Neptune Insurance (NP)
Market Price (10/3/2026): $27.31 | Market Cap: $3.8 BilSector: Financials | Industry: Insurance Brokers
Neptune Insurance (NP)
Market Price (10/3/2026): $27.31Market Cap: $3.8 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include AI in Financial Services, and Fintech & Digital Payments. Themes include AI for Fraud Detection, and Digital Payments. | Key risksNP key risks include [1] significant geographic concentration of policies in catastrophe-prone states, Show more. |
| Megatrend and thematic driversMegatrends include AI in Financial Services, and Fintech & Digital Payments. Themes include AI for Fraud Detection, and Digital Payments. |
| Key risksNP key risks include [1] significant geographic concentration of policies in catastrophe-prone states, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
Neptune Insurance (NP) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Substantial Insider Selling Indicated Lack of Confidence. Neptune Insurance (NP) experienced significant insider selling, with a net total of $419.8 million in shares sold by insiders over the trailing six months, encompassing the period since fiscal Q2 2026 ended on June 30, 2026. This substantial divestment by company insiders suggests a potential lack of confidence in the company's near-term prospects.
2. Deteriorating Property Insurance Market Conditions. The broader property and casualty (P&C) insurance market faced rapidly decelerating property pricing and increased competition during fiscal Q3 2026 (July 1 to September 30, 2026). This resulted in expected renewal rates for property insurance ranging from -5% to -15%, impacting companies like Neptune Insurance, which specializes in residential and commercial flood insurance.
Show more
Neptune Insurance (NP) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Substantial Insider Selling Indicated Lack of Confidence. Neptune Insurance (NP) experienced significant insider selling, with a net total of $419.8 million in shares sold by insiders over the trailing six months, encompassing the period since fiscal Q2 2026 ended on June 30, 2026. This substantial divestment by company insiders suggests a potential lack of confidence in the company's near-term prospects.
2. Deteriorating Property Insurance Market Conditions. The broader property and casualty (P&C) insurance market faced rapidly decelerating property pricing and increased competition during fiscal Q3 2026 (July 1 to September 30, 2026). This resulted in expected renewal rates for property insurance ranging from -5% to -15%, impacting companies like Neptune Insurance, which specializes in residential and commercial flood insurance.
Show more
Updated on 10/1/2026
Neptune Insurance (NP) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Substantial Insider Selling Indicated Lack of Confidence. Neptune Insurance (NP) experienced significant insider selling, with a net total of $419.8 million in shares sold by insiders over the trailing six months, encompassing the period since fiscal Q2 2026 ended on June 30, 2026. This substantial divestment by company insiders suggests a potential lack of confidence in the company's near-term prospects.
2. Deteriorating Property Insurance Market Conditions. The broader property and casualty (P&C) insurance market faced rapidly decelerating property pricing and increased competition during fiscal Q3 2026 (July 1 to September 30, 2026). This resulted in expected renewal rates for property insurance ranging from -5% to -15%, impacting companies like Neptune Insurance, which specializes in residential and commercial flood insurance.
3. Negative Equity Position Raised Financial Concerns. As of the period covering Q2 2026 and into fiscal Q3 2026, Neptune Insurance reported a negative equity position of -US$222 million, which was identified as a financial risk. This indicates a weakened financial structure that can deter investors.
4. Dependence on the National Flood Insurance Program (NFIP) Created Regulatory Uncertainty. Neptune Insurance's significant reliance on the National Flood Insurance Program (NFIP) has been highlighted as a potential risk due to the need for Congressional backing for any changes to its compensation structure, raising concerns about future profitability. News in fiscal Q3 2026 indicated that $2.6 billion in NFIP subsidies remained five years into Risk Rating 2.0, underscoring ongoing program complexities and potential regulatory shifts.
Show less
Neptune Insurance (NP) stock has lost about 15% since 6/30/2026 because of the following key factors:
1. Substantial Insider Selling Indicated Lack of Confidence. Neptune Insurance (NP) experienced significant insider selling, with a net total of $419.8 million in shares sold by insiders over the trailing six months, encompassing the period since fiscal Q2 2026 ended on June 30, 2026. This substantial divestment by company insiders suggests a potential lack of confidence in the company's near-term prospects.
2. Deteriorating Property Insurance Market Conditions. The broader property and casualty (P&C) insurance market faced rapidly decelerating property pricing and increased competition during fiscal Q3 2026 (July 1 to September 30, 2026). This resulted in expected renewal rates for property insurance ranging from -5% to -15%, impacting companies like Neptune Insurance, which specializes in residential and commercial flood insurance.
3. Negative Equity Position Raised Financial Concerns. As of the period covering Q2 2026 and into fiscal Q3 2026, Neptune Insurance reported a negative equity position of -US$222 million, which was identified as a financial risk. This indicates a weakened financial structure that can deter investors.
4. Dependence on the National Flood Insurance Program (NFIP) Created Regulatory Uncertainty. Neptune Insurance's significant reliance on the National Flood Insurance Program (NFIP) has been highlighted as a potential risk due to the need for Congressional backing for any changes to its compensation structure, raising concerns about future profitability. News in fiscal Q3 2026 indicated that $2.6 billion in NFIP subsidies remained five years into Risk Rating 2.0, underscoring ongoing program complexities and potential regulatory shifts.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -13.5% change in NP stock from 6/30/2026 to 10/1/2026 was primarily driven by a -1.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.50 | 27.24 | -13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 182 | 0.0% |
| Net Income Margin (%) | � | 21.5% | 0.0% |
| P/E Multiple | � | 96.3 | 0.0% |
| Shares Outstanding (Mil) | 135 | 138 | -1.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| NP | -13.5% | |
| Market (SPY) | 2.3% | -20.6% |
| Sector (XLF) | -0.3% | 24.9% |
Fundamental Drivers
The 12.6% change in NP stock from 3/31/2026 to 10/1/2026 was primarily driven by a 13.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.19 | 27.24 | 12.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 160 | 182 | 13.9% |
| Net Income Margin (%) | 23.4% | 21.5% | -8.5% |
| P/E Multiple | 89.3 | 96.3 | 7.8% |
| Shares Outstanding (Mil) | 138 | 138 | 0.3% |
| Cumulative Contribution | 12.6% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| NP | 12.6% | |
| Market (SPY) | 17.8% | -13.6% |
| Sector (XLF) | 8.7% | 17.2% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| NP | -14.9% | |
| Market (SPY) | 15.6% | 4.6% |
| Sector (XLF) | 0.4% | 27.2% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| NP | -14.9% | |
| Market (SPY) | 84.9% | 4.6% |
| Sector (XLF) | 68.2% | 27.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NP Return | -13% | -29% | 0% | 0% | -9% | -5% | -47% |
| Peers Return | 25% | 9% | 14% | 24% | -9% | -14% | 52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| NP Win Rate | 50% | 17% | 0% | 0% | 8% | 67% | |
| Peers Win Rate | 60% | 48% | 52% | 67% | 50% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| NP Max Drawdown | -25% | -34% | 0% | 0% | -28% | -41% | |
| Peers Max Drawdown | -18% | -20% | -17% | -15% | -26% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTW, ERIE, MRSH, AJG, AON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)
How Low Can It Go
| Event | NP | S&P 500 |
|---|---|---|
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.1% | -12.2% |
| % Gain to Breakeven | 11.2% | 13.9% |
| Time to Breakeven | 41 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.0% | -17.9% |
| % Gain to Breakeven | 58.8% | 21.8% |
| Time to Breakeven | 73 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -19.2% | -15.4% |
| % Gain to Breakeven | 23.8% | 18.2% |
| Time to Breakeven | 10 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.5% | -53.4% |
| % Gain to Breakeven | 773.2% | 114.4% |
| Time to Breakeven | 1072 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.0% | -8.6% |
| % Gain to Breakeven | 31.6% | 9.5% |
| Time to Breakeven | 2134 days | 47 days |
In The Past
Neptune Insurance's stock fell -7.0% during the 2016-2017 Trump Reflation Bond Selloff. Such a loss loss requires a 7.6% gain to breakeven.
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| Event | NP | S&P 500 |
|---|---|---|
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.0% | -17.9% |
| % Gain to Breakeven | 58.8% | 21.8% |
| Time to Breakeven | 73 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.5% | -53.4% |
| % Gain to Breakeven | 773.2% | 114.4% |
| Time to Breakeven | 1072 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.0% | -8.6% |
| % Gain to Breakeven | 31.6% | 9.5% |
| Time to Breakeven | 2134 days | 47 days |
In The Past
Neptune Insurance's stock fell -7.0% during the 2016-2017 Trump Reflation Bond Selloff. Such a loss loss requires a 7.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Neptune Insurance (NP)
Neptune Insurance (NP) operates as a specialty materials company, primarily engaged in two distinct business segments: Technical Products and Fine Paper & Packaging. The company develops and manufactures a wide array of specialized materials, catering to diverse industrial and consumer markets across North America and Europe.
The Technical Products segment focuses on performance-based materials for critical applications. Its offerings include advanced filtration media for transportation and water purification, various industrial tapes, and coated lightweight abrasive papers for automotive, construction, and woodworking industries. This segment also produces specialized papers for digital transfer, labels, tags, medical packaging, security, and release liners, serving customers that require high-performance, engineered solutions.
Conversely, the Fine Paper & Packaging segment provides aesthetically rich and functional paper products. This includes premium writing, text, and cover papers for commercial printing, corporate identity, and advertising. The company also offers a comprehensive range of packaging products for retail, cosmetics, spirits, and electronics markets, alongside bright papers for direct mail, advertising, and scrapbooking. Additionally, it supplies cardstock, stationery, art papers, and specialized optical scanning papers, reaching customers in commercial printing, luxury branding, and consumer stationery sectors.
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The key risks to Neptune Insurance Holdings Inc. (symbol: NP) are as follows:
- Reliance on Capacity Providers: Neptune Insurance Holdings Inc. operates as a managing general agent (MGA), underwriting and administering insurance policies on behalf of a diverse panel of insurance and reinsurance companies, referred to as capacity providers. The company does not take any balance sheet insurance risk or have claims handling responsibility related to the policies it sells. Therefore, Neptune's business is highly dependent on its relationships with these capacity providers and their willingness to continue taking on flood policies.
- Regulatory Scrutiny and Changes in Flood Insurance Programs: Neptune operates in the specialized flood insurance market, which is significantly influenced by government programs like the National Flood Insurance Program (NFIP) run by the U.S. Federal Emergency Management Agency (FEMA). The company faces scrutiny regarding its business model and the impact of its artificial intelligence-driven underwriting on insurance costs. Potential changes in FEMA's Risk 2.0 initiative or the role of the NFIP could impact Neptune's growth opportunities and market penetration.
- Accuracy and Transparency of AI Underwriting and Pricing: There are concerns regarding Neptune's reliance on its in-house AI underwriting platform, "Triton," particularly whether the company can adequately explain its inputs, how premiums are calculated, and if customers can challenge or understand the premiums they are paying. Lack of transparency or perceived unfairness in AI-driven pricing could lead to regulatory challenges, reputational damage, or customer distrust.
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Neptune Insurance Holdings Inc. (symbol: NP) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion into adjacent insurance markets: Neptune Insurance is diversifying its product offerings beyond flood insurance. The company has launched a beta indemnity earthquake product and provides parametric earthquake insurance, indicating a strategic move to tap into new market segments and offer more comprehensive coverage options.
- Continued growth in the specialized U.S. flood insurance market: As a prominent player in the U.S. flood insurance market, Neptune Insurance is well-positioned to capitalize on the increasing demand for specialized flood and catastrophe coverage, driven by climate-related risks. The company has consistently achieved record new business sales and maintains strong policy retention rates, which are crucial for sustained revenue expansion.
