Insider buying can be one of the more useful signals for investors to keep an eye on, particularly when the trades are on-market, voluntary, and funded with cold, hard cash.
It’s no silver bullet, of course. Directors get it wrong like everyone else, and some buying activity is better explained by optics than conviction. But in a market where insider selling often dominates the headlines, on-market buying by directors or executives can be worth a closer look.
In this article, we’ll highlight three ASX-listed companies where insiders have recently been buying shares on-market.
Iress (ASX: IRE)
Long regarded as the default software provider for Australian financial advisers, Iress has enjoyed deep institutional entrenchment across the wealth management industry. But recent years have brought rising pressure, including competition, technological debt, and internal missteps. For example, Iress purchased QuantHouse €38.9 million in 2019 – plus another €1.9 million in acquisition and integration costs – before selling it for €17.5 million (before costs) in April this year.
One such competitor is Bravura’s (ASX: BVS) Midwinter software, which, based on my conversations with several advisers, offers a significantly better user experience than Iress’s Xplan platform. While Xplan offers significant customisation, which can be great for larger practices and licensees, the out-of-the-box offering seems to leave many users underwhelmed. That doesn’t necessarily mean Iress is at risk of mass client defection – its systems are tightly integrated into advice workflows, making switching a major undertaking – but it does challenge the long-term assumption of dominance.
It’s worth acknowledging that Iress hasn’t exactly showered shareholders with returns over the past decade. The company’s earnings per share, dividends, and share price are all sitting below previous highs, with EPS not expected to surpass its 2016 peak until FY 2026.
There are signs of a potential turnaround, though. Since 2022, new CEO Marcus Price has led a restructuring program that’s seen multiple non-core businesses divested, helping the business refocus on its core financial software platform. Price was previously CEO at PEXA, which has struggled since listing, but grew organically (as opposed to by acquisition) under his leadership. This arguably suggests he is a good person to help Iress focus on organic growth.
As at 31 December 2024, the balance sheet showed $66.2 million in cash, but also $12.1 million in current lease liabilities, $56 million in current debt, $44m of non-current lease liabilities, and $122m of non-current debt. The debt picture has improved since then though; as of 31 January 2025, Iress replaced its prior $415 million facilities with $140 million in new long-term debt, maturing between 2028 and 2030.
Despite the poor performance on a reported NPAT basis, Iress produced excellent cash flows in FY24, with $104.6m in operating cashflow, and $80.5m in free cashflow. It also received $129.6m from asset sales
Both the CEO, Marcus Price, and a non-executive director, Susan Forrester, have made on-market purchases of shares in CY25 – a total of more than $340,000 worth in fact. While the company has been divesting non-core businesses and streamlining operations, the turnaround is still a work in progress. Insider buying at this point may suggest that the board sees value emerging, or at least a stabilising outlook after a rocky period.
Transaction list: Iress Director Trades (on market)
| Date | Director name | Trade type | Number traded | Price | Value |
| 16/05/2025 | Ms Susan Margaret Forrester | Buy | 2,944 | $8.49 | $24,994 |
| 07/05/2025 | Ms Susan Margaret Forrester | Buy | 6,046 | $8.19 | $49,516 |
| 07/03/2025 | Mr Marcus Colin Price | Buy* | 34,339 | $7.88 | $271,201 |
| 25/02/2025 | Ms Susan Margaret Forrester | Buy | 2,550 | $7.82 | $19,941 |
Source: ASX via MarketIndex.com.au *On market purchase to satisfy requirement that any STI awarded must be directed into restricted shares at a rate of 50% (or part thereof) until the minimum shareholding requirement is met.
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Aussie Broadband (ASX: ABB)
Operating in a fiercely competitive telco market, Aussie Broadband has managed to grow from a niche player into a genuine challenger brand. Customers (including this author) have been drawn in by competitive pricing, strong customer service, and transparent communication. It’s not marketing spin: I switched both my internet and mobile services to Aussie a few years ago and haven’t looked back.
The company has steadily grown its market share from 2.5% in 2018 to nearly 9% at the most recent update. It’s also begun paying dividends, and its revenue growth has far outpaced dilution – meaning that earnings per share have been climbing at an impressive clip. EPS has grown from -3.1c in FY21 to 13.7c in FY24, with analysts forecasting 16.6c for FY25 and 22.1c in FY26 (a compound growth rate of over 25%). That would put ABB on roughly 19x FY26 earnings – a reasonable multiple given the outlook.
Recent on-market director buying adds a further note of confidence, suggesting that even at today’s valuation, insiders see upside. It’s also been buying back shares, with ~8.6m shares having been purchased as at 13 May 2025. The total buyback is for up to ~27.3m, or around 9.2% of the total shares on issue.
However, two directors have also been selling shares – Michael Omeros and Phillip Britt. Omeros is an Executive Director, and was formerly the CEO of OTW before it was bought by Aussie Broadband. He acquired his large holding through this transaction, and has been with companies now owned by the Group since 2002. He continues to hold over 4.5 million shares valued at over $17 million*. Britt founded Wideband networks in 2003, which later merged with Westvic Broadband to create Aussie Broadband. Earlier this year he announced his retirement as Group Managing Director, moving to a Non-Executive role as he pursues a community focused venture, Rural Fibre Co. Rolling out fibre to rural areas will no doubt be an expensive job, and it all appears to be part of an orderly transition. Britt continues to hold over 29 million shares valued at over $115 million*. Given the circumstances, neither of these sales cause me concern.
