Insiders at footwear purveyor Deckers Outdoor, including the chief executive, have been dumping shares.

Shares of Deckers Outdoor (DECK) were down $3.87, or 5%, to $70.89.

According to SEC filings online, four of the five insiders sold in late February; all still own shares. In one case, the reason for the sale was Code F, payment of exercise price or tax liability. In all other cases, the sale was Code P, which designates an open-market transaction:

• CEO Angel Martinez sold 2,751 shares, but still owns 239,858 shares – 2/29 Code P
• COO Ziv Zohar sold 770 shares, but still owns 140,354 shares – 2/29 Code F
• Director James E. Quinn sold 800 shares, but still owns 1,271 shares, 3/1 Code P
• Peter Worley, a 10% owner (president of Deckers Asia Pacific), sold 794 shares, but still owns 66,995 shares – 2/29 Code F
• Constance Rishwain, a 10% owner (president of Ugg), sold 789 shares, but still owns 119,604 shares – 2/29 Code F

Deckers is trying to convince men to wear its Uggs brand. Martinez told Bloomberg recently that men “like the fuzzy stuff inside” but won’t admit it. That’s hard to believe. In practice, the Ugg spring campaign for men shows shoes and boots that look quite streamlined compared to those sheepskin clodhoppers.