Insider cluster at MIAX shows a director and an EVP selling $1.21M in open-market sales (0.03% of market cap) plus several non-cash derivative exercises and tax-withholding events. The net cash outflow is modest relative to the $3.8B market cap, and the filings carry non-informative grant and tax transactions. Sentiment is neutral given the small proportional size of the cluster sales and the lack of a clear catalyst.
Price Chart
Executive Summary
Insider cluster at MIAX shows a director and an EVP selling $1.21M in open-market sales (0.03% of market cap) plus several non-cash derivative exercises and tax-withholding events. The net cash outflow is modest relative to the $3.8B market cap, and the filings carry non-informative grant and tax transactions. Sentiment is neutral given the small proportional size of the cluster sales and the lack of a clear catalyst.
Key Financial Metrics
Key Facts
- Total open-market and derivative sales = 29,300 shares for $1.21M (0.03% of $3.8B market cap).
- Largest open-market sale: Cynthia Schwarzkopf (Director) sold 19,500 shares for $813,735 on 2026-06-11.
- Jayabalan Harish (EVP, CISO and CRO) sold 9,800 shares for $392,392 on 2026-06-09.
- Multiple non-cash transactions: grant, derivative exercise, tax-withholding (total $0 consideration for those legs).
- Cluster size is well below the 0.1% market-cap threshold for materiality; no C-suite CEO or CFO involvement.
Financial Impact
Total insider cash-out of $1.21M from a $3.8B market cap; non-cash transactions net to $0 economic impact.
Risk Factors
- Despite low materiality, any accelerated selling by directors could presage a secondary offering or earnings disappointment.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1781724012001 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $33.03 | awaiting T+1 | — | $32.53 (−1.51%) |
Oct 26, 2026 1d ago | Insider Cluster | $33.16 | awaiting T+1 | — | $32.53 (−1.90%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.53 (−3.61%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.53 (−25.15%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.53 (−25.15%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.53 (−21.27%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.53 (+21.27%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.53 (+26.45%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.53 (−23.15%) |
Jul 14, 2026 15w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.53 (−23.33%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers