⚡ BEN insider sells $19.0M. Franklin Resources reports earnings in…
Published Apr 23, 2026
We read 153 filings today. Here are the ones worth your time.
81 Form 472 8-K3 Buys15 Sells
Franklin Resources' chairman just sold $19M of his own company's stock. That's the largest insider move this week by a factor of two.
Three directors stepped in as buyers: NKE's Hill Elliott picked up shares, GS insiders added $1.2M, and Horizon Kinetics put money behind TPL. Meanwhile, Citi's Livingstone and ServiceNow filed an 8-K on a material agreement while insiders stayed quiet.
Franklin Resources' CEO sold $19.0M of BEN stock this week. Discretionary. He cut nearly 20% of his position while the stock sat at $27.49, just off its 52-week high of $28. The asset manager has been trading sideways all year while the broader market climbed. He chose to sell near the top of that range.
Here's the context that matters: Franklin Resources manages other people's money for a living. When the CEO of an asset manager dumps a fifth of his own position at the peak, the gap between what he tells clients and what he does with his own shares gets harder to ignore. BEN is flat on the year. The S&P is up double digits. He had options. He picked this one.
Director Elliott Hill bought $1.0M of NKE at $46, adding 8.2% to his position. The stock sits 42% below its 52-week high as the brand battles inventory glut and weak China sales. Hill returned from retirement to take the CEO role four months ago, this is his first open-market purchase since coming back.
A Goldman Sachs insider just bought $6K worth of shares in a discretionary trade. The stock is trading near its all-time high of $985, up from $495 a year ago. This is the company's second purchase in two years after buying $3.4M total previously.
Horizon Kinetics dropped $442 into TPL at $423, their 29th consecutive buy over two years with zero sells. The asset manager has been accumulating shares through every phase of TPL's volatile run from $269 to $547 and back. Earnings drop in 14 days.
Citigroup's Chief Compliance Officer David Livingstone just lost $11.3M worth of shares in a tax withholding, disposing of nearly 20% of his position as equity vests near the stock's all-time high of $135. This wasn't a discretionary sale but a forced transaction to cover taxes on restricted stock awards. The stock has doubled from its 52-week low while the bank trades at 0.7 times book value, still cheap by historical standards.
Also in Regulatory Pulse (regulatory action)
C $129.73 . 52w: $66-$135 . +0% YTD
THE TAPE
ABNB
Joseph Gebbia sells $8.3M of ABNB
HSY
Hershey Trust CO Trustee IN Trust For Milton Hershey School sells $5.7M of HSY
FDX
CEO Rajesh Subramaniam exercises options in $4.9M of FDX
XYZ
CFO Amrita Ahuja sells $2.3M of XYZ
USB
Jodi Richard sells $2.3M of USB
TRV
Jeffrey Klenk sells $2.0M of TRV
KEY
Of Bank sells $1.1M of KEY
META
COO Javier Olivan sells $1.1M of META
TDG
W Howley exercises options in $521K of TDG
ANET
CTO Kenneth Duda exercises options in $488K of ANET
ServiceNow entered a new credit agreement while simultaneously reporting Q4 results that beat on both revenue and earnings. The timing suggests the company is securing financing on favorable terms ahead of its next growth phase, with subscription revenue up 22% year-over-year. The stock trades near its 52-week low despite the beat, creating a potential entry point if the new debt fuels strategic investments rather than just refinancing existing obligations.