Transaction details
On February 23, 2026, Hawkins Philip L., a director at COPT Defense Properties (NASDAQ: CDP), executed a sale of 5,536 shares of the company’s common stock for approximately $181,100. The shares changed hands at prices between $32.58 and $32.76, which are close to the company’s reported 52-week high of $32.78. The disposition was disclosed in a Form 4 filing with the Securities and Exchange Commission.
Following that sale, Hawkins directly holds 15,188 shares of COPT Defense Properties.
Context from the most recent quarter
COPT Defense reported fourth-quarter 2025 earnings that delivered earnings per share of $0.33, a result that matched consensus expectations. The company’s revenue for the quarter was $197.36 million, which exceeded the anticipated $179.51 million and represented a 9.94% positive surprise versus that revenue forecast.
Management’s full-year metrics also showed modest upside versus prior guidance: full-year funds from operations (FFO) came in at $2.72 per share, beating the original guidance by $0.06 per share.
Analyst reaction
Following the quarter, Cantor Fitzgerald raised its price target on COPT Defense Properties to $37 from $33 and maintained an Overweight rating, citing the company’s strong quarterly performance. Jefferies likewise lifted its target to $37 from $34 and kept a Buy rating. Jefferies highlighted an expected contribution of $52 million per year in net operating income from developments that are scheduled to phase into the portfolio between 2026 and 2029. That expected run-rate includes $48 million tied to contractual agreements as well as additional income expected from the leaseup of 8500 Advanced Gateway.
Valuation note from InvestingPro
Separately, InvestingPro analysis indicates that COPT Defense's shares appear overvalued relative to their Fair Value, placing the company among those on its most overvalued list. The InvestingPro profile also states it offers five additional exclusive tips for CDP investors.
What this combination of activity means
The insider sale is a discrete, disclosed transaction recorded via Form 4. It coincides with a quarter that mixed a consensus EPS result with a clear revenue beat and small FFO upside. Sell-side firms responded by raising targets, and third-party valuation analysis flagged the stock as overvalued. Observers and investors looking at governance and insider behavior will see the sale in the context of the company’s recent results and the analyst commentary on near-term development-derived income.