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S&P 500 Technology Sector SEC Filings — August 27, 2026

USA S&P 500 Technology

By Gunpowder Editorial ·

13 high priority 3 medium priority 16 total filings analysed

Executive Summary

The 16 filings from S&P 500 Technology constituents reveal a sector bifurcated between strong top-line growth and cautious insider sentiment. Revenue growth is robust, led by Marvell Technology (+37% YoY) and CrowdStrike (+25.8% YoY), while Salesforce (+10.8% YoY) and Autodesk (+16% YoY) show solid subscription-driven expansion.

However, profitability trends are mixed: Salesforce's net income surged 86.9% YoY on investment gains, but its operating income was flat, and Marvell's non-GAAP gross margin is guiding lower sequentially. A striking pattern is the wave of insider selling: 8 separate Form 4 filings show executives and directors selling stock, including the CEO of Arista Networks ($1.94M), CFO of Applied Materials ($3.59M), and CFO of AMD ($1.82M), all under 10b5-1 plans, signaling that management is taking profits at current elevated valuations. Capital allocation is aggressive, with Salesforce repurchasing $27.4B in stock (halving equity) and CrowdStrike spending $881M on acquisitions. Forward-looking data is bullish: Marvell raised its FY2027 and FY2028 revenue outlook, and Autodesk raised its full-year billings guidance, but margin dilution from M&A is a recurring concern. The sector themes point to AI-driven demand as the primary growth engine, with data center revenues surging, but rising debt costs and margin compression from acquisition integration are key risks.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-Q · 8-K · Form 4

Tracking the trend? Catch up on the prior S&P 500 Technology Sector SEC Filings digest from August 19, 2026.

Investment Signals (12)

  • Marvell Technology ↓ (BULLISH)
    ▲

    Record Q2 revenue of $2.739B (+37% YoY), Data Center portfolio up 46% YoY, raised FY2027 and FY2028 revenue outlook, Q3 guidance of $3.15B (+15% QoQ)

  • CrowdStrike ↓ (BULLISH)
    ▲

    Net income turned positive at $5.3M vs -$70.2M YoY, revenue grew 25.8% YoY to $1.47B, operating loss improved from -$105.5M to -$33.2M YoY

  • Autodesk ↓ (BULLISH)
    ▲

    Revenue grew 16% YoY to $2.046B, raised full-year billings and revenue guidance, Design segment up 16% and Make segment up 26% YoY

  • Salesforce ↓ (BULLISH)
    ▲

    Net income surged 86.9% YoY to $3.526B on $2.613B investment gains, subscription revenue grew 11.7% YoY to $10.82B, aggressive buyback of $27.4B in H1

  • Arista Networks ↓ (BEARISH)
    ▲

    CEO and Chairperson Ullal Jayshree sold 10,128 shares at ~$191.99, total proceeds ~$1.94M, reducing holdings significantly

  • Applied Materials ↓ (BEARISH)
    ▲

    CFO Hill Brice sold 7,500 shares at $479.25 (~$3.59M), largest insider sale in the group by value

  • Advanced Micro Devices ↓ (BEARISH)
    ▲

    EVP, CFO and Treasurer Hu Jean X. sold 3,831 shares at ~$474.43, total proceeds ~$1.82M, 8 transactions reported

  • Palo Alto Networks ↓ (BEARISH)
    ▲

    Chief Accounting Officer Paul Josh D. sold 900 shares at $353.77 (~$318K), insider selling at elevated price levels

  • Analog Devices ↓ (BEARISH)
    ▲

    EVP and CFO Puccio Richard C Jr sold 2,683 shares at $374.56 (~$1M), top finance executive reducing stake

  • CrowdStrike ↓ (BEARISH)
    ▲

    CEO Kurtz George sold 2,801 shares at ~$185, total proceeds ~$529K, despite positive earnings turnaround

  • Apple Inc. ↓ (BEARISH)
    ▲

    SVP, GC and Secretary Newstead Jennifer sold 1,439 shares at $310.95 (~$447K), insider selling at near all-time highs

