PIPR PIPER SANDLER COMPANIES
Last updated: May 11, 2026
Execution Consistency
Did the company actually spend money buying back stock in 3+ of the last 4 quarters?
Bought back stock in 4/4 quarters. Q1 2026: $81M, Q3 2025: $2M, Q2 2025: $5M, Q1 2025: $52M
Execution Acceleration
Is the most recent quarter's buyback spend more than 15% above the trailing average?
Latest quarter $81M vs trailing avg $20M (+303%)
Buyback vs FCF
What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.
Negative FCF ($-392M), buybacks not supported by cash flow
Buyback Intensity
How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.
Repurchased 1,245,013 shares = 1.8% of 67,483,432 outstanding (annualized)
Insider Buying
Are officers and directors buying stock with their own money on the open market?
No insider open-market purchases in the last 12 months
Insider-Buyback Convergence
Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.
Need both buyback and insider purchase data
Insider Net Direction
Over the last 90 days, are insiders net buyers or net sellers on the open market?
Insiders bought $0M, sold $9M in the last 90 days (net selling)
Red Flag
Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.
Company buying back stock while insiders sold 21268949.7x more than bought. 3 C-suite officers among sellers
- Schoneman Debbra L. (President) sold 81 shares on 2026-02-11
- Schoneman Debbra L. (President) sold 5,159 shares on 2026-02-11
- Abraham Chad R (CEO and Chairman) sold 1,614 shares on 2025-11-26
- Abraham Chad R (CEO and Chairman) sold 1,630 shares on 2025-11-26
- Abraham Chad R (CEO and Chairman) sold 1,156 shares on 2025-11-26
- Abraham Chad R (CEO and Chairman) sold 1,384 shares on 2025-11-28
- Abraham Chad R (CEO and Chairman) sold 1,616 shares on 2025-11-28
- Clune Katherine Patricia (Chief Financial Officer) sold 1,367 shares on 2025-11-21
- Schoneman Debbra L. (President) sold 700 shares on 2025-11-05
- Schoneman Debbra L. (President) sold 443 shares on 2025-11-05