Director DUGAN JOHN CUNNINGHAM executed a Code-S open-market sale of $265K worth of stock, reducing their stake by 14.8%. This is the first Form 4 filing for this director, with no prior open-market purchase or sale history on record. The sale occurred at $125.30, which is 6.9% below the 90-day high and near the 30-day low of $121.16, against a consensus analyst rating of Strong Buy.

Where it could go — If the bear case holds, the stock could test the 30-day low of $121.16; the thesis is invalidated if the price holds above the transaction level of $125.30 and moves toward the analyst consensus.