  • Cadence Design Systems ↓ (BEARISH)
    ▲

    Two insiders (Sr. VP Scannell and Director Sangiovanni) sold combined 660 shares for ~$217K, small but consistent insider selling pattern

Risk Flags (8)

Opportunities (8)

  • Marvell Technology/Data Center Growth↓ (OPPORTUNITY)
    ◆

    Record Q2 revenue driven by 46% Data Center growth, raised FY2027 and FY2028 outlook, Q3 guidance implies 15% sequential growth, positioning as key AI beneficiary

  • CrowdStrike/Turnaround Play↓ (OPPORTUNITY)
    ◆

    Net income swing from -$70.2M to +$5.3M YoY, revenue growth 25.8%, cash flow from operations doubled to $1.12B in H1, valuation may discount improving fundamentals

  • Autodesk/Subscription Momentum↓ (OPPORTUNITY)
    ◆

    Design (+16% YoY) and Make (+26% YoY) segments driving 16% total revenue growth, raised full-year guidance, AECO product family up 17%

  • Salesforce/Shareholder Returns↓ (OPPORTUNITY)
    ◆

    $27.4B in buybacks in H1 significantly reduced share count, net income up 86.9% YoY, subscription growth 11.7% provides cash flow for continued returns

  • Applied Materials/Board Expertise↓ (OPPORTUNITY)
    ◆

    Appointment of Qualcomm CFO/COO Akash Palkhiwala brings deep semiconductor financial and operational expertise, potentially improving capital allocation

  • Analog Devices/Insider Sale Context↓ (OPPORTUNITY)
    ◆

    CFO sale of $1M at $374.56 is modest relative to holdings (54,177 shares remaining), may not signal fundamental concern, could be portfolio rebalancing

  • Palo Alto Networks/Insider Sale Context↓ (OPPORTUNITY)
    ◆

    CAO sold only 900 shares ($318K) out of 73,354 held (1.2% of holdings), minimal signal, stock may still have upside

  • Apple Inc./Insider Sale Context↓ (OPPORTUNITY)
    ◆

    SVP sold 1,439 shares ($447K) out of 37,229 held (3.9%), typical 10b5-1 plan, not a strong bearish signal

Sector Themes (6)

  • AI-Driven Revenue Growth
    ◆

    Marvell (+37% YoY, Data Center +46%) and CrowdStrike (+25.8% YoY) lead growth, while Salesforce (+10.8%) and Autodesk (+16%) show steady subscription expansion, all benefiting from AI and cloud adoption

  • Insider Selling Wave
    ◆

    8 of 16 filings (50%) involve insider selling, with total proceeds exceeding $10M from CFOs and CEOs, indicating management is locking in gains at elevated valuations across the sector

  • M&A and Integration Costs
    ◆

    CrowdStrike ($881.4M acquisitions, goodwill up 65%) and Autodesk (MaintainX acquisition diluting margins) show active M&A, but integration costs are compressing margins and creating near-term earnings headwinds

  • Aggressive Capital Allocation
    ◆

    Salesforce repurchased $27.4B in H1 (35% of equity), CrowdStrike spent $175.6M on buybacks, and Marvell raised guidance, showing a mix of shareholder returns and reinvestment

  • Margin Divergence
    ◆

    While top-line growth is strong, margins are under pressure: Marvell's non-GAAP gross margin declining sequentially, Salesforce's operating income flat, and Autodesk's margin guidance unchanged despite revenue raise

  • Leverage and Balance Sheet Risk
    ◆

    Salesforce's interest expense surged 606% YoY to $473M and equity dropped 35%, while CrowdStrike's goodwill ballooned, signaling increased financial risk from aggressive buybacks and M&A

Watch List (8)

  • Marvell Technology↓
    👁

    Q3 FY2027 earnings call (expected Nov-Dec 2026) to see if 57.5%-58.5% non-GAAP gross margin holds and if Data Center growth sustains 46%+ YoY

