Executive Summary
The 32 filings for the S&P 500 Technology stream reveal a sector bifurcated between AI-driven growth leaders and companies facing margin pressure from acquisition integration and restructuring. Salesforce and Snowflake posted strong revenue beats (13% and 33% YoY, respectively), but both guided for deceleration, signaling a potential top in growth rates.
Synopsys reported a 42% revenue surge from the Ansys acquisition, but GAAP net income collapsed 95% due to massive amortization and restructuring charges, highlighting the cost of M&A-driven growth. Insider activity is sparse, but the appointment of an activist investor (Elliott) to Synopsys' board signals a push for operational efficiency. A significant risk flag is the unsolicited tender offer for Genco Shipping, where less than 1% of shares have been tendered despite a raised offer, indicating shareholder skepticism. The most actionable opportunity is Salesforce's massive $25B ASR, which, combined with its record margins, suggests management sees the stock as undervalued. Sector-wide, capital allocation is shifting from reinvestment to shareholder returns, with buybacks and dividends dominating, while M&A integration costs are creating earnings headwinds.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 13F · 425 · 8-K · 10-Q · DEF 14A · DEFA14A · Schedule 13D
Tracking the trend? Catch up on the prior S&P 500 Technology Sector SEC Filings digest from May 26, 2026.
Investment Signals (10)
- Salesforce ↓ (BULLISH)▲
Record Q1 FY27 revenue of $11.1B (+13% YoY), GAAP EPS up 52% YoY, and non-GAAP EPS up 50% YoY. Agentforce/Data 360 ARR surged over 200% YoY to ~$3.4B. Massive $25B ASR executed, signaling strong conviction in undervaluation.
- Snowflake ↓ (BULLISH)▲
Product revenue of $1.33B (+34% YoY), raised full-year guidance to $5.84B (31% YoY, up from prior 27%). Net revenue retention of 126% and 813 Forbes Global 2000 customers. Accounts using Snowflake Intelligence more than doubled QoQ.
- Synopsys ↓ (BULLISH)▲
Revenue surged 41.9% YoY to $2.276B, driven by the Ansys acquisition. Full-year revenue guidance raised to $9.665B. Appointment of Elliott Management partner to the board signals potential for operational improvements and margin expansion.
- Immunic ↓ (BULLISH)▲
Appointed ex-Genentech/Roche executive Erik Lundgren as CEO, bringing deep MS commercial expertise from the Ocrevus launch. Pivotal Phase 3 RMS data readout expected by year-end 2026, a major catalyst.
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Diana Shipping increased tender offer to $24.80/share (39% premium), but only 38 shares (<1%) tendered. This massive rejection signals shareholders expect a higher price or better strategic alternative. [BULLISH for Genco shareholders]
- Salesforce ↓ (BEARISH)▲
Q2 FY27 revenue guidance of $11.27B-$11.35B implies a deceleration to 10-11% YoY growth, down from 13% in Q1. Operating cash flow growth slowed to just 3% YoY, a potential red flag for cash generation quality.
- Snowflake ↓ (BEARISH)▲
Q2 product revenue guidance implies a deceleration to ~30% YoY growth, down from 34% in Q1. GAAP operating loss widened to $326.2M (23.4% margin), despite non-GAAP profitability, indicating high stock-based compensation costs.
- Synopsys ↓ (BEARISH)▲
GAAP net income plunged 95% to $17.1M ($0.09 EPS) from $349.2M ($2.24 EPS) a year ago, due to $403.6M amortization, $222.3M SBC, and $115.9M restructuring charges. Non-GAAP EPS fell to $3.35 from $3.67, showing dilution from the Ansys deal.
- Immunocore Holdings ↓ (BEARISH)▲
Advisory vote on executive compensation and re-appointment of director Kristine Peterson saw ~22.5% votes against, indicating significant shareholder dissent on governance and pay practices.
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Merger with Farmers Bancorp approved with 98.4% votes for, but director Kathryn Girten received 12.9% withheld votes, signaling potential board-level governance concerns. [NEUTRAL/BEARISH]
Risk Flags (8)
- Synopsys/Earnings Quality↓ [HIGH RISK]▼
GAAP net income down 95% YoY despite 42% revenue growth. Amortization of intangibles surged 3,142% to $248.4M. Restructuring charges of $115.9M. This suggests the Ansys acquisition is severely diluting earnings and may signal integration challenges.
- Salesforce/Growth Deceleration↓ [MEDIUM RISK]▼
Q2 FY27 guidance implies YoY growth of 10-11%, a clear deceleration from Q1's 13%. Operating cash flow growth slowed to 3% YoY. If this trend continues, the stock's premium multiple may compress.
- Snowflake/Guidance Deceleration↓ [MEDIUM RISK]▼
Q2 product revenue guidance implies ~30% YoY growth, down from 34% in Q1. While still strong, the sequential deceleration could disappoint growth-at-a-reasonable-price investors.
- Genco Shipping & Trading/Tender Offer Rejection↓ [HIGH RISK]▼
Diana Shipping's raised $24.80 offer (39% premium) has seen <1% of shares tendered. This could lead to a hostile proxy fight at the June 18 AGM, creating uncertainty. If the deal fails, the stock could drop back to pre-offer levels.
- Immunocore/Governance Risk↓ [MEDIUM RISK]▼
22.5% of votes cast against executive compensation and director re-appointment. This level of dissent can lead to activist engagement, management distraction, or forced changes in strategy.
- Kentucky Farm Bureau/Extreme Filing Delay↓ [HIGH RISK]▼
Multiple 13F filings from 2016-2018 were just filed on May 27, 2026, a delay of 8-10 years. This is highly unusual and could indicate internal control failures, regulatory scrutiny, or data integrity issues.
- Apple Hospitality REIT/Shareholder Dissent↓ [MEDIUM RISK]▼
Director Howard E. Woolley received 6.2% withhold votes, and the share repurchase program was extended despite potential capital needs. In a rising rate environment, REITs with governance issues are vulnerable.