It’s worth noting that Aussie Broadband does carry a significant debt burden with ~$237m of current and non-current debt at 31 December 2024. But with $135.5m of cash on hand, this is not too concerning. Its cash flow was weak in H1 FY2025, with just $16.3m of operating cashflow, and more than $48.5m invested back in its business. This was offset by a sale of $99.8m worth of Superloop shares, with a gain of $42.7m, which netted the company $95.6m after tax.
With its blend of organic growth and well-absorbed acquisitions, ABB appears well-positioned to continue its trajectory.
Transaction list: Aussie Broadband Director Trades (on market)
| Date | Director name | Trade type | Number traded | Price | Value |
| 07/05/2025 | Michael Omeron | Sell | -150,000 | $4.26 | -$638,400 |
| 07/05/2025 | Phillip Britt | Sell | -350,000 | $4.26 | -$1,489,600 |
| 23/04/2025 | Graeme Barclay | Buy | 7,500 | $3.81 | $28.567 |
| 22/04/2025 | Graeme Barclay | Buy | 7,500 | $3.76 | $28,200 |
Source: ASX via MarketIndex.com. *Based on share price of $3.93 at time of writing on 20 May 2025.
PlaySide Studios (ASX: PLY)
PlaySide Studios has had a turbulent 18 months. After a rapid growth phase, the business hit a bump in FY25 with a 21% revenue decline, delayed project launches, and a broad cost restructure. This culminated in the unexpected resignation of long-time CEO and co-founder Gerry Sakkas just months after he transitioned into a newly created Creative Director role.
The stock was already under pressure following a series of insider share sales in 2024 totalling just short of $30 million between the three co-founders. More recently though, all three have been purchasing shares on-market – over one million shares so far in 2025, at a cost of $199,153. Details in the table below.
Transaction list: PaySide Studios Director Trades (on market and block trades)
| Date | Director | Type | Amount | Price | Value |
| 07/05/2025 | Mr Mark James Goulopoulos | Buy | 200,000 | $0.13 | $26,057 |
| 08/04/2025 | Mr Mark James Goulopoulos | Buy | 246,834 | $0.16 | $38,757 |
| 07/02/2025 | Mr Mark James Goulopoulos | Buy | 150,000 | $0.21 | $30,817 |
| 03/02/2025 | Mr Aaron Jonathon Pasias | Buy | 150,000 | $0.22 | $33,181 |
| 30/01/2025 | Mr Mark James Goulopoulos | Buy | 150,000 | $0.20 | $30,066 |
| 30/01/2025 | Mr Aaron Jonathon Pasias | Buy | 100,000 | $0.20 | $20,110 |
| 30/01/2025 | Mr Gerry Stephen Sakkas | Buy | 100,000 | $0.20 | $20,165 |
| 28/02/2024 | Ms Sophie Karzis | Buy | 100,000 | $0.81 | $81,272 |
| 27/02/2024 | Mr Mark James Goulopoulos | Sell | 13,000,000 | $0.75 | -$9,750,000 |
| 27/02/2024 | Mr Aaron Jonathon Pasias | Sell | 13,000,000 | $0.75 | -$9,750,000 |
| 27/02/2024 | Mr Gerry Stephen Sakkas | Sell | 13,000,000 | $0.75 | -$10,000,000 |
Source: ASX via MarketIndex.com.
It’s the CEO transition package for incoming executive Benn Skender that really caught our attention though. His remuneration structure is heavily tied to share price performance:
- 10 million options priced at a 43% premium to the current VWAP, vesting in August 2026 and escrowed for 18 months;
- $1 million in performance rights, which only vest if the share price gains at least 50% from the strike;
- Termination clauses that penalise him for walking away early.
In short, Skender only hits the jackpot if the share price rebounds and stays there. That doesn’t necessarily mean it will, but in contrast to many tech CEO packages, this one is squarely tied to shareholder returns.
The company’s financials aren’t particularly attractive, but the thesis here would be centred around incentives, rather than track record.
The risks remain high. The company is still in turnaround mode, and sentiment remains fragile. But in the short to medium term, a highly incentivised leadership team might give this stock a speculative tailwind.
Insider Signals Worth Watching
None of these businesses is without its challenges. Iress is fighting to modernise, Aussie Broadband faces stiff industry competition, and PlaySide is rebuilding investor trust after a rough patch. But what unites them is recent insider buying.
These are directors and executives choosing to put more skin in the game. Whether that proves prescient or premature remains to be seen. But in an environment where many insiders are selling, these three are worth keeping on your radar.
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Disclosure: Neither the author nor editor of this article own shares in any of the companies mentioned and neither will trade shares in any of the companies mentioned for at least 2 days following the publication of this article. This article is not intended to form the basis of an investment decision and is not a recommendation. Any statements that are advice under the law are general advice only. The author has not considered your investment objectives or personal situation. Any advice is authorised by Claude Walker (AR 1297632), Authorised Representative of Ethical Investment Advisers Pty Ltd (ABN 26108175819) (AFSL 276544).
The information contained in this report is not intended as and shall not be understood or construed as personal financial product advice. Nothing in this report should be understood as a solicitation or recommendation to buy or sell any financial products. Equity Story Pty Ltd and BlueTree Equity Pty Ltd t/a A Rich Life do not warrant or represent that the information, opinions or conclusions contained in this report are accurate, reliable, complete or current. Future results may materially vary from such opinions, forecasts, projections or forward looking statements. You should be aware that any references to past performance does not indicate or guarantee future performance.