Director Ramiro Peru bought $366K in shares, increasing his stake by 10.1% at a price 15.7% below the 90-day high. This first-ever buy after two prior sales, combined with a $1M purchase from the CEO, suggests insider confidence may be building.

Where it could go — Our 7-8 conviction director buys: 66% beat SPY at 30d; watch $436.24 as the bull trigger, $314.04 as the bear break.

President and CEO Gail Boudreaux bought $1.0M in shares at $367.79, increasing her stake by 1.6% at a price 15.7% below the 90-day high. This solo purchase by the CEO, while not a first, is a notable vote of confidence at a discounted level, especially given the stock's 29-analyst BUY consensus. Bull: holding above the recent 30-day low of $365.38 could target a move back toward the $436 high; bear breaks $365.

Where it could go — Our 5-6 conviction officer buys: 56% beat SPY at 30d; bull holds $365, bear breaks it.

CAO & Controller Ronald Penczek sold $149K worth of shares, reducing his directly held stake by 9% at a price 5.6% below the 90-day high. This is the insider's sixth sell transaction overall and fits a pattern of routine sales, lacking the cluster support or price extremity that would signal a stronger directional view.

Where it could go — Analyst mean target not provided; bear case if stock breaks the 30-day low of $382.74.

Penczek Ronald W exercised 1,531 options at $294.30 and sold the resulting shares at $403.13 ($617K). The sale came from newly exercised options and did not reduce previously held shares, leaving 4,109 directly held shares.

Where it could go — Exercise-and-sell transactions are largely mechanical and carry limited directional signal.