ASX 200 Insider Trades: Directors bought and sold these 13 stocks last week
Directors from Sonic Healthcare and Santos bought the dip, while high-profile insiders from Wisetech and Siteminder offloaded millions.
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Welcome back to the Insider Trades series – a weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The below trades have all taken place between 25 September and 2 October 2025. Directors have up to 5 business days to notify the ASX of their trades.
Transaction volumes picked up over the past week, with various themes including directors buying the dip (notably Sonic Healthcare and Santos), buying into strength (A2 Milk and Northern Star) and a few high profile insiders offloading shares post reporting season.
Top ASX 200 Insider Buys
Code | Company | Date | Director | Price | Value |
|---|---|---|---|---|---|
GQG Partners Inc | 25/09/25 | $1.69 | $591,226 | ||
GQG Partners Inc | 24/09/25 | $1.68 | $456,047 | ||
Sonic Healthcare | 26/09/25 | $21.26 | $74,421 | ||
Suncorp Group | 1/10/25 | $20.23 | $50,008 | ||
Sonic Healthcare | 26/09/25 | $21.12 | $49,948 | ||
Aristocrat Leisure | 26/09/25 | $68.51 | $42,749 | ||
Northern Star Resources | 26/09/25 | $22.66 | $39,926 | ||
Deterra Royalties | 30/09/25 | $3.98 | $39,800 | ||
Sonic Healthcare | 2/10/25 | $21.57 | $32,355 | ||
Sonic Healthcare | 1/10/25 | $21.51 | $23,661 | ||
The a2 Milk Company | 26/09/25 | $9.50 | $20,748 | ||
Santos | 26/09/25 | $6.98 | $20,591 | ||
Atlas Arteria | 25/09/25 | $4.98 | $19,920 |
Interesting takeaways
All transactions above are by Non-Executive Directors and a handful of Non-Executive Chairmen, with one exception: GQG's Chief Investment Officer Rajiv Jain continues to accumulate shares through QVFT LLC, an entity he controls alongside GQG's parent organisation.
Sonic Healthcare has suffered an abysmal year, down 16% year-to-date. The company delivered a weak FY25 result on 21 August, with NPAT coming in 3% below expectations, pathology EBITDA margin 60 bps below consensus at 17.7%, and FY26 guidance also missing the mark. This triggered a 12.8% one-day selloff, and the stock has fallen a further 10.9% since. Four Non-Executive Directors have picked up parcels as the stock hovers around pandemic lows.
Gold is all the rage right now, with most large cap gold miners trading at all-time highs. It's interesting to see a Non-Executive Director from Northern Star add 1,762 shares, boosting her stake by 27% to 8,224 shares. Analyst views remain mixed, with Macquarie (2 Sep) citing Northern Star as their most preferred gold miner given its underperformance and undemanding 1.1x price/NAV valuation versus Newmont's 1.2x and Evolution Mining's 1.7x. However, Citi warned the company is entering a period of elevated capex that will deliver the minimal free cash flow between FY25-27.
Santos attracted a small parcel from a Non-Executive Director following the withdrawal of ADNOC's takeover consortium, which sent shares down 11.9% on 18 September and a further 2.0% since. The collapse removed the takeover premium and drove substantial selling pressure. While some analysts view Barossa and Pikka as undervalued and underappreciated catalysts, others flag execution and commodity price risks. Consensus suggests these projects will define Santos' medium-term profile as capex winds down.
Top ASX 200 Insider Sells
Code | Company | Date | Director | Price | Value |
|---|---|---|---|---|---|
Wisetech Global | 25/09/25 | $95.82 | $68,013,036 | ||
Siteminder | 26/09/25 | $7.21 | $24,999,997 | ||
Harvey Norman | 25/09/25 | $7.34 | $5,818,981 | ||
Harvey Norman | 26/09/25 | $7.31 | $3,708,190 | ||
Perseus Mining | 26/09/25 | $4.82 | $2,408,350 |
Interesting takeaways
Wisetech Founder and Executive Chairman Richard White continues offloading shares, having sold approximately $240 million (around 2% of his total holdings) over the past two months. The stock plunged 11.9% on its FY25 results (27 Aug) after EBITDA missed guidance and FY26 forecasts disappointed on revenue and margins. Shares have fallen a further 15% since. Several analysts see near-term pain but expect the E2open acquisition to expand the company's moat alongside large freight forwarder contract wins and scaling of new products like CTO and AI-enabled workflows. Though the stock is unraveling amid execution risk, adoption delays and the recent earnings miss.
SiteMinder's Paul Wilson is co-founder of ASX-listed Bailador Technology Investments, a substantial shareholder in SiteMinder. The recent selldown of 3.4 million shares represents approximately 25% of Bailador's holdings. This follows SiteMinder's massive 21% rally on 27 August when FY25 results showed positive free cash flow for the first time and most key metrics accelerated into the second half.