- Leveraging proprietary AI platforms and data science for enhanced underwriting and operational efficiency: Neptune Insurance utilizes its proprietary AI platforms, Triton for underwriting and Poseidon for policy management, along with advanced data science. This technological advantage supports its asset-light business model, enabling efficient and accurate underwriting and policy administration. This operational efficiency is a significant factor in driving scalable and profitable growth.
- Broadening distribution networks and strengthening capacity provider relationships: The company's strategy includes actively onboarding new agents and expanding its diversified panel of capacity providers. As of October 2025, Neptune had grown its panel to 39 capacity providers across seven programs. This expansion of distribution channels and partnerships directly contributes to an increase in written premiums, which is a primary driver of Neptune's commission revenue.
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Peer Outperformance in Insurance Brokers
nullShare of Insurance Brokers constituents that NP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 225.00 |
| Mkt Cap | 57.6 |
| Rev LTM | 15,755 |
| Op Inc LTM | 3,847 |
| FCF LTM | 2,766 |
| FCF 3Y Avg | 2,612 |
| CFO LTM | 2,990 |
| CFO 3Y Avg | 2,813 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | 9.0% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 22.5% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.6% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 16.9% |
| FCF/Rev 3Y Avg | 17.0% |
Price Behavior
Price Behavior
| Market Price | $27.24 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 11/17/2004 | |
| Distance from 52W High | -22.4% | |
| 50 Days | 200 Days | |
| DMA Price | $26.02 | $26.02 |
| DMA Trend | up | up |
| Distance from DMA | 4.7% | 4.7% |
| 3M | 1YR | |
| Volatility | 43.0% | 64.8% |
| Downside Capture | 112.17 | 38.52 |
| Upside Capture | -10.13 | 42.97 |
| Correlation (SPY) | -21.0% | 3.6% |
NP Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.18 | 0.44 | -0.86 | -0.62 | 0.19 | 0.05 |
| Up Beta | -4.98 | -1.52 | -2.70 | 0.32 | 0.48 | 0.08 |
| Down Beta | -2.60 | -1.80 | -3.37 | -3.35 | -0.20 | -0.05 |
| Up Capture | 2% | 74% | -7% | 0% | 9% | 1% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 16 | 28 | 61 | 119 | 119 |
| Down Capture | 311% | 225% | 79% | -49% | 47% | 27% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 26 | 36 | 65 | 132 | 132 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NP | |
|---|---|---|---|---|
| NP | 9.9% | 64.8% | 0.39 | - |
| Sector ETF (XLF) | 0.5% | 14.8% | -0.19 | 27.2% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | 4.6% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | 2.3% |
| Commodities (DBC) | 45.6% | 20.8% | 1.69 | -13.1% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | 19.5% |
| Bitcoin (BTCUSD) | -25.7% | 44.5% | -0.54 | 18.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NP | |
|---|---|---|---|---|
| NP | -4.6% | 54.8% | -0.03 | - |
| Sector ETF (XLF) | 8.8% | 18.3% | 0.35 | 31.9% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 18.4% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | 0.4% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | -6.8% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 22.7% |
| Bitcoin (BTCUSD) | 13.6% | 52.3% | 0.43 | 18.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NP | |
|---|---|---|---|---|
| NP | -6.2% | 39.6% | -0.10 | - |
| Sector ETF (XLF) | 12.7% | 22.1% | 0.52 | 50.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 40.6% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 0.2% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 11.8% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 39.8% |
