Automotive), Inhibrx director Jon Kayyem ($567K), and Tyson Foods' incoming CEO ($1M). The overall signal is firmly bearish by dollar volume, though several meaningful C-suite and director purchases provide pockets of bullish conviction worth watching.

Activity Breakdown

Note: Dollar totals are aggregated from explicitly stated headline figures. The Silver Lake/Dell cluster and NVIDIA sale alone account for the majority of sell-side volume.

Net Signal: 🔴 Bearish — Net selling of approximately $650M+ after accounting for purchases.

Top Notable Transactions

🔴 NVIDIA (NVDA) — Strong Bearish

• Insider: Mark A. Stevens, Director
• Transaction: Sale of ~$235.6M over two days
• Signal: Strong Bearish
• Context: A director-level sale of this magnitude at one of the market's most prominent AI/semiconductor names is the single largest transaction in this period and warrants close attention.

🔴 Dell Technologies (DELL) — Strong Bearish (Cluster)

• Insider: Silver Lake Partners IV, Silver Lake Partners V DE (AIV), SL SPV-2 L.P., Silver Lake Technology Investors IV & V — Directors & 10% Owners
• Transaction: Combined sales across multiple filings totaling approximately $200M+ (individual filings: $47.2M, $42.9M, $38.2M, $34.8M, $24.67M, $19.99M, $961K, $778K, $434K, $352K)
• Signal: Strong Bearish
• Context: A coordinated, multi-entity exit by Silver Lake from Dell is a high-conviction cluster signal — this is not routine diversification noise.

🟢 Group 1 Automotive (GPI) — Strong Bullish

• Insider: Conifer Management, L.L.C., 10% Owner & Director
• Transaction: Purchase of $40.6M
• Signal: Strong Bullish
• Context: A $40M+ open-market purchase by a major institutional insider is one of the most bullish signals in this report and stands out sharply against the sell-heavy backdrop.

🔴 Cloudflare (NET) — Moderate Bearish

• Insider: Michelle Zatlyn, President & Board Co-Chair
• Transaction: Sale of $27.6M
• Signal: Moderate Bearish
• Context: A co-founder-level sale of this size at a high-growth tech name is notable, though co-founder selling is common at elevated valuations.

🔴 AGNT, Inc. (AGNT) — Strong Bearish

• Insider: Gratitude 2022 Trust, 10% Owner & Director
• Transaction: Sale of $32M (8.69M shares)
• Signal: Strong Bearish
• Context: A 10% owner liquidating over 8.6 million shares is a significant reduction in insider alignment.

🔴 PAMT Corp (PAMT) — Moderate Bearish

• Insider: Matthew T. Moroun, Director & 10% Owner
• Transaction: Sale/transfer of $31.2M (moved to trust)
• Signal: Moderate Bearish (note: trust transfers may not reflect pure bearish intent — ambiguity applies)
• Context: The trust transfer structure adds ambiguity, but the scale warrants monitoring.

🟢 Tyson Foods (TSN) — Moderate Bullish

• Insider: Jeffrey K. Schomburger, President & CEO Elect, Director
• Transaction: Purchase of $1M
• Signal: Moderate Bullish
• Context: An incoming CEO buying $1M on the open market before taking the helm is a meaningful vote of confidence in the company's near-term trajectory.

🟢 Inhibrx Biosciences (INBX) — Moderate Bullish

• Insider: Jon Faiz Kayyem, Director
• Transaction: Purchase of $567,580 (5,000 shares)
• Signal: Moderate Bullish
• Context: A director-level six-figure purchase in a biotech name signals conviction at current price levels.

🔴 Super Micro Computer (SMCI) — Moderate Bearish (Cluster)

• Insider: Sara Liu, Director & 10% Owner; Charles Liang (CEO) spouse
• Transaction: Two separate $7.7M sales (200,000 shares each) — combined ~$15.4M
• Signal: Moderate Bearish
• Context: Simultaneous selling by a director/10% owner and the CEO's spouse at SMCI — a stock with a volatile history — is a notable cluster signal.

🔴 Sandisk Corp (SNDK) — Moderate Bearish (Cluster)

• Insider: Alper Ilkbahar (EVP & CTO) — $7.2M + $625K; Bernard Shek (CLO) — $4.08M
• Transaction: Combined ~$11.9M in sales
• Signal: Moderate Bearish
• Context: Multiple C-suite executives selling simultaneously at a recently spun-out storage company raises flags about near-term outlook.

🔴 Figma (FIG) — Moderate Bearish

• Insider: Brendan Mulligan, General Counsel — $2.8M; Herb Tyler, CAO — $37K
• Transaction: Combined ~$2.84M in sales
• Signal: Moderate Bearish
• Context: Post-IPO insider selling at Figma continues, with the General Counsel leading a notable exit.

