President & CEO Rodger Levenson sold 65,446 directly held shares at $74.11, cutting his direct stake by 26.0% and pricing the sale just 0.8% below the 90-day high of $74.69. The $4.9M haul dwarfs his two prior sales of $397K (2025) and $383K (2022), and the near-peak timing — with earnings 42 days out and analyst consensus firmly at BUY — raises the question of why the CEO is monetizing at scale right now; the option-exercise component softens but does not eliminate that concern. Bull case: stock holds above $68.83 (30-day low) into the July 22 earnings print with $1.50 EPS consensus; bear case: a break below $68.83 would confirm distribution at the top and open a retest of the $60.92 90-day low.

Where it could go — Broad base rate 57.1% positive at 90d for similar signals; bull holds $68.83, bear breaks below that level.