James S. Cox, Chief Financial Officer of Clearwater Analytics (CWAN), has been a consistent net seller of company stock, with Form 4 filings showing $37.2 million in total open-market sales against zero purchases. His most recent activity clusters around June 25, 2026, when he executed a series of "D" transactions—sales back to the issuer—totaling roughly $22.7 million across nine separate filings, ranging from $230,697 to $11.8 million. That same day, he also received two "A" grants (compensation awards) valued at $2.25 million and $450,075, which are non-discretionary and do not reflect buying conviction.
Prior to that, Cox engaged in open-market "S" sales on April 15, 2026, totaling approximately $450,000 across four trades, alongside "F" transactions (shares withheld for tax) and "M" option exercises that were mechanical in nature. His March 31, 2026 filings show three additional "S" sales worth about $515,000 combined. Across all 114 filings, the pattern is unambiguous: Cox has never made a single open-market purchase, while his cumulative sell value exceeds $37 million. The recent "D" sales—which are often tied to equity plan redemptions or issuer buybacks—dominate the dollar volume, but the consistent "S" sales in April and March confirm an ongoing disposition bias rather than a one-off event.
The data reveals a CFO who is steadily monetizing his equity position in CWAN, with no corresponding accumulation. The June 25 cluster, in particular, represents a significant liquidity event, but the absence of any "P" purchases in his entire filing history underscores a one-directional flow. While the "A" grants replenish his holdings, they are compensation-driven, not market signals. For investors tracking insider behavior, Cox’s activity is a clear sell-side indicator, though the mechanical nature of many transactions—tax withholdings, option exercises, and issuer redemptions—tempers any aggressive interpretation.
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