🔴 Tilly's (TLYS) — Moderate Bearish

• Insider: Fund 1 Investments, 10% Owner & Director
• Transaction: Sale of $10.07M
• Signal: Moderate Bearish
• Context: A 10% owner disposing of over $10M in a specialty retailer is a meaningful reduction in insider conviction.

🟢 Alpha Metallurgical Resources (AMR) — Moderate Bullish

• Insider: Kenneth S. Courtis, Director
• Transaction: Purchase of $2.26M
• Signal: Moderate Bullish
• Context: A director buying $2.26M in a coal/metallurgical resources company suggests confidence in commodity cycle positioning.

🔴 Amalgamated Financial (AMAL) — Moderate Bearish (Cluster)

• Insider: Workers United (10% Owner/Director) and affiliated entities
• Transaction: Combined ~$15.3M in sales ($7.6M + $7.68M across two filings)
• Signal: Moderate Bearish
• Context: Coordinated selling by the controlling labor union entity across multiple affiliated accounts is a clear cluster exit signal.

🟢 Donegal Group (DGICA) — Moderate Bullish

• Insider: Donegal Mutual Insurance Co., 10% Owner & Director
• Transaction: Purchase of $314,843
• Signal: Moderate Bullish
• Context: The parent mutual company adding to its stake in the publicly traded affiliate signals confidence in the insurance group's fundamentals.

🔴 DocuSign (DOCU) — Moderate Bearish

• Insider: Blake Jeffrey Grayson, CFO
• Transaction: Sale of $3M+ (45,000 shares)
• Signal: Moderate Bearish
• Context: A CFO selling $3M+ is notable — CFOs have the clearest view of financial health and near-term guidance.

🔴 Keysight Technologies (KEYS) — Moderate Bearish

• Insider: Ingrid A. Estrada, SVP
• Transaction: Sale of $652,200
• Signal: Moderate Bearish
• Context: SVP-level selling at a test & measurement leader amid ongoing tech sector volatility.

🟢 Claros Mortgage Trust (CMTG) — Moderate Bullish

• Insider: Richard Mack, CEO & Chairman
• Transaction: Purchase of $351,240
• Signal: Moderate Bullish
• Context: A CEO/Chairman buying in a commercial mortgage REIT signals confidence in credit quality at a time when CRE stress remains a market concern.

🔴 Equifax (EFX) — Moderate Bearish

• Insider: John W. Gamble Jr., EVP, CFO & COO
• Transaction: Sale of $845,820
• Signal: Moderate Bearish
• Context: The CFO/COO of a major data analytics company selling nearly $850K is worth monitoring given their visibility into business trends.

🔴 Lemonade (LMND) — Moderate Bearish (Cluster)

• Insider: Timothy Bixby (CFO) — $103K; John Peters (Chief Insurance Officer) — $169K; Maya Prosor (CBO) — $57K
• Transaction: Combined ~$329K in sales
• Signal: Moderate Bearish
• Context: Three C-suite executives selling simultaneously at an insurtech name is a clear cluster signal, even if individual amounts are modest.

Pattern Analysis

🔴 Silver Lake Mass Exit from Dell Technologies (DELL)
Net Signal: Strong Bearish | Total: ~$200M+
Multiple Silver Lake entities — Partners IV, Partners V DE (AIV), SL SPV-2, Technology Investors IV & V — filed separate Form 4s all reflecting Dell stock sales. This is textbook coordinated institutional insider selling and represents one of the most significant cluster signals in this report.

🔴 Super Micro Computer (SMCI) Dual Insider Selling
Net Signal: Moderate Bearish | Total: ~$15.4M
Sara Liu (Director/10% Owner) and the spouse of CEO Charles Liang each sold 200,000 shares for ~$7.7M apiece on the same day. Simultaneous selling at this scale by closely connected insiders at a company with a turbulent recent history is a notable red flag.

🔴 Sandisk (SNDK) C-Suite Cluster Selling
Net Signal: Moderate Bearish | Total: ~$11.9M
The EVP/CTO and Chief Legal Officer both sold significant blocks of stock. Multi-executive selling at a recently independent storage company warrants attention.

🔴 Lemonade (LMND) Three-Executive Selling
Net Signal: Moderate Bearish | Total: ~$329K
CFO, Chief Insurance Officer, and Chief Business Officer all sold on the same day. While individual amounts are modest, the coordination is meaningful.

🔴 Amalgamated Financial (AMAL) Controlling Shareholder Exit
Net Signal: Moderate Bearish | Total: ~$15.3M
Workers United and affiliated entities filed two separate reports reflecting a coordinated reduction in their controlling stake — a significant signal for a community bank with a unique ownership structure.