- Pasqal Holding/SPAC Complexity↓ [MEDIUM RISK]▼
The merger agreement was amended to increase convertible bond subscription by $50M and add a new purchaser. SPAC mergers with complex capital structures often face higher redemption rates and post-merger dilution risk.
Opportunities (7)
- Salesforce/Shareholder Returns↓ (OPPORTUNITY)◆
Executed a massive $25B accelerated share repurchase (ASR) with upfront delivery of 103M shares (~80% of total expected). Combined with $365M in dividends, this signals management's strong conviction that the stock is undervalued. At current valuation (~25x P/E on raised guidance), the buyback is highly accretive.
- Snowflake/AI Monetization↓ (OPPORTUNITY)◆
Accounts using Snowflake Intelligence more than doubled QoQ. With raised full-year guidance to $5.84B (31% YoY) and a 126% net revenue retention rate, the company is successfully monetizing AI workloads. Any pullback on growth deceleration fears is a buying opportunity.
- Synopsys/Activist Catalyst↓ (OPPORTUNITY)◆
Appointment of Elliott Management's Jesse Cohn to the board is a clear signal for operational improvement. With GAAP margins crushed by deal costs, Elliott will likely push for cost synergies, divestitures (Processor IP Solutions already planned), and margin expansion. Investor Day on Sept 30, 2026 is a key catalyst.
- Immunic/Phase 3 Catalyst↓ (OPPORTUNITY)◆
New CEO with Ocrevus commercial expertise hired ahead of pivotal Phase 3 RMS data readout by year-end 2026. If positive, the stock could re-rate significantly from its pre-revenue valuation. Insider buying or lack thereof in coming weeks will be key to watch.
- Genco Shipping & Trading/Activist Arbitrage↓ (OPPORTUNITY)◆
With only <1% of shares tendered at a 39% premium, the market is betting on a higher offer or a better alternative. Diana Shipping has nominated six directors for the June 18 AGM. If they win, a sweetened offer is likely. The risk/reward favors holding for a higher bid.
- Richmond Mutual Bancorporation/Merger Arbitrage↓ (OPPORTUNITY)◆
Merger with Farmers Bancorp received 98.4% shareholder approval. With a record date of March 23 and approval on May 27, the deal is on track to close. The spread may still offer a modest return with low risk.
- NCS Multistage/Strong Governance Signal↓ (OPPORTUNITY)◆
84.9% of eligible votes cast, and all proposals passed with >92% support. This high engagement and alignment reduces governance risk for a small-cap energy services company.
Sector Themes (6)
- AI Monetization Driving Growth, but Deceleration Looms◆
Both Salesforce (Agentforce ARR +200% YoY) and Snowflake (Intelligence users doubled QoQ) are riding AI tailwinds. However, both guided for sequential deceleration in the coming quarter, suggesting the initial AI boost may be peaking. Investors should watch for sustained adoption vs. one-time pull-forward.
- M&A Integration Costs Crushing GAAP Earnings◆
Synopsys' 42% revenue growth came at the cost of a 95% GAAP net income decline due to Ansys-related amortization and restructuring. This pattern is common in large tech M&A and creates a divergence between headline revenue growth and underlying profitability. Focus on non-GAAP and cash flow metrics.
- Shareholder Returns Trump Reinvestment◆
Salesforce returned $27.5B to shareholders in Q1 alone ($27.1B buybacks, $365M dividends). This aggressive capital return, combined with Snowflake's lack of buybacks, highlights a sector-wide shift from growth-at-all-costs to capital discipline. Companies with strong FCF are prioritizing buybacks.
- Activist Engagement on the Rise◆
Elliott Management's appointment to Synopsys' board and Diana Shipping's hostile bid for Genco indicate that activists see value-creation opportunities in the tech and shipping sectors. Expect more pressure for margin improvement, divestitures, and capital returns.
- Governance Dissent as a Leading Indicator◆
Immunocore (22.5% against pay) and Apple Hospitality REIT (6.2% withhold votes) show that shareholders are increasingly vocal on governance. Companies with high dissent should be monitored for potential activist intervention or management changes.
- Delayed Filings Signal Systemic Risk◆
Kentucky Farm Bureau's 8-10 year delay in filing 13Fs is a major red flag for operational controls. While this is an insurance company, not a tech firm, it highlights the importance of monitoring filing timeliness as a governance screen across all sectors.
Watch List (8)
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Scheduled for September 30, 2026. Key catalyst for margin expansion targets, Ansys synergy updates, and capital allocation strategy under new activist-influenced board. Watch for cost synergy targets and divestiture plans.
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Expected by year-end 2026. A positive result could be a major catalyst for this pre-revenue biotech. Watch for insider buying in the months leading up to the data readout as a confidence signal.
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June 18, 2026. Diana Shipping's six director nominees will be voted on. If elected, expect a sweetened tender offer or strategic alternatives. If defeated, the stock may fall back to pre-offer levels.
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Expected late August 2026. Watch for revenue growth trajectory (guidance implies 10-11% YoY), Agentforce ARR growth, and operating cash flow trends. Any upside surprise could reverse the deceleration narrative.
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Expected late August 2026. Key metrics: product revenue growth (guidance implies ~30% YoY), net revenue retention rate, and Snowflake Intelligence adoption. A beat and raise would signal AI momentum is accelerating.
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July 9, 2026. Virtual meeting to vote on director elections and executive compensation. Watch for any shareholder dissent or activist positioning given the company's pre-profit status and cash burn.
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The amended merger agreement with Bleichroeder Acquisition Corp. II includes a $250M convertible bond. Watch for shareholder vote and redemption rates. High redemptions could signal lack of confidence in the SPAC structure.
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June 29, 2026. Sole proposal is auditor ratification. With no director elections, this is a low-event meeting, but any last-minute proxy proposals could signal shareholder activism.