  • CrowdStrike↓
    👁

    Next earnings call to monitor operating income path to profitability and integration of $881.4M acquisitions, watch for further insider selling by CEO

  • Salesforce↓
    👁

    Q3 FY26 earnings call to see if interest expense continues to rise and if buyback pace slows, watch for debt rating changes given equity erosion

  • Autodesk↓
    👁

    Full-year FY27 guidance update to see if MaintainX acquisition integration completes and non-GAAP margins expand, watch for billings growth sustainability

  • Applied Materials↓
    👁

    Board effectiveness of new director Akash Palkhiwala, monitor for any strategic shifts in capital allocation or M&A

  • Lam Research↓
    👁

    Board retirements effective Nov 2, 2026, watch for new director appointments and any strategic changes from reduced board size

  • Arista Networks↓
    👁

    CEO Ullal sold 10,128 shares at $191.99, watch for further insider sales and Q3 earnings for data center networking demand trends

  • AMD
    👁

    CFO Hu Jean X. sold $1.82M, watch for additional insider sales and next earnings for AI GPU demand updates

Filing Analyses (16)
Salesforce, Inc. 10-Q mixed materiality 9/10

27-08-2026

Salesforce reported strong Q2 FY26 results with total revenues of $11.345B, up 10.8% YoY, driven by subscription and support revenue growth of 11.7% to $10.820B. Net income surged 86.9% to $3.526B, largely due to $2.613B in gains on strategic investments, compared to just $6M in the prior year. However, professional services revenue declined 3.8% YoY to $525M, and the company's operating income was essentially flat at $2.331B, while interest expense ballooned from $67M to $473M due to higher debt levels. The company also repurchased $27.366B in stock during the first half of FY26, significantly reducing shares outstanding.

  • · Total current assets decreased from $28.222B to $22.083B, primarily due to a drop in accounts receivable from $14.339B to $6.320B.
  • · Goodwill increased from $57.941B to $59.250B, indicating acquisitions during the period.
  • · Stockholders' equity fell from $59.142B to $38.378B, driven by $27.366B in share repurchases and $374M in dividends.
  • · Noncurrent debt surged from $10.439B to $39.288B, while current debt was reduced to zero from $4.000B.
  • · Restructuring expenses increased from $4M to $94M in Q2, and from $40M to $174M in the first half.
  • · Stock-based compensation for the six months ended July 31, 2026 was $1.767B ($859M + $908M), up from $1.613B in the prior year period.
CrowdStrike Holdings, Inc. 10-Q mixed materiality 8/10

27-08-2026

CrowdStrike reported a net income of $5.3M for Q2 FY27, a significant turnaround from a net loss of $70.2M in Q2 FY26, driven by 25.8% total revenue growth to $1.47B. However, the company remained unprofitable on an operating basis, with a loss from operations of $33.2M, though this improved from a $105.5M loss a year ago. Cash flow from operations more than doubled to $1.12B in the first half, but the company also spent $881.4M on acquisitions and $175.6M on share repurchases.

  • · Goodwill increased to $2.25B from $1.36B, reflecting acquisition activity.
  • · Intangible assets, net rose to $273.2M from $136.7M.
  • · Deferred revenue (current and noncurrent) totaled $4.84B, up from $4.75B at year-end.
  • · Stock-based compensation expense was $674.6M for H1 FY27, up from $527.3M in H1 FY26.
  • · The company repurchased 1.92 million shares for $175.6M in H1 FY27.
  • · Cash used in investing activities was $1.15B, primarily for acquisitions and capex.
  • · Interest income declined to $43.9M in Q2 FY27 from $50.9M in Q2 FY26.
Marvell Technology, Inc. 8-K positive materiality 9/10

27-08-2026

Marvell Technology reported record Q2 FY2027 revenue of $2.739 billion, up 37% year-over-year, driven by 46% growth in its Data Center portfolio. GAAP net income was $308.0 million ($0.33 per diluted share), while non-GAAP net income was $865.9 million ($0.94 per diluted share). The company raised its revenue outlook for both FY2027 and FY2028 and guided Q3 FY2027 revenue to $3.150 billion, but GAAP gross margin remained relatively flat at 53.1% and non-GAAP gross margin declined sequentially from 58.9% to a guided 57.5%-58.5%.

