This insider cluster is routine post-earnings window selling. The CEO's sale is small relative to market cap and the CMO's sale is a cash-out of exercised options. No bearish signal. Monitor for any Form 4 filings from the CEO or CFO in the next 30 days that show open-market sales without a corresponding derivative exercise — that pattern would be more informative.
Price Chart
Executive Summary
Heartflow CEO and CMO sold a combined $988K in open-market sales within a week of the company reporting a strong Q2 2026 earnings beat (+48% YoY revenue, raised guidance). The CMO's sale followed a derivative exercise, indicating a cash-out of vested options rather than a bearish conviction trade. The CEO's $608K sale is notable in absolute terms but represents ~0.025% of the $3.9B market cap, falling well below the 0.1% materiality threshold. The cluster is SELL but lacks the dollar-weight or seniority pattern that signals informed selling — it is more consistent with routine post-earnings window diversification.
Key Financial Metrics
Key Facts
- CEO Farquhar sold 15,560 shares at $39.06 for $608K on 2026-08-14
- CMO Rogers Campbell sold 9,219 shares at $41.23 for $380K on 2026-08-17, following a derivative exercise of 9,219 shares at $0 and another 9,219 shares at $19
- Total cluster value is $988K, or ~0.025% of the $3.9B market cap
- Sales occurred 1-4 days after Q2 2026 earnings (revenue $64.1M, +48% YoY; raised FY guidance to $246-250M)
- CMO's sale was a same-day cash-out of exercised options — non-informative per academic literature
Financial Impact
$988K in insider sales, representing 0.025% of market cap — trivial relative to company size
Risk Factors
- CEO sold $608K at $39.06, just below the current price — could indicate a personal valuation ceiling
- If additional C-suite sales emerge in the next 2 weeks without option exercises, the cluster would escalate in significance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-HTFL-1787187921546 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 144 | $55.43 | awaiting T+5 | — | $57.01 (+2.84%) |
Oct 22, 2026 4d ago | 144 | $55.43 | awaiting T+5 | — | $57.01 (−2.84%) |
Oct 19, 2026 7d ago | Press Release | $55.59 | awaiting T+5 | — | $57.01 (+2.55%) |
Sep 21, 2026 4w ago | Insider Cluster | $50.17 $49.83 | ▲ +0.68% | ▼ −0.51% | $57.01 (−13.62%) |
Sep 18, 2026 5w ago | Insider Cluster | $50.33 $49.92 | ▲ +0.81% | ▼ −0.21% | $57.01 (−13.26%) |
Sep 15, 2026 5w ago | Insider Cluster | $48.30 $47.39 | ▼ −1.88% | ▼ −4.45% | $57.01 (+18.02%) |
Sep 14, 2026 5w ago | Insider Cluster | $48.33 $50.17 | ▼ −3.81% | ▼ −1.68% | $57.01 (−17.95%) |
Aug 28, 2026 8w ago | Press Release | $47.78 $48.91 | ▲ +2.37% | ▲ +2.26% | $57.01 (+19.31%) |
Aug 25, 2026 8w ago | Insider Cluster | $48.94 $50.00 | ▲ +2.17% | ▲ +2.29% | $57.01 (+16.48%) |
Aug 20, 2026 9w ago | Insider Cluster | $49.75 $47.78 | ▼ −3.96% | ▼ −4.43% | $57.01 (+14.58%) |
US Market Status
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