Filing Analyses
(32)
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ending September 30, 2018, reporting 82 equity holdings with a total market value of approximately $199.2 million. The portfolio is diversified across sectors with top holdings including Invesco QQQ Trust ($20.1M), Apple ($4.5M), and Technology Select Sector SPDR ($4.5M). The filing reflects a conservative, income-oriented strategy with significant exposure to utilities, consumer staples, and large-cap technology.
- · The largest single holding is Invesco QQQ Trust at $20,065,320 (108,000 shares), representing about 10% of the portfolio.
- · Top 10 holdings by value: Invesco QQQ Trust ($20.1M), Apple ($4.5M), Technology Select Sector SPDR ($4.5M), UnitedHealth Group ($4.5M), Thermo Fisher Scientific ($4.1M), Visa ($5.3M), JP Morgan Chase ($3.6M), Lockheed Martin ($3.5M), Johnson & Johnson ($3.5M), Union Pacific ($3.4M).
- · The portfolio includes 15 ETFs/SPDRs, indicating significant use of passive investment vehicles.
- · Sector exposure includes technology (QQQ, XLK, IYW), utilities (IDU, Duke, Vectren), financials (XLF, KRE, JPM, PNC, USB, WFC), and consumer staples (KO, PEP, PG, K, YUM).
- · No period-over-period comparisons are available as this is a single-period filing.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended December 31, 2016, reporting a total of 82 equity holdings with an aggregate market value of approximately $178.6 million. The portfolio is diversified across sectors, with top holdings including SPDR Trust ($23.0M), PowerShares QQQ ($14.6M), and UnitedHealth Group ($3.7M). No period-over-period comparisons are available as this is a single-period filing.
- · The filing was signed by Jena B. Stone, Vice President, Accounting & Finance, on May 27, 2026.
- · All 82 positions are held with sole voting and dispositive power; no shared or non-dispositive holdings are reported.
- · The largest single equity position is SPDR Trust (SPY) with 103,000 shares valued at $23,023,590.
- · The second largest position is PowerShares QQQ Trust with 123,000 shares valued at $14,573,040.
- · Other significant positions include UnitedHealth Group (23,000 shares, $3,680,920), Chevron (30,000 shares, $3,531,000), and Visa (40,000 shares, $3,120,800).
- · The portfolio includes sector-specific ETFs such as Technology Select Sector SPDR (50,000 shares, $2,418,000) and Financial Select Sector SPDR (50,000 shares, $1,162,500).
- · The filing covers the period ended December 31, 2016, but was submitted on May 27, 2026, indicating a significant delay in reporting.
27-05-2026
Bleichroeder Acquisition Corp. II and Pasqal Holding SAS have amended their merger agreement, increasing the subscription price for convertible bonds by $50.0 million to $250.0 million, and added a new purchaser advised by Inflection Point Asset Management LLC. The amendment also restructures the transaction by substituting a new merger sub and updating related provisions. The parties have filed a registration statement on Form F-4 with the SEC in connection with the business combination.
- · The Amendment and Assignment Agreement was entered into on May 26, 2026, and assigns Parent Merger Sub's rights and obligations under the Merger Agreement to New Merger Sub.
- · The SPA Amendment was entered into on May 23, 2026, and joins a new accredited investor advised by Inflection Point as an additional Purchaser.
- · The joint press release was issued on May 26, 2026, announcing the public filing of the Form F-4 registration statement.
- · Bleichroeder's Class A ordinary shares, warrants, and units are listed on Nasdaq under symbols BBCQ, BBCQW, and BBCQU, respectively.
27-05-2026
Immunic appointed Erik Lundgren as CEO effective June 1, 2026, succeeding Daniel Vitt who remains on the Board and retains scientific strategy responsibilities. Lundgren brings deep MS commercial expertise from Genentech/Roche, including helping launch Ocrevus, to lead Immunic toward commercialization of vidofludimus calcium. The company is preparing for a pivotal Phase 3 RMS data readout by year-end 2026 and potential NDA filing, but remains a pre-revenue late-stage biotech with inherent regulatory and financial risks.
- · Erik Lundgren holds a BA from Duke University and an MBA from Harvard Business School.
- · He most recently served as SVP Commercial Portfolio Organization at Genentech, overseeing all therapeutic area commercial strategies.
- · He previously served as General Manager of Roche Czech Republic and Lifecycle Leader for Huntington's disease at Roche.
- · Lundgren's initial equity option is for 1,000,000 shares under the 2026 Inducement Equity Compensation Plan, vesting 25% on the one-year anniversary of May 22, 2026 and the remainder monthly over 36 months.
- · The company's pipeline also includes IMU-856 and IMU-381 for neurodegenerative, chronic inflammatory, and autoimmune diseases.
- · The filing includes forward-looking statement cautionary language referencing risk factors in the 2025 10-K filed February 26, 2026.
27-05-2026
Synopsys appointed Jesse Cohn, a Managing Partner at Elliott Investment Management, to its Board of Directors as an independent director effective June 1, 2026, expanding the board to 11 members. The appointment follows a cooperation agreement with Elliott that includes customary standstill, voting, and confidentiality commitments. Cohn will also join the Corporate Governance and Nominating Committee.
- · Cohn is a Managing Partner at Elliott and has served as an independent director of Citrix Systems, eBay, and Twitter.
- · He is a member of the advisory board at the Harvard Law School Program on Corporate Governance.
- · Prior to Elliott, Cohn was an Analyst in M&A at Morgan Stanley.
- · He earned a B.S. in Economics from Wharton, summa cum laude.
- · The cooperation agreement will be filed separately on Form 8-K.
27-05-2026
Apple Hospitality REIT held its 2025 Annual Meeting on May 22, 2026, where shareholders elected all eight director nominees, ratified KPMG LLP as independent auditor for 2026, and approved executive compensation in a non-binding advisory vote. The Board also extended the existing share repurchase program through July 2027, authorizing up to $242.5 million in common share repurchases. While all proposals passed, director Howard E. Woolley received a notable 11.3 million withhold votes (6.2% of votes cast), indicating some shareholder dissent.
