Kevin J. Brewer, Director at FormFactor (FORM 3.23%), reported the direct sale of 3,000 common shares for a transaction value of approximately $289,000 on Feb. 11, 2026, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 3,000 |
| Transaction value | $289,000 |
| Post-transaction shares (direct) | 8,105 |
| Post-transaction value (direct ownership) | $779,000 |
Transaction value based on SEC Form 4 reported price ($96.20); post-transaction value based on Feb. 11, 2026 market close price.
Key questions
- What proportion of Brewer’s holdings was affected by this sale?
This transaction accounted for 27.01% of Brewer's direct holdings, reducing his directly held common shares from 11,105 to 8,105. - How does this sale relate to Brewer’s historical trading patterns?
This is Brewer’s only open-market sale in the past two years.
Company overview
| Metric | Value |
|---|---|
| Price | $94.56 |
| Market capitalization | $7.33 billion |
| Revenue (TTM) | $784.99 million |
| 1-year price change | 151.62% |
* Price and 1-year price change calculated using Feb. 11, 2026 as the reference date.
NASDAQ: FORM
Key Data Points
Company snapshot
FormFactor is a global provider of semiconductor test and measurement technologies that help analyze semiconductor performance throughout its life cycle. Devices that the company offers include probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems. Core clients include semiconductor companies, research facilities, and tech manufacturers.
What this transaction means for investors
As of Feb. 21, 2026, seven different board directors and two executives have sold shares this month. And on the 18th, FormFactor announced that its board will be reshuffled, as Brewer plans to retire later this year.
This high board director activity shouldn’t concern investors, as the stock has historically performed well and is currently posting its highest gains in a single year since 2023, and it’s only February.
While it’s difficult to say exactly why the directors have been on a sale frenzy in February, one may look at this year’s historical performance and infer that the directors are simply taking profits.
The company is primed for long-term growth, as semiconductor manufacturers and the plethora of tech companies that rely on them rely heavily on its probe cards, which are critical for measuring and testing chip performance. And with the semiconductor market constantly growing, it’s no surprise the stock continues to soar.
