Insider Trades: 6 ASX 200 directors bought and sold these stocks last week

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 28 September and 1 October. Directors have up to 5 business days to notify the ASX of their trades.

The past week was a relatively quiet patch for insider trades amid the RBA decision and CPI print, coming off the back of a high volume of transactions after August reporting season.

Top ASX 200 insider buys

Netwealth Non-Executive Director Sarah Brennan more than doubled her holding, buying 7,761 shares (~$130,000) to lift her indirect interest to 13,051 shares. Fund administrators like Hub24 and Netwealth have aggressively de-rated in recent months. Netwealth is down 15% in the past month and 31.5% year-to-date, trading at its lowest since February 2024. The stock tumbled 8.1% on Friday 25 September after two of its subsidiaries were served with a class action over First Guardian investment options. Netwealth says it will defend the claim and has already paid about $101 million in compensation to affected members.

Elsewhere, two Pinnacle Non-Executive Directors bought the dip after shares fell to six-month lows on ongoing concerns about the company's exposure to Metrics Credit Partners. Pinnacle holds ~35% of Metrics, which contributed ~$12.6 million of Pinnacle's $176.7 million FY26 NPAT. Pinnacle shares are down 18% year-to-date, a sharp U-turn from a 15% year-to-date gain in early August. On 28 September, UBS upgraded Pinnacle to Buy, arguing the impact is more than priced in. "We think the stock now presents a buying opportunity given underlying momentum remains intact, and valuation attractive at ~12.7x FY28E PE and ~40% PE Rel discount vs history," analysts said.

Top ASX 200 insider sells

Megaport CEO Michael Reid sold all 335,341 of his ordinary shares a day after the company announced three AI infrastructure contracts worth a combined $978 million on 29 September. The company upgraded its FY27 revenue guidance to $720-810 million from $620-730 million, with the midpoint about 11% ahead of market expectations. It also lifted its FY27 EBITDA margin guidance to 42-44% from 38-40%, and raised capex guidance sharply to $1.78–1.88 billion from $1.28–1.38 billion. The stock rallied as much as 20.5% on the day but finished 9.4% higher at $20.63. According to the notice, Reid sold to "partially meet personal tax obligations associated with equity awards granted to him under the Megaport Employee Share Plan, which are due or expected to arise within the next six months." He still holds 1.62 million restricted stock units.