- · All eight director nominees were elected with substantial majorities; the highest vote total was Carolyn B. Handlon with 180,820,187 for votes.
- · The ratification of KPMG LLP as independent auditor passed with 199,438,485 for votes and only 2,704,182 against.
- · The advisory vote on executive compensation passed with 175,328,993 for, 5,940,374 against, and 730,287 abstentions.
- · The share repurchase program extension was approved by the Board on May 22, 2026, and extends through July 2027.
- · Repurchases under the program may be made in open market, through 10b5-1 plans, or privately negotiated transactions.
27-05-2026
Salesforce reported record Q1 FY27 results with revenue of $11.1B (up 13% YoY), GAAP EPS of $2.42 (up 52% YoY), and non-GAAP EPS of $3.88 (up 50% YoY). Agentforce and Data 360 ARR reached nearly $3.4B (up over 200% YoY). However, operating cash flow growth slowed to 3% YoY, and Q2 FY27 revenue guidance of $11.27B-$11.35B implies a deceleration to 10-11% YoY growth. The company also raised full-year FY27 revenue guidance to $45.9B-$46.2B.
- · GAAP operating margin of 21.1% and non-GAAP operating margin of 34.8% in Q1 FY27.
- · Returned $27.5B to shareholders in Q1, including $27.1B in share repurchases and $365M in dividends.
- · Entered into $25B ASR with upfront delivery of 103M shares (approx. 80% of total expected).
- · Bookings from Agentforce One Edition and Agentforce for Apps grew nearly 60% YoY.
- · More than 50% of Agentforce and Data 360 bookings came from existing customers in Q1.
- · Data 360 ingested 52 trillion records in Q1, up 136% YoY, including 35 trillion via Zero Copy (up 277% YoY).
- · Processed nearly 1 trillion API calls across Core products in Q1.
- · Public Sector Industry Cloud ARR surpasses $2B, up 23% YoY, with Public Sector AWUs up nearly 400% QoQ.
- · Full year FY27 GAAP operating margin guidance updated to 20.6%, non-GAAP operating margin maintained at 34.3%.
- · Full year FY27 operating cash flow growth guidance updated to approx. 4-5% YoY due to $25B debt issuance for ASR.
- · Q2 FY27 revenue guidance implies deceleration to 10-11% YoY growth from Q1's 13%.
- · Full year FY27 subscription & support revenue growth guidance maintained at slightly under 12% YoY.
27-05-2026
Synopsys reported Q2 FY2026 revenue of $2.276B, up 41.9% YoY from $1.604B, driven by the Ansys acquisition and strong business performance. However, GAAP net income plunged to $17.1M ($0.09 EPS) from $349.2M ($2.24 EPS) a year ago, due to large amortization, stock-based compensation, and restructuring charges. Non-GAAP EPS fell to $3.35 from $3.67, reflecting dilution from the Ansys deal. The company raised full-year revenue guidance to $9.665B at the midpoint and non-GAAP EPS to $14.76, citing cost discipline and synergies, while planning an Investor Day on September 30, 2026.
- · GAAP expenses for Q2 FY2026 included $403.6M amortization of acquired intangibles, $222.3M stock-based compensation, $115.9M restructuring charges, and $23.6M acquisition/divestiture related items.
- · Non-GAAP effective tax rate was 18.0% for both Q2 FY2026 and the six-month period.
- · FY2026 revenue guidance includes $2.96B of expected Ansys revenue and reflects a $110M impact from divested Optical Solutions Group and PowerArtist RTL, plus $40M from the expected Processor IP Solutions divestiture.
- · Q3 FY2026 revenue guidance range: $2.410B to $2.460B; non-GAAP EPS range: $3.63 to $3.69.
- · Full-year FY2026 GAAP EPS guidance: $2.49 to $2.91; non-GAAP EPS guidance: $14.72 to $14.80.
- · The company expects to file its Q2 FY2026 Form 10-Q on or before June 9, 2026.
- · Diluted share count increased from 156.1M in Q2 FY2025 to 192.1M in Q2 FY2026, reflecting the Ansys acquisition.
27-05-2026
Synopsys reported Q2 FY2026 revenue of $2.276B, up 41.9% YoY, driven by strong growth in time-based products (+14.2%) and a surge in maintenance and service revenue (+195.6%). However, operating income plummeted 68.0% to $120.4M due to a large increase in amortization of acquired intangibles and $115.9M in restructuring charges, and net income attributable to Synopsys fell 95.0% to $17.1M. The company also completed a $2.0B private placement of common stock and repurchased $262.5M in treasury stock during the quarter.
- · Pro forma total revenue for Q2 FY2025 was $2.158B and pro forma net income was $18.6M, indicating the reported Q2 FY2025 figures were significantly impacted by acquisition-related accounting.
- · Amortization of acquired intangible assets in cost of revenue surged to $248.4M in Q2 FY2026 from $7.7M in Q2 FY2025, a 3,142% increase.
- · Restructuring charges of $115.9M were recorded in Q2 FY2026 (none in Q2 FY2025).
- · Total debt decreased from $13.484B at October 31, 2025 to $10.036B at April 30, 2026, primarily due to $3.462B in debt repayment.
- · Goodwill decreased slightly to $26.854B from $26.899B, and intangible assets net decreased to $11.875B from $12.680B.
- · Deferred revenue increased to $2.809B from $2.629B at year-end.
- · The company had current assets held for sale of $48.2M and current liabilities held for sale of $27.9M at April 30, 2026.
- · Net cash used in financing activities was $1.864B in H1 FY2026 vs. $9.955B provided in H1 FY2025, reflecting the prior year's large debt issuance.
27-05-2026
Radian Group Inc. stockholders approved the 2026 Equity Compensation Plan on May 21, 2026, and the Compensation Committee granted annual long-term incentive awards (2026 LTI Awards) to named executive officers, comprising performance-based BV RSUs and time-based RSUs. The company also approved new executive severance agreements for several officers, with modified definitions of 'Good Reason' and equity vesting provisions, while noting the retirement of Senior EVP Eric Ray. No financial performance metrics were disclosed in this filing.
