Cavoli Stephen 4
4 · Virtu Financial, Inc. · Filed Feb 13, 2026
Research Summary
AI-generated summary of this filing
Virtu Financial (VIRT) EVP Stephen Cavoli Sells Shares
What Happened
Stephen Cavoli, Executive Vice President of Virtu Financial (VIRT), disposed of 71,630 shares in six open-market sales executed Feb 11–13, 2026. The transactions were reported on a Form 4 filed Feb 13, 2026, and generated total proceeds of approximately $2,728,559. Individual reported trades (weighted-average prices shown; detailed price ranges in footnotes) were:
- Feb 11, 2026 — 4,573 shares @ $39.14 — $178,995 (range $38.7186–$39.61)
- Feb 11, 2026 — 7,057 shares @ $38.34 — $270,596 (range $37.945–$38.595)
- Feb 12, 2026 — 14,903 shares @ $37.41 — $557,482 (range $37.04–$37.6496)
- Feb 12, 2026 — 15,097 shares @ $37.81 — $570,878 (range $37.65–$38.315)
- Feb 13, 2026 — 14,530 shares @ $38.23 — $555,533 (range $37.67–$38.385)
- Feb 13, 2026 — 15,470 shares @ $38.47 — $595,075 (range $38.39–$38.6762)
These were open-market sales (transaction code S). Sales are often routine (e.g., diversification or liquidity needs) and do not by themselves indicate a change in the insider’s view of the company.
Key Details
- Transaction dates: Feb 11–13, 2026; Form 4 filed Feb 13, 2026 (appears timely).
- Total shares sold: 71,630; total reported proceeds: ~$2.73 million.
- Reported prices are weighted averages; each trade comprises multiple executions at prices within the ranges noted above (see footnotes F1–F6 in the filing).
- Shares owned after the transactions: not specified in the provided excerpt of the filing.
- Other footnotes in the filing (F7–F8) indicate certain holdings are RSUs granted under the 2015 Management Incentive Plan with vesting installments in Feb 2027–2029.
- No 10b5‑1 plan, tax‑withholding, or late‑filing flags were indicated in the provided data.
Context
- Open-market sales by executives are common and may reflect personal liquidity or portfolio management rather than a view on the company’s prospects.
- For retail investors, purchases by insiders tend to be a stronger signal than sales; treat this record as factual disclosure of insider activity rather than an explicit endorsement or warning.
Insider Transaction Report
Form 4
Transactions
- Sale
Class A common stock
[F1]2026-02-11$39.14/sh−4,573$178,995→ 211,618 total - Sale
Class A common stock
[F2]2026-02-11$38.34/sh−7,057$270,596→ 204,561 total - Sale
Class A common stock
[F3]2026-02-12$37.41/sh−14,903$557,482→ 189,658 total - Sale
Class A common stock
[F4]2026-02-12$37.81/sh−15,097$570,878→ 174,561 total - Sale
Class A common stock
[F5]2026-02-13$38.23/sh−14,530$555,533→ 160,031 total - Sale
Class A common stock
[F6]2026-02-13$38.47/sh−15,470$595,075→ 144,561 total
Holdings
- 85,463
Restricted Stock Unit
[F7][F8]→ Class A common stock (85,463 underlying)
Footnotes (8)
- [F1]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $38.7186 to $39.61, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F2]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.945 to $38.595, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above
- [F3]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.04 to $37.6496, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F4]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.65 to $38.315, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F5]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.67 to $38.385, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F6]The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $38.39 to $38.6762, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of Virtu Financial, Inc., or to Virtu Financial, Inc., upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
- [F7]Each RSU is granted under the Issuer's Second Amended and Restated 2015 Management Incentive Plan and represents a contingent right to receive one share of Class A common stock of the Issuer.
- [F8]The RSUs vest in installments in February 2027, February 2028 and February 2029.
Signature
Justin Waldie, as Attorney-in-Fact|2026-02-13