Cristen L. Kogl, Chief Legal Officer at Zebra Technologies Corp (NASDAQ: ZBRA), disclosed a set of transactions in a Form 4 filed with the Securities and Exchange Commission covering activity in early March 2026.
The filing shows that Kogl sold 145 shares of Class A Common Stock on March 5, 2026, at a per-share price of $235.71, for proceeds totaling $34,177. The Form 4 also records acquisitions: 4,645 shares of Class A Common Stock acquired on March 3, 2026, reported with a value of $0, and a purchase of 287 shares on March 5 at $205.12 per share, representing $58,869.
Additional dispositions are noted in the filing. Kogl disposed of 438 shares on March 4, 2026, and 142 shares on March 5, 2026, with those sales described as for tax purposes and executed at prices ranging from $231.42 to $235.00. The cumulative reported value of those disposals was $134,731. The filing further indicates that Kogl exercised stock appreciation rights converting 2,260 units into shares, at an exercise price of $205.12 per share.
Following the combined sales, acquisitions and the SAR exercise, Kogl is shown as directly owning 23,687 shares of Zebra Technologies Class A Common Stock.
These insider transactions arrive while Zebra's shares were trading at $229.67, a level that is down 26% over the prior six months and close to a reported 52-week low of $205.73. The company is listed with a market capitalization of $11.32 billion. An InvestingPro analysis referenced in the filing states that the stock appears undervalued at current levels and points investors to a Pro Research Report for further valuation detail.
Separately, Zebra Technologies reported fourth-quarter 2025 results that aligned with analyst expectations on earnings per share while exceeding revenue forecasts. The company posted an EPS of $4.33, meeting anticipated figures, and reported revenue of $1.48 billion, which topped estimates. The filing notes that these results reflect sales strength for the quarter and were associated with a positive market response.
The Form 4 provides a snapshot of Kogl's recent trading and awards activity but does not include commentary on the motivations beyond the notation that certain sales were for tax purposes. The combination of open-market sales, reported acquisitions with a $0 value, and exercised appreciation rights leaves Kogl with a defined direct holding disclosed in the filing.
Context and next steps
Investors and market observers relying on insider filings will note the timing and mix of transactions disclosed in the SEC filing. For readers seeking deeper valuation context, the InvestingPro analysis cited in the filing is identified as a source of additional research on Zebra's valuation metrics and a more comprehensive Pro Research Report.