- · The 2026 Equity Compensation Plan was approved by stockholders on May 21, 2026.
- · BV RSUs vest on May 25, 2029, with performance measured by cumulative growth in LTI Book Value per Share over a three-year period, adjusted by a Relative TSR Modifier.
- · Maximum BV RSU payout is 200% of target; threshold performance (≤20% growth) yields 0% payout.
- · Relative TSR Modifier can increase payout by +25% (≥90th percentile) or decrease by -25% (≤10th percentile), but if Company Absolute TSR is negative, modifier cannot exceed 'no modifier'.
- · Time-Based RSUs vest in three equal annual installments on May 25, 2027, 2028, and 2029.
- · New executive severance agreements were approved for Ms. Bartholomew and Messrs. Keleher, Kobell, and Watson; amended agreements for Ms. Dickerson and Messrs. Hoffman and Quigley.
- · Eric Ray (Chief Digital Officer) previously announced his intention to retire.
- · A new CEO will be appointed effective August 13, 2026; the current CEO is subject to an employment agreement.
27-05-2026
NCS Multistage Holdings, Inc. held its 2026 Annual Meeting on May 27, 2026, with 84.9% of eligible votes cast. Stockholders elected two Class III directors (John Deane and W. Matt Ralls), ratified Grant Thornton LLP as independent auditor for 2026, and approved advisory say-on-pay compensation. All proposals passed with strong support, though director John Deane received a relatively lower 'for' vote percentage (92.7%) compared to W. Matt Ralls (95.7%).
- · John Deane received 1,800,311 votes 'for' and 142,468 'withheld' (92.7% for).
- · W. Matt Ralls received 1,858,268 votes 'for' and 84,511 'withheld' (95.7% for).
- · Ratification of Grant Thornton LLP passed with 2,226,925 'for', 849 'against', and 933 abstentions.
- · Advisory say-on-pay passed with 1,938,033 'for', 3,111 'against', and 1,635 abstentions.
- · Broker non-votes totaled 285,928 for director election and say-on-pay proposals.
27-05-2026
Planet Labs PBC filed its definitive proxy statement (DEF 14A) for the 2026 Annual Meeting of Stockholders to be held virtually on July 9, 2026. The meeting will consider the re-election of three Class II directors (Vijaya Gadde, General John W. Raymond, and Scott Reese), ratification of KPMG LLP as independent auditor for fiscal year ending January 31, 2027, and a non-binding advisory vote on named executive officer compensation. As of the record date (May 15, 2026), the company had 332,899,400 shares of Class A common stock and 23,493,796 shares of Class B common stock outstanding.
- · The annual meeting will be held virtually at www.virtualshareholdermeeting.com/PL2026.
- · The record date for voting is May 15, 2026.
- · The proxy materials are available at http://www.proxyvote.com and investors.planet.com.
- · The board recommends voting FOR all three proposals.
27-05-2026
Immunocore Holdings plc held its 2026 Annual General Meeting on May 27, 2026, where all ten resolutions were passed. While most resolutions received overwhelming support (e.g., re-appointment of directors Siddharth Kaul and William Pao with over 99% for votes), the advisory vote on named executive officer compensation and the re-appointment of director Kristine Peterson each saw significant opposition, with approximately 22.5% of votes cast against. The directors' remuneration report also faced notable dissent, with 22.8% against.
- · The AGM was held on May 27, 2026, and all ten resolutions were passed.
- · Resolution 9 (directors' remuneration report) had the highest number of abstentions at 85,575 votes.
- · Resolution 5 (ratification of Deloitte as U.S. auditor) had the highest support percentage, with only 984 votes against.
- · Resolution 10 (political donations authorization) had the lowest number of against votes at 82,113.
- · The proxy statement was filed on April 16, 2026.
27-05-2026
Murphy USA Inc. announced the issuance of $500,000,000 aggregate principal amount of 5.875% Senior Notes due 2034 by its subsidiary Murphy Oil USA, with Murphy USA and other guarantors providing guarantees. The notes bear interest at 5.875% per annum, mature on June 1, 2034, and include customary covenants and redemption provisions. The offering was conducted under Rule 144A and Regulation S, and the notes are not registered under the Securities Act.
- · Interest on the 2034 Notes is payable semi-annually on June 1 and December 1, beginning December 1, 2026.
- · The notes may be redeemed at any time on or after June 1, 2029 at specified redemption prices, or prior to that date at a 'make whole' redemption price.
- · Up to 40% of the notes can be redeemed with net cash proceeds from certain equity offerings before June 1, 2029, provided at least 60% remains outstanding and redemption occurs within 90 days of the equity offering.
- · Most restrictive covenants will be suspended if the notes receive investment grade ratings from any two of S&P, Moody's, and Fitch, and no default is continuing.
- · The notes were sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and are not registered under the Securities Act.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ending September 30, 2016, reporting a portfolio of 82 equity holdings with a total market value of approximately $179.3 million. The filing shows a diversified portfolio weighted toward large-cap U.S. equities and ETFs, with top holdings including SPDR S&P 500 ETF ($23.1M), PowerShares QQQ Trust ($15.4M), and Visa Inc. ($3.8M). No period-over-period comparisons are available as this is a single-period filing.
- · The portfolio includes 82 equity positions with a total market value of $179,323,163 as of September 30, 2016.
- · The top 10 holdings by market value are: SPDR S&P 500 ETF ($23.1M), PowerShares QQQ Trust ($15.4M), Visa Inc. ($3.8M), Johnson & Johnson ($3.5M), UnitedHealth Group ($3.2M), Chevron Corp ($3.1M), AutoZone Inc ($3.1M), Procter & Gamble ($2.9M), Churchill Downs Inc ($2.9M), and Lockheed Martin Corp ($2.7M).
