Insider sale and option exercises
On April 1, 2026, Campbell Rogers, Heartflow's Chief Medical Officer, sold 64,533 shares of the company's common stock for about $1.59 million. The disposition carried a weighted average sale price of $24.64 per share, within a price range of $24.03 to $25.27.
Also on April 1, Rogers exercised stock options as part of concurrent transactions. He exercised options to acquire 291 shares at an exercise price of $8.33 per share, for a total of $2,424, and options for 66,726 shares at $2.22 per share, for a total of $148,765.
Following the sale and the option exercises, Rogers directly holds 145,535 shares of Heartflow common stock. He additionally maintains indirect ownership stakes through various trusts.
Share performance context
Heartflow's shares are trading at $24.83 at the time of the report. The stock has fallen 15% year-to-date and declined 34% over the past six months.
Valuation note
According to InvestingPro analysis cited in the available information, Heartflow's stock appears overvalued relative to its Fair Value estimate.
Quarterly results and analyst reaction
Heartflow announced fourth-quarter results that exceeded expectations. The company reported adjusted earnings per share of -$0.12, better than the consensus estimate of -$0.15, representing a 20% positive surprise. Revenue for the quarter totaled $49.1 million, a 40% year-over-year increase and above the consensus estimate of $46.6 million.
Following the results, Piper Sandler reiterated its Overweight rating and kept a price target of $38. Canaccord raised its price target to $43 from $40 and reaffirmed a Buy rating, citing the strong fourth-quarter performance and the company's initial guidance for 2026 as reasons for the upward revision. Despite those analyst responses, Heartflow's stock experienced a slight decline in aftermarket trading.
Takeaway
The day’s insider activity — a sizeable sale paired with option exercises — occurred alongside a quarter that surpassed expectations and spurred supportive analyst commentary. Market reaction in the after-hours session was modestly negative despite the positive earnings and revenue surprise.