🟢 Incoming/Sitting CEO Purchases (Multi-Company)
Net Signal: Moderate Bullish
Tyson Foods' CEO-elect Schomburger ($1M), Palladyne AI CEO Wolff ($99K), Binah Capital CEO Gould ($3.9K), and Hyperscale Data CEO Horne ($31K) all purchased shares. CEO-level open-market buying — especially at Tyson — is among the most reliable bullish signals available.

🔴 Tech Sector Broad Selling
Net Signal: Bearish | Companies: NVDA, NET, SNDK, KEYS, DOCU, SMCI, FIVN, SNAP
Multiple large-cap and mid-cap tech names saw significant insider selling across the period, suggesting broad profit-taking or caution at current tech valuations.

🟢 Financial/Banking Director Buying
Net Signal: Mildly Bullish | Companies: DGICA, NRIM, FGBI, CMTG, GBAB
Several directors and insiders at smaller banking and financial names made open-market purchases, suggesting confidence in the financial sector at current levels.

Sector Breakdown

Technology — Hardware & Semiconductors 🔴 (Strong Bearish)

• Net Signal: ~-$250M+ (selling dominant)
• Notable: NVDA ($235.6M sale), SMCI (~$15.4M), SNDK (~$11.9M), KEYS ($652K)
• Context: Massive director and C-suite selling across semiconductor and storage names signals caution at elevated tech valuations.

Technology — Software & Internet 🔴 (Moderate Bearish)

• Net Signal: ~-$35M+ (selling dominant)
• Notable: NET ($27.6M), DOCU ($3M+), FIG ($2.84M), FIVN ($220K), SNAP ($68K)
• Context: Broad software insider selling, led by Cloudflare's co-founder/president, reflects continued profit-taking in high-multiple names.

Dell Technologies (DELL) — Private Equity Exit 🔴 (Strong Bearish)

• Net Signal: ~-$200M+ (selling dominant)
• Notable: Silver Lake (all entities combined)
• Context: Silver Lake's coordinated multi-entity exit from Dell is the defining cluster event of this reporting period.

Automotive & Consumer Discretionary 🟢 (Bullish)

• Net Signal: ~+$40.6M (buying dominant)
• Notable: GPI ($40.6M purchase by Conifer Management)
• Context: Conifer's massive purchase in Group 1 Automotive is the single largest buy-side transaction and a strong bullish outlier.

Healthcare & Biotech 🟡 (Mixed)

• Net Signal: Mixed
• Notable: INBX ($567K buy), URGN (sells ~$102K), ANTX ($97K sell), MAZE ($254K sell), CTNM ($41K sell)
• Context: Inhibrx sees meaningful director buying while several smaller biotech names see modest insider selling.

Financial Services & Banking 🟢 (Mildly Bullish)

• Net Signal: Mildly positive
• Notable: DGICA ($315K buy), NRIM ($31K buy), FGBI ($19K buy), CMTG ($351K buy), GBAB ($14K buy)
• Context: Multiple director and insider purchases across community banks and financial names suggest sector confidence.

Insurance 🔴 (Moderate Bearish)

• Net Signal: Selling dominant
• Notable: AFL ($1.76M sell by Japan Post Holdings), LMND (~$329K cluster sell), HRTG ($88K sell)
• Context: Japan Post's reduction in Aflac and Lemonade's C-suite cluster selling weigh on the insurance sector signal.

Energy & Resources 🟢 (Mildly Bullish)

• Net Signal: Mildly positive
• Notable: AMR ($2.26M buy), CRT ($68K buy), ARQ ($36K buy)
• Context: Director and CFO-level buying in metallurgical coal and royalty trust names suggests commodity sector confidence.

Food & Consumer Staples 🟢 (Moderate Bullish)

• Net Signal: Positive
• Notable: TSN ($1M CEO-elect buy)
• Context: Incoming CEO buying $1M in Tyson Foods ahead of taking the helm is a high-conviction bullish signal.

Real Estate (REIT) 🔴 (Moderate Bearish)

• Net Signal: Selling dominant
• Notable: HR ($401K sell by EVP/COO)
• Context: Healthcare Realty's EVP/COO selling $401K in a healthcare REIT reflects continued caution in the office/healthcare real estate space.

Market Implications

The dominant story of this 24-hour window is the sheer scale of insider selling, concentrated in a few mega-transactions. NVIDIA's $235.6M director sale and Silver Lake's coordinated $200M+ exit from Dell together account for the vast majority of sell-side dollar volume. These are not routine 10b5-1 plan sales from mid-level executives — they involve directors, 10% owners, and co-founders at some of the market's most prominent names. When taken together with broad C-suite selling across software (Cloudflare, DocuSign, Figma) and storage (Sandisk), the picture suggests that sophisticated insiders at large-cap tech companies are using current price levels as an opportunity to reduce exposure.

