Insiders from two companies – an ASX tech share and a mining player – made notable moves this week, gobbling up shares to increase their ownership stakes.
Purchases were made in South32 Ltd (ASX: S32) and Nuix Ltd (ASX: NXL) by two insiders.
According to regulatory filings made this week, South32 director Sharon Warburton increased her stake in the mining giant.
Meanwhile, Nuix director Jacqueline Korhonen also increased commitments.
Let's take a closer look.
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South32 insider buys
Regulatory filings illustrate that South32 director Sharon Warburton bought 25,000 shares of the miner at $3.02 each this week for a $75,500 consideration.
This takes her total holding to 67,870 shares, worth a total of $202,252 at the current South32 share price.
Warburton's moves could be seen as bullish to some, as is often the case with insiders buying up shares on the market.
Goldman Sachs is certainly bullish on South32. The broker has a buy rating with a $3.60 price target on the ASX share, suggesting a potential 19% upside at the time of writing.
It likes South32's focus on metals like copper, aluminium, and zinc, which it says positions it well for future growth.
The broker forecasts a 5% growth in copper-equivalent (CuEq) production by FY26 "due to recovering manganese, aluminium and copper volumes".
Perhaps Warburton sees a similar trajectory, given the purchases made.
Director buys more of ASX tech share
Nuix also saw insider activity this week, with director Jacqueline Korhonen purchasing 6,300 shares at an approximate value of $30,057.
This brings her total holdings to 19,758 shares or a $95,430 position in the company.
The ASX tech share's FY24 results showed a 14% increase in Annualised Contract Value (ACV) and a 38.7% jump in underlying earnings.
Nuix Neo, its data platform, was a major growth contributor for the year, with ACV from the platform soaring by 195%.
Korhonen's decision to buy more shares shows her conviction about the company's future.
Brokers are also positive about the company, with consensus rating it a moderate buy according to CommSec.
Consensus also projects 18-19% sales growth this year on 51% growth in cash flow. The ASX tech share could throw off earnings of 5.8 cents per share under these assumptions.
Takeout
Insiders made decent-sized purchases of these companies this week. ASX tech share Nuix and mining share South32 may be ones to watch from here.
Nuix is up 154% this year to date, whereas South32 has slipped 10% in the red.
