[EDGAR WEEKLY] Insiders at Broadcom, Jabil, and Delta Dump Stock Simultaneously

Edgar Insider Watch — Week of Apr 09 – Apr 15, 2026

Published every Wednesday. Covers SEC Form 4 filings from the past 7 days. Filtered for discretionary (unplanned) transactions only — 10b5-1 pre-planned sales are excluded.

This week's insider tape is nearly all red: four tickers, zero buys, and a pattern of simultaneous discretionary selling across tech and industrials that's hard to dismiss as coincidence.

$LGN — HIGH | SELL | Unplanned

What happened: Blackstone EMA III L.L.C., the controlling Blackstone entity behind Legence Corp.'s majority ownership structure, sold 9.53 million shares at $54.00 per share on April 9 as part of a secondary offering. The sale reduced Blackstone's position from roughly 9.71 million shares to just 178,571 — essentially a near-complete exit from the public float.

Why it matters: Selling 98.2% of your position in a single transaction is about as unambiguous as insider activity gets. Secondary offerings at a fixed price signal that the sponsor views current pricing as an attractive exit, not a buying opportunity. When the entity that built the company is walking out the door, that context matters.

The number: $514.5M total; 98.16% of holdings disposed; $54.00/share flat offering price

Verdict: CONVERGENCE BEAR

$AVGO — CLUSTER | SELL | Unplanned

What happened: Three Broadcom insiders filed sales on April 10 covering trades executed April 8–9. Ram Velaga, President of the Infrastructure Software Group, sold 30,215 shares across two days (~$10.6M), reducing his stake by roughly 31% in 48 hours. President of the Semiconductor Solutions Group Charlie Kawwas sold 10,000 shares (~$3.45M) indirectly. Director Justine Page sold 2,018 shares (~$712K).

Why it matters: Two division presidents and a board director selling in the same 48-hour window — all discretionary, none pre-scheduled — is the kind of cluster that warrants attention at any price level. Ram Velaga's back-to-back sales are particularly notable: selling 13.5% one day and 20.7% the next is a decisive reduction, not routine portfolio trimming.

The number: $14.8M combined; Ram Velaga disposed ~31% of his direct holdings over two sessions; prices ranged $345–$353

Verdict: CONVERGENCE BEAR

$JBL — CLUSTER | SELL | Unplanned

What happened: Four Jabil insiders sold stock across April 8–10, including CEO Michael Dastoor (8,997 shares, ~$2.58M), EVP of Global Business Units Steven Borges (14,000 shares across two days, ~$4.1M combined), COO Andrew Priestley (4,000 shares, ~$1.2M), and Director Anousheh Ansari (2,000 shares, $600K). All transactions were discretionary.

Why it matters: CEO participation elevates this cluster significantly. When the top executive joins two EVPs and a board member in selling across consecutive sessions — all without a pre-planned schedule — it suggests coordinated timing around current share price levels near $286–$301. Borges selling on both April 8 and April 9 adds another layer of deliberateness.

The number: $8.48M combined across 4 insiders; CEO sold 3.4% of direct holdings; COO and Borges each disposed 6–8% of their stakes

Verdict: CONVERGENCE BEAR

$DAL — HIGH | SELL | Unplanned

What happened: John Laughter, Delta's EVP and Chief of Operations, sold 69,304 shares on April 10 at a weighted average of $68.15 per share, generating roughly $4.72M. After the transaction, he retains just 69,369 shares — meaning he sold almost exactly half his entire position in a single unplanned move.

Why it matters: An operations chief selling 50% of his stake in one transaction, without a 10b5-1 plan, is a high-conviction personal bet on current pricing. For an airline executive selling in April — peak travel season setup, tariff uncertainty already in the headlines — the timing adds context worth monitoring.

The number: $4.72M; 49.98% of direct holdings disposed; prices ranged $67.96–$68.43

Verdict: CONVERGENCE BEAR

This Week's Scorecard

What to Watch Next Week

• $AVGO follow-through: Watch for additional Form 4s from Broadcom's C-suite. If CEO Hock Tan or CFO Kirsten Spears file discretionary sales in the next two weeks, the cluster signal upgrades materially.
• $JBL price action vs. insider behavior: Jabil trades near multi-year highs. If the stock holds or rallies next week, watch whether the April sellers re-enter — or whether new insiders join the exit.
• Airlines sector read-across: Delta's COO selling half his stake near $68 is worth cross-referencing against $UAL and $AAL Form 4s next week. A sector-wide discretionary sell pattern would shift this from a single-name signal to a macro warning.

This post covers SEC Form 4 public filings. All data sourced from EDGAR. Not financial advice.

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