- · The portfolio is heavily weighted toward ETFs, with the two largest positions (SPY and QQQ) representing 21.5% of total value.
- · All holdings are listed with sole voting and investment authority, indicating direct control over all positions.
- · The filing was signed by Jena B. Stone, Vice President, Accounting & Finance, on May 27, 2026, for the period ended September 30, 2016.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended March 31, 2017, reporting a total portfolio value of approximately $191.5 million across 83 equity holdings. The largest positions include SPDR Trust ($23.6M), PowerShares QQQ ($16.3M), and UnitedHealth Group ($3.8M). The filing reflects a diversified portfolio with significant exposure to large-cap U.S. equities and sector ETFs.
- · The filing was signed by Jena B. Stone, Vice President, Accounting & Finance, on May 27, 2026.
- · All 83 positions are held with sole voting and dispositive power; no shared or non-dispositive holdings are reported.
- · The portfolio includes 11 sector/regional ETFs, with the largest ETF position being SPDR Trust at $23.6M.
- · Notable holdings include Apple ($2.9M), Microsoft ($1.6M), and Amazon (not listed).
- · The filing covers the quarter ended March 31, 2017, but was submitted on May 27, 2026, indicating a significant delay.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended December 31, 2018, reporting total holdings of approximately $204.5 million across 84 equity positions. The portfolio is heavily weighted toward large-cap U.S. equities and ETFs, with top holdings including SPDR S&P 500 ETF ($27.0M), Invesco QQQ Trust ($19.0M), and individual names such as Boeing ($3.9M), UnitedHealth Group ($4.2M), and Visa ($4.6M). The filing reflects a diversified, income-oriented strategy with significant exposure to technology, financials, and consumer staples.
- · The filing was submitted on May 27, 2026, covering the period ended December 31, 2018, indicating a significant delay in reporting.
- · All 84 positions are held with sole voting and dispositive power; no shared or non-dispositive holdings are reported.
- · The largest single equity holding is Visa Inc. at $4.6M (35,000 shares), followed by UnitedHealth Group at $4.2M (17,000 shares) and Boeing at $3.9M (12,000 shares).
- · ETF holdings are substantial: SPDR S&P 500 ETF ($27.0M), Invesco QQQ Trust ($19.0M), and Vanguard FTSE Developed Markets ETF ($2.8M).
- · The portfolio includes a mix of growth (Apple, Amazon, Microsoft) and defensive (Procter & Gamble, Coca-Cola, Duke Energy) names.
- · No period-over-period comparisons are available as this is a single-period filing.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ending June 30, 2018, reporting total holdings of approximately $214.7 million across 82 equity positions. The portfolio is heavily weighted toward large-cap U.S. equities and ETFs, with top holdings including SPDR Trust ($27.1M), Invesco QQQ Trust ($21.1M), and Technology Select Sector SPDR ($4.2M). The filing reflects a diversified, income-oriented strategy with significant exposure to technology, financials, and utilities, but no period-over-period comparison is available as this is a snapshot filing.
- · The filing was signed by Jena B. Stone, Vice President, Accounting & Finance, on May 27, 2026.
- · All 82 positions are held with sole voting and dispositive power; no shared or no-power holdings are reported.
- · The portfolio includes 10 ETFs/trusts, representing a significant allocation to passive strategies.
- · Notable holdings include Apple Inc ($3.7M), Boeing ($4.0M), Chevron ($3.2M), and UnitedHealth Group ($4.2M).
- · International exposure is limited to ADRs (Alibaba) and foreign-domiciled stocks (Medtronic, Willis Towers Watson).
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ending June 30, 2016, reporting a total portfolio value of approximately $182.8 million across 84 equity holdings. The largest positions include SPDR Trust ($24.1M), PowerShares QQQ ($14.0M), and Johnson & Johnson ($3.6M), with a diversified mix of large-cap U.S. stocks and ETFs. No period-over-period comparisons are available as this is a single filing.
- · The filing was signed by Jena B. Stone, Vice President, Accounting & Finance, on May 27, 2026.
- · All 84 holdings are listed with sole voting and dispositive power, indicating direct control over all positions.
- · The portfolio includes a mix of common stocks and ETFs, with significant exposure to technology (Apple, Microsoft, Facebook), healthcare (Johnson & Johnson, Merck, Amgen), and consumer staples (Procter & Gamble, Coca-Cola, PepsiCo).
- · Notable smaller positions include Valeant Pharmaceuticals ($161,120) and Tableau Software ($489,200).
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its Form 13F-HR for the quarter ended March 31, 2018, reporting total holdings of approximately $209.7 million across 82 equity positions. The portfolio is heavily weighted toward large-cap U.S. equities and ETFs, with top holdings including SPDR S&P 500 ETF ($26.3M), Invesco QQQ Trust ($19.7M), and UnitedHealth Group ($4.3M). No period-over-period comparisons are available as this is a single-period filing.
- · The filing covers the quarter ended March 31, 2018, and was submitted on May 27, 2026.
- · The largest single holding is SPDR S&P 500 ETF Trust (100,000 shares, $26.3M), followed by Invesco QQQ Trust (123,000 shares, $19.7M).
- · Other significant positions include UnitedHealth Group (20,000 shares, $4.3M), Boeing (14,000 shares, $4.6M), and Lockheed Martin (11,114 shares, $3.8M).
- · The portfolio includes sector-specific ETFs: Technology Select Sector SPDR ($3.9M), Financial Select Sector SPDR ($2.2M), and Energy Select Sector SPDR ($1.3M).
- · International exposure is provided via Vanguard FTSE Developed Markets ETF ($3.3M), Vanguard FTSE Emerging Markets ETF ($2.6M), and Vanguard FTSE Europe ETF ($2.3M).
- · Valvoline Inc is listed with zero shares and zero value, likely a residual or eliminated position.