The buy side tells a more nuanced story. The most significant purchase — Conifer Management's $40.6M stake-building in Group 1 Automotive — is a genuine outlier and a strong bullish signal for the auto retail sector. Tyson Foods' incoming CEO buying $1M before officially taking the helm is exactly the kind of high-conviction signal that historically precedes positive operational developments. Director buying at smaller financial and energy names, while modest in dollar terms, reflects a pattern of sector-level confidence that contrasts with the tech-heavy selling.

The key divergence to watch: insider selling is concentrated in high-multiple tech and AI-adjacent names, while buying is showing up in value-oriented sectors — automotive retail, food/consumer staples, energy, and community banking. This rotation in insider sentiment, if it persists, could be an early signal of a broader sector rotation away from growth/tech toward value and cyclicals.

Key Takeaways

• 🔴 NVIDIA (NVDA) — Director Mark Stevens sold ~$235.6M in shares, the single largest transaction in this period and a major bearish signal for the AI darling.
• 🔴 Dell Technologies (DELL) — Silver Lake entities collectively sold $200M+ in a coordinated multi-filing exit; the most significant cluster sell signal of the day.
• 🟢 Group 1 Automotive (GPI) — Conifer Management purchased $40.6M, the largest buy-side transaction and a strong bullish outlier in an otherwise sell-heavy session.
• 🟢 Tyson Foods (TSN) — Incoming CEO Jeffrey Schomburger bought $1M ahead of taking the helm — one of the most reliable bullish insider signals possible.
• 🔴 Super Micro Computer (SMCI) — Director Sara Liu and CEO Charles Liang's spouse each sold $7.7M (~$15.4M combined) on the same day — a notable cluster sell at a volatile name.
• 🔴 Sandisk (SNDK) — EVP/CTO and Chief Legal Officer sold a combined ~$11.9M; multi-executive selling at a recently spun-out company is a yellow flag.
• 🔴 Cloudflare (NET) — President & Co-Chair Michelle Zatlyn sold $27.6M; co-founder-level selling at this scale is meaningful even accounting for diversification motives.
• 🔴 Amalgamated Financial (AMAL) — Workers United and affiliates sold ~$15.3M in a coordinated cluster exit from the labor-affiliated bank.
• 🔴 AGNT, Inc. (AGNT) — 10% owner/director sold $32M (8.69M shares); a major reduction in insider alignment.
• 🔴 Lemonade (LMND) — CFO, Chief Insurance Officer, and CBO all sold on the same day; small amounts but strong cluster signal.
• 🟢 Inhibrx Biosciences (INBX) — Director Jon Kayyem purchased $567K (5,000 shares); meaningful director conviction in a biotech name.
• 🟢 Alpha Metallurgical Resources (AMR) — Director Kenneth Courtis bought $2.26M; bullish signal for the metallurgical coal sector.
• 🟢 Claros Mortgage Trust (CMTG) — CEO/Chairman Richard Mack purchased $351K; CEO buying in a CRE-exposed REIT signals credit confidence.
• 🔴 DocuSign (DOCU) — CFO Blake Grayson sold $3M+ (45,000 shares); CFO-level selling carries elevated informational weight.
• 🔴 Tilly's (TLYS) — 10% owner Fund 1 Investments sold $10M+; significant reduction in controlling shareholder conviction for the specialty retailer.
• 🔴 Tech sector broadly — Selling dominated across NVDA, NET, SNDK, KEYS, DOCU, SMCI, FIVN, and SNAP — a consistent pattern suggesting insiders see limited near-term upside at current multiples.
• 🟢 Financial/banking sector — Multiple director purchases across DGICA, NRIM, FGBI, CMTG, and GBAB paint a mildly bullish picture for the sector.
• 🔴 Equifax (EFX) — EVP/CFO/COO John Gamble sold $845K; triple-hat C-suite selling at a data analytics bellwether is worth noting.
• 🟡 Overall ratio — Selling overwhelms buying by roughly 14:1 in dollar terms, driven by a handful of mega-transactions; the underlying count ratio is more balanced but the dollar signal is clearly bearish.
• 🟢 CEO/C-suite buying pockets — Despite the sell-heavy session, CEO-level purchases at Tyson Foods, Palladyne AI, Claros Mortgage, and Binah Capital suggest selective insider confidence in specific names.

Independent, data-driven signals.
No hype. No promotions. Just experimental market research from EverHint.

This is not financial advice. Insider transactions can have many motivations beyond stock outlook.
Do your own due diligence.
See https://www.everhint.com/disclaimer/ and https://www.everhint.com/faqs/