Transaction overview
On February 11, 2026, Debbra L. Schoneman, president of Piper Sandler Companies (NASDAQ: PIPR), sold 5,240 shares of common stock in two separate trades that together generated approximately $1.84 million in proceeds. The shares changed hands at prices between $350.03 and $351.01 per share.
Options exercise
On the same day, Schoneman exercised options to acquire 5,240 shares of Piper Sandler common stock at an exercise price of $99 per share, representing a combined exercise cost of $518,760.
Post-transaction holdings
After completing these transactions, Schoneman directly holds 2,896 shares of Piper Sandler common stock. In addition, she has indirect ownership of 56,264 shares through a living trust.
Recent company results and analyst action
Piper Sandler reported fourth-quarter 2025 earnings per share of $6.88, well above the expected $4.73. Revenue for the quarter came in at $666.05 million versus consensus estimates of $518.07 million. These figures correspond to an earnings surprise of 45.45% and a revenue beat of 28.56%.
Following the strong quarterly performance, BofA Securities raised its price target for Piper Sandler to $395 from $385, while retaining an Underperform rating on the stock.
Market reaction and context
The company’s outsized results and the subsequent analyst price-target adjustment drew investor attention, which was visible in pre-market trading activity. The combination of an insider sale, an option exercise, and a strong earnings print are the primary events detailed in the company’s recent disclosures and reporting.
Bottom line
The disclosed insider transactions and the company’s robust fourth-quarter performance are concurrent developments for Piper Sandler. The sale, the simultaneous options exercise, the post-transaction holdings, the earnings and revenue beats, and the analyst price-target change together form the factual record presented in the company's filings and recent reporting.