- · All 82 positions are held with sole voting and dispositive power; no shared or non-dispositive authority is reported.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the quarter ended March 31, 2016, reporting a total portfolio value of approximately $179.5 million across 84 holdings. The largest positions include SPDR Trust ($22.6M), PowerShares QQQ ($14.2M), and Visa Inc. ($3.6M). The filing reflects a diversified equity portfolio with a focus on large-cap U.S. stocks.
- · The filing is for the quarter ended March 31, 2016, filed on May 27, 2026.
- · The portfolio consists of 84 holdings with a total value of $179,509,911.
- · Top holdings by value: SPDR Trust ($22,607,200), PowerShares QQQ ($14,196,000), Visa Inc. ($3,594,560), Nike Inc. ($3,073,500), Lowe's Cos Inc ($3,030,000), Home Depot ($3,068,890), Johnson & Johnson ($3,246,000), UnitedHealth Group ($2,964,700), Churchill Downs Inc ($2,957,600), Apple Inc ($2,833,740).
- · The portfolio includes a mix of common stocks and ETFs, with no options or other derivatives reported.
- · All holdings are listed as sole voting and dispositive power.
27-05-2026
Richmond Mutual Bancorporation, Inc. (RMBI) held its Annual Meeting on May 27, 2026, where stockholders approved all five proposals, including the merger with Farmers Bancorp (Frankfort, Indiana) and the issuance of shares. The merger proposal received overwhelming support with 6,608,986 votes for and only 106,010 against, while the advisory vote on executive compensation also passed with 6,161,703 votes for. However, director Kathryn Girten received a notable 863,988 withheld votes (12.9% of votes cast), indicating some shareholder dissent.
- · The merger agreement was dated November 11, 2025.
- · The record date for voting was March 23, 2026.
- · Broker non-votes totaled 1,668,371 on all proposals except the auditor ratification (which had no broker non-votes).
- · The adjournment proposal was approved but not needed as the merger proposal passed.
- · The annual meeting was held on May 27, 2026.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended September 30, 2017, reporting a diversified equity portfolio of 81 holdings valued at approximately $199.3 million. The largest positions include SPDR Trust ($25.1M), PowerShares QQQ ($17.9M), and UnitedHealth Group ($3.9M). The filing reflects a conservative, income-oriented strategy with significant exposure to large-cap U.S. equities and sector ETFs.
- · The filing is for the period ended September 30, 2017, but was filed on May 27, 2026.
- · The portfolio includes 81 equity positions with a total market value of $199,302,914.
- · Top holdings by value: SPDR Trust ($25.1M, 100,000 shares), PowerShares QQQ ($17.9M, 123,000 shares), UnitedHealth Group ($3.9M, 20,000 shares), Visa Inc. ($3.7M, 35,000 shares), Boeing ($3.6M, 14,000 shares).
- · The portfolio has significant sector ETF exposure: Technology Select Sector SPDR ($3.5M), Financial Select Sector SPDR ($1.6M), Energy Select Sector SPDR ($1.4M), Materials Select Sector SPDR ($1.5M), SPDR S&P Regional Banking ETF ($2.0M), SPDR S&P 500 Oil & Gas Exp ($0.9M).
- · International exposure via Vanguard FTSE Dev Mkts ETF ($2.4M), Vanguard FTSE Emerging Mkts ETF ($2.0M), and Vanguard FTSE Europe ETF ($2.3M).
- · The filer is a mutual insurance company based in Louisville, Kentucky.
- · No period-over-period comparisons are available as this is a single-period filing.
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended December 31, 2017, reporting a total portfolio value of approximately $209.0 million across 79 equity holdings. The filing shows a diversified portfolio with top holdings in SPDR Trust (10.0% of portfolio), PowerShares QQQ (9.2%), and Technology Select Sector SPDR (1.8%). The portfolio is heavily weighted toward U.S. large-cap equities and ETFs, with no prior-period comparison available in this filing.
- · Top 5 holdings by value: SPDR Trust ($26.7M), PowerShares QQQ ($19.2M), Technology Select Sector SPDR ($3.8M), Visa Inc ($4.0M), UnitedHealth Group ($4.4M).
- · Largest single equity position: UnitedHealth Group at $4.4M (20,000 shares).
- · Portfolio includes 10 ETFs/ETPs totaling approximately $47.6M (22.8% of portfolio).
- · No options or convertible securities reported; all positions are common stock or ETF shares.
- · Filing is for period ended December 31, 2017, but submitted on May 27, 2026 (over 8 years late).
27-05-2026
Kentucky Farm Bureau Mutual Insurance Co filed its 13F-HR for the period ended June 30, 2017, reporting a total portfolio value of approximately $195.6 million across 82 equity holdings. The largest positions include SPDR Trust ($24.2M), PowerShares QQQ ($16.9M), and UnitedHealth Group ($4.3M), indicating a diversified portfolio with significant exposure to large-cap U.S. equities and sector ETFs. No prior period comparison is available in this filing, so performance trends cannot be assessed.
- · Top 5 holdings by value: SPDR Trust ($24.2M), PowerShares QQQ ($16.9M), Technology Select Sector SPDR ($3.3M), UnitedHealth Group ($4.3M), Visa Inc ($3.8M).
- · Largest single equity position: UnitedHealth Group Inc with 23,000 shares valued at $4,264,660.
- · Portfolio includes 82 positions with no single stock exceeding 2.2% of total value, indicating broad diversification.
- · Sector ETFs (Technology, Financial, Energy, Materials, Utilities, Realty) collectively represent a significant allocation.
- · No prior period comparison data is available in this filing.
27-05-2026
Maui Land & Pineapple Company held its 2026 annual meeting on May 27, 2026. Stockholders elected seven director nominees, approved executive compensation on an advisory basis, and ratified Accuity LLP as independent auditor for fiscal year 2026. All proposals passed with strong support, though there were notable withhold votes for some directors.
- · Director John Sabin received the most votes for (14,905,935) and fewest withheld (33,469).
