Cavoli Stephen 4

What Happened
Stephen Cavoli, Executive Vice President of Virtu Financial (VIRT), reported an open-market sale of 28,370 shares on February 17, 2026. The filing shows a weighted-average price of $38.94 per share for a total proceeds of $1,104,657. This was a sale (S) — typically a routine disposition rather than a bullish purchase signal.

Key Details

• Transaction date: 2026-02-17; filing date: 2026-02-18 (appears timely under Form 4 rules).
• Shares sold: 28,370; weighted-average price reported: $38.94; total value: $1,104,657.
• Price range (per footnote): transactions occurred at prices from $38.7065 to $39.16; the filing states the reported price is a weighted average and the filer can provide a breakdown on request.
• Shares owned after transaction: not specified in the excerpt provided.
• Relevant footnotes included in the filing:
  • F1: Weighted-average price and multiple-transaction range disclosure; additional per-price details available on request.
  • F2: Notes certain holdings are RSUs granted under the 2015 Management Incentive Plan (each RSU converts to one share).
  • F3: The RSUs vest in installments in February 2027, February 2028, and February 2029.

Context
Sales by executives are common and can reflect personal liquidity needs, diversification, or routine plan-based trading; they do not by themselves indicate company performance. The filing also references outstanding restricted stock units (RSUs) with multi-year vesting, which are separate from this open-market sale.