Insiders have been buying Nuix (ASX:NXL) and this ASX share

Here’s what insiders have been buying…

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It can be useful for investors to keep an eye on which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its own directors. If they are buying, it suggests that they are confident in the direction the company is heading.

With that in mind, listed below are a couple of ASX shares that have reported meaningful insider buying recently. They are as follows:

Nuix Ltd (ASX: NXL)

According to a series of change of director’s interests notices, a number of insiders have been buying this investigative analytics and intelligence software provider’s shares in December. This includes the company’s CEO, Jonathan Rubinsztein. He picked up a total of 35,000 shares through on-market purchases on 21 and 22 December, more than doubling his holding to 65,000 shares. The CEO paid a total of $77,647 for the shares, which equates to an average of $2.22 per share.

Also buying shares this month have been non-executive directors Robert Mactier and Sue Thomas. They bought 100,000 shares and 67,000 shares, respectively, through on market trades. These purchases set the directors back $214,800 and $149,372.

Transurban Group (ASX: TCL)

One of this toll road operator’s independent non-executive directors has been topping up their holding this month. According to the change of director’s interests notice, Rob Whitfield AM picked up a total of 10,000 shares via on-market trades on 21 and 22 December. He paid approximately $13.57 per share or a total consideration of ~$136,000. These purchases doubled Mr Whitfield’s holding to 21,112 shares.

One broker that would support these purchases is UBS. It currently has a buy rating and $15.25 price target on the company’s shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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