- · Director A. Catherine Ngo had the highest withheld votes (1,213,590) among nominees.
- · Proposal 2 (say-on-pay) had 14,604,008 for, 372,648 against, and 24,032 abstentions.
- · Proposal 3 (auditor ratification) passed with 18,261,724 for, 22,681 against, and 5,783 abstentions.
- · Broker non-votes were 3,289,500 for Proposals 1 and 2, and 0 for Proposal 3.
27-05-2026
Genco Shipping & Trading Ltd filed an amended solicitation/recommendation statement (SC 14D9/A) on May 27, 2026, in connection with a tender offer. The filing includes forward-looking statements regarding dividend payments, which are subject to various factors including credit agreement limitations, Marshall Islands law, and Board discretion. The company also reminds shareholders of its definitive proxy statement for the 2026 Annual Meeting and encourages voting using the WHITE proxy card.
- · The filing is an amendment (SC 14D9/A) to a prior Schedule 14D-9 solicitation/recommendation statement.
- · Dividend payments depend on credit agreement restrictions, Marshall Islands law, and quarterly Board review of financial performance and market developments.
- · The company has filed a definitive proxy statement for the 2026 Annual Meeting and is soliciting proxies via a WHITE proxy card.
- · Shareholders can obtain free copies of SEC filings from www.sec.gov or the company's investor relations website.
27-05-2026
Estrella Immunopharma, Inc. filed a definitive proxy statement (DEF 14A) for its Combined 2025/2026 Annual Meeting of Stockholders to be held virtually on June 29, 2026. The sole proposal is to ratify the appointment of Macias Gini & O’Connell LLP as the independent registered public accounting firm for fiscal year ending December 31, 2026. No directors are being elected as there are no Class I directors on the board.
- · The annual meeting will be held virtually on June 29, 2026 at 10:00 a.m. Eastern Time.
- · Record date for voting is May 20, 2026.
- · Proxy materials are being distributed on or about May 27, 2026.
- · Stockholders may vote by mail, Internet, telephone, or live during the virtual meeting.
- · The meeting serves as the annual meeting for both fiscal year 2025 and fiscal year 2026.
- · No Class I directors are on the board, so no director elections are scheduled.
27-05-2026
Genco Shipping & Trading Ltd filed an additional proxy statement (DEFA14A) on May 27, 2026, in connection with its 2026 Annual Meeting of Shareholders and in response to Diana Shipping Inc.'s unsolicited tender offer. The filing reiterates that dividend payments are subject to Board discretion, credit agreement limitations, Marshall Islands law, and other factors, and that the amount of dividends actually paid may vary. The Company has filed a Schedule 14D-9 solicitation/recommendation statement and a definitive proxy statement on Schedule 14A with a WHITE proxy card, and strongly encourages shareholders to read these documents.
- · The filing is in response to Diana Shipping Inc.'s unsolicited tender offer.
- · The Company has filed a Schedule 14D-9 solicitation/recommendation statement with the SEC.
- · The definitive proxy statement on Schedule 14A was filed on May 7, 2026.
- · Participants in the proxy solicitation include independent directors and executive officers.
- · Dividend payments are subject to Board discretion, credit agreement limitations, Marshall Islands law, and other factors.
- · The Company disclaims any obligation to update forward-looking statements except as required by federal securities laws.
27-05-2026
Diana Shipping Inc. increased its all-cash tender offer to acquire all outstanding shares of Genco Shipping & Trading Ltd to $24.80 per share (from $23.50) and extended the expiration date to June 26, 2026. The increased offer represents a 39% premium to Genco's undisturbed closing price and is fully financed with $1.433 billion in committed financing. However, as of May 27, 2026, only 38 shares (less than 1% of outstanding) had been validly tendered, indicating very low shareholder acceptance to date.
- · The tender offer was originally scheduled to expire June 2, 2026, now extended to June 26, 2026.
- · Diana has nominated six independent director candidates for Genco's 2026 Annual Meeting on June 18, 2026.
- · If Diana's nominees are elected, Diana would be open to further extending the tender offer to allow new directors to engage.
- · Diana's offer is fully financed with no financing condition.
- · Genco's share price could decline to approximately $18.00 per share if the offer is not completed and the stock reverts to historical trading levels.
- · The offer price will be reduced by the amount of any cash dividend or distribution declared by Genco with a record date prior to Diana's purchase of shares.
- · Diana has delivered a draft merger agreement to Genco's Board that it believes can be finalized in a matter of days.
27-05-2026
Snowflake reported strong Q1 FY2027 results with product revenue of $1.33B (+34% YoY) and total revenue of $1.39B (+33% YoY), driven by AI tailwinds and strong customer growth. However, GAAP operating loss widened to $326.2M (23.4% margin) from improved non-GAAP operating income of $165.8M (11.9% margin). The company raised full-year product revenue guidance to $5.84B (31% YoY growth, up from prior 27%), but Q2 guidance implies a deceleration to 30% YoY growth.
- · Net revenue retention rate was 126%.
- · Forbes Global 2000 customers reached 813.
- · Accounts using Snowflake Intelligence more than doubled quarter-over-quarter.
- · Cortex Code is in use across over 7,100 accounts.
- · Snowflake delivered over 20% more product capabilities than a year ago.
- · Signed a definitive agreement to acquire Natoma in May 2026.
- · Expanded AWS collaboration with a new $6 billion multi-year agreement.
- · Deepened partnership with OpenAI for co-innovation and joint go-to-market.
- · SAP partnership capabilities reached general availability.
- · GAAP operating loss was $326.2M (23.4% margin), while non-GAAP operating income was $165.8M (11.9% margin).
- · Full-year non-GAAP operating margin guidance raised to 13.5% from 12.5%.
- · Full-year non-GAAP adjusted free cash flow margin guidance of 23.0%.
- · Q2 FY2027 product revenue guidance implies 30% YoY growth, a deceleration from Q1's 34%.
- · Non-GAAP product gross margin guidance for full year is 75.0%.
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