| Bitcoin (BTCUSD) | 64.2% | 66.2% | 1.04 | 13.8% |
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Earnings Returns History
Updated 10/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -3.2% | -7.7% | -2.9% |
| 2/18/2026 | 12.7% | 17.4% | 22.3% |
| 11/12/2025 | -1.2% | -7.8% | 9.3% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 2 |
| # Negative | 2 | 2 | 1 |
| Median Positive | 12.7% | 17.4% | 15.8% |
| Median Negative | -2.2% | -7.7% | -2.9% |
| Max Positive | 12.7% | 17.4% | 22.3% |
| Max Negative | -3.2% | -7.8% | -2.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -3.2% | -7.7% | -2.9% |
| 2/18/2026 | 12.7% | 17.4% | 22.3% |
| 11/12/2025 | -1.2% | -7.8% | 9.3% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 2 |
| # Negative | 2 | 2 | 1 |
| Median Positive | 12.7% | 17.4% | 15.8% |
| Median Negative | -2.2% | -7.7% | -2.9% |
| Max Positive | 12.7% | 17.4% | 22.3% |
| Max Negative | -3.2% | -7.8% | -2.9% |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Carlon, Jonathan Winant | Direct | Sell | 9152026 | 31.15 | 50,000 | 1,557,595 | 18,800,172 | Form | |
| 2 | Steiner, James | Chief Financial Officer | Direct | Sell | 8142026 | 31.71 | 57,012 | 1,807,970 | 118,890,249 | Form |
| 3 | Steiner, James | Chief Financial Officer | Direct | Sell | 8142026 | 31.08 | 42,988 | 1,335,874 | 118,275,280 | Form |
| 4 | Bsiv, Hold 101, LP | Direct | Sell | 7302026 | 33.22 | 1,632,160 | 54,220,355 | 419,254,937 | Form | |
| 5 | Ftv, Vii, LP | See footnotes | Sell | 7302026 | 33.22 | 1,867,840 | 62,049,645 | 479,794,500 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Carlon, Jonathan Winant | Direct | Sell | 9152026 | 31.15 | 50,000 | 1,557,595 | 18,800,172 | Form | |
| 2 | Steiner, James | Chief Financial Officer | Direct | Sell | 8142026 | 31.71 | 57,012 | 1,807,970 | 118,890,249 | Form |
| 3 | Steiner, James | Chief Financial Officer | Direct | Sell | 8142026 | 31.08 | 42,988 | 1,335,874 | 118,275,280 | Form |
| 4 | Bsiv, Hold 101, LP | Direct | Sell | 7302026 | 33.22 | 1,632,160 | 54,220,355 | 419,254,937 | Form | |
| 5 | Ftv, Vii, LP | See footnotes | Sell | 7302026 | 33.22 | 1,867,840 | 62,049,645 | 479,794,500 | Form | |
| 6 | Bsiv, Hold 101, LP | Direct | Sell | 5192026 | 26.40 | 688,403 | 18,173,839 | 376,271,755 | Form | |
| 7 | Ftv, Vii, LP | See footnotes | Sell | 5192026 | 26.40 | 787,806 | 20,798,078 | 430,604,618 | Form | |
| 8 | Bsiv, Hold 101, LP | Direct | Sell | 5192026 | 26.40 | 4,589,351 | 121,158,866 | 394,445,594 | Form | |
| 9 | Ftv, Vii, LP | See footnotes | Sell | 5192026 | 26.40 | 5,252,044 | 138,653,962 | 451,402,697 | Form | |
| 10 | Burgess, Trevor R | CEO & Chairman of the Board | Direct | Buy | 3132026 | 18.71 | 50,000 | 935,345 | 38,965,799 | Form |
| 11 | Vostrizansky, Michael Warren | Direct | Buy | 2242026 | 21.50 | 23,000 | 494,415 | 494,415 | Form | |
| 12 | Steiner, James | CFO and Secretary | Direct | Buy | 11142025 | 20.00 | 119,050 | 2,381,000 | 87,694,300 | Form |
| 13 | Carlon, Jonathan Winant | Direct | Buy | 11142025 | 20.00 | 5,000 | 100,000 | 13,070,000 | Form | |
| 14 | Burgess, Trevor R | CEO & Chairman of the Board | Direct | Buy | 11142025 | 20.00 | 50,000 | 1,000,000 | 40,659,280 | Form |
| 15 | Ftv, Vii, LP | See footnotes | Sell | 10032025 | 18.75 | 678,019 | 12,712,856 | 419,074,331 | Form | |
| 16 | Bsiv, Hold 101, LP | Direct | Sell | 10032025 | 18.75 | 820,123 | 15,377,306 | 366,196,350 | Form |
Investor Activity (13F)
Updated Oct 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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| FinViz |
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Core Cache Last Updated: 10/1/2026