They traded based on material, non-public information, so I would have to say yes, this is definitely insider trading, but I'm not a lawyer...
If you end up being right, it will have been almost pure luck, but it may reinforce certain incorrect assumptions, like your theory that this single criteria was the deciding factor, or that this kind of armchair analysis is productive.
Point being: even if you are right, it's probably a bad idea to even take the position to begin with.
However, whether these managers broke the law and if and how they should be punished is a legal question most people here should probably shut up about.