Insider Trades: Which ASX 200 directors dumped their shares after reporting season?

Welcome back to the Insider Trades Series – We're beginning to see some sizeable post-reporting season transactions from ASX 200 directors.

The data below observes on-market ASX 200 director sales valued at more than $10,000 between 23 August and 28 August 2023.

Top ASX 200 Director Sells

Two key themes: Most of these ASX 200 stocks rallied off the back of better-than-expected results followed by insiders selling into the strength. We'll recap some of the results and transactions below.

There were also three stocks that sold off post-earnings (JB Hi-Fi, Seek and South32). Conversely, directors are also selling into the weakness.

Goodman Group (ASX: GMG)

• Results day and share price move: 17 August +5.7% (shares are up 17.5% between 16-30 August)

• Results recap: Operating earnings per share beat the company's guidance and the market was excited about the company's long-term growth prospects via the development of data centre platforms and residential re-zoning

• Broker views: Macquarie said "Retain Outperform. We remain attracted to line of sight on earnings and structural drivers underpinning GMG's strategy."

• Food for thought: Goodman shares are up 17.5% since the day of its FY23 results to levels not seen since May 2022.

Goodman Group 12-month price chart (Source: Market Index)

CSL (ASX: CSL)

• Results day and share price move: 15 August +3.7%

• Results recap: Sales rose 26% year-on-year while net profits lifted by a lesser 10%. Analysts were largely impressed by the result and continue to project double-digit earnings growth in upcoming years.

• Broker views: CSL had already reset FY24 expectations in a trading update back in mid-June (which triggered a ~15% selloff over the course of the next month). Looking ahead, Macquarie says "we remain positive on the outlook for CSL (base recovery, potential pipeline contributions, yield initiatives). Retain an Outperform rating."

• Food for thought: CSL has had a pretty muted year, with shares down around 5% year-to-date. Can the market darling deliver on growth or is it priced-to-perfection, given its price-to-earnings of around 60?

CSL 3-month price chart (Source: Market Index)

Hub24 (ASX: HUB)

• Results day and share price move: 22 August +11.3%

• Results recap: Underlying net profits jumped 64% to $58.8 million thanks to the platform's funds under advice growth and improved margins. The net profit figure was 9% ahead of consensus expectations.

• Broker views: The average price target (post earnings) across 15 sell-side ratings rose 6.7% to $32.93 but most brokers downgraded their ratings to neutral, citing valuation concerns. The main surprise was the company's $50 million buy-back, which analysts highlighting it as management's confidence in the stock and capital position.

• The state of play: Hub24 shares are up 20.5% year-to-date to near two year highs. Several insiders were net buyers back in June 2022. But Bruce Higgins (Chairman of the Board) has decided to offload approximately $8.4 million in recent weeks.

HUB24 12-month share price (Source: Market Index)