  • · Q2 FY2027 GAAP diluted EPS was $0.33; non-GAAP diluted EPS was $0.94.
  • · Q3 FY2027 GAAP diluted EPS guidance is $0.53 +/- $0.05; non-GAAP diluted EPS guidance is $1.10 +/- $0.05.
  • · GAAP gross margin guidance for Q3 FY2027 is 52.9% to 53.9%; non-GAAP gross margin guidance is 57.5% to 58.5%.
  • · The company issued Series A Convertible Preferred Stock on March 31, 2026, requiring EPS calculation under the two-class method.
  • · Conference call replay available until September 3, 2026, passcode 13762036.
Autodesk, Inc. 8-K mixed materiality 8/10

27-08-2026

Autodesk reported strong Q2 FY27 results with revenue growing 16% YoY to $2.046B, driven by Design (+16%) and Make (+26%) segments, while Other revenue declined 3%. The company raised its full-year billings and revenue guidance, reflecting higher underlying growth and the MaintainX acquisition, but kept non-GAAP margin guidance unchanged due to dilution from the acquisition. Free cash flow guidance was narrowed to $2.725B-$2.750B, including ~$45M in transaction expenses.

  • · Design revenue grew 16% YoY to $1.708B, Make revenue grew 26% to $244M, but Other revenue declined 3% to $94M.
  • · AECO product family revenue grew 17% YoY to $1.029B, AutoCAD and AutoCAD LT grew 14% to $500M, MFG grew 15% to $385M, M&E grew 15% to $92M, and Other product family grew 29% to $40M.
  • · Americas revenue grew 14% to $898M, EMEA grew 19% to $804M (13% constant currency), APAC grew 14% to $344M.
  • · GAAP operating margin improved 4 ppt to 29%, non-GAAP operating margin improved 2 ppt to 41%.
  • · Cash and cash equivalents more than doubled from $2.249B (Jan 31, 2026) to $4.098B (Jul 31, 2026), while short-term debt of $994M and current portion of long-term notes payable of $499M were added.
  • · Deferred revenue grew 11% YoY to $4.258B, but unbilled deferred revenue declined 8% to $3.175B due to reduced multi-year discounts.
  • · RPO grew only 2% YoY to $7.433B, while current RPO grew 12% to $5.245B.
  • · Full-year FY27 guidance: revenue $8.295B-$8.345B, billings $8.575B-$8.650B, GAAP operating margin 25%-27%, non-GAAP operating margin ~39%, GAAP EPS $7.89-$8.72, non-GAAP EPS $12.52-$12.60, free cash flow $2.725B-$2.750B.
  • · Q3 FY27 guidance: revenue $2.125B-$2.140B, GAAP EPS $1.57-$1.87, non-GAAP EPS $3.04-$3.09.
APPLIED MATERIALS INC /DE 8-K neutral materiality 3/10

27-08-2026

Applied Materials appointed Akash Palkhiwala, CFO and COO of Qualcomm, to its board of directors and its Audit Committee, effective August 27, 2026. The appointment brings extensive financial and operational leadership from the semiconductor industry. No financial metrics or performance data were disclosed in this filing.

  • · Akash Palkhiwala has served as Qualcomm's CFO since 2019 and COO since 2024.
  • · He has been appointed to the board's Audit Committee.
  • · He holds an undergraduate degree in mechanical engineering from L.D. College of Engineering in India and an MBA from the University of Maryland.
  • · Previously, he was a private equity analyst at KeyBank.
Palo Alto Networks Inc 4 negative materiality 4/10

27-08-2026

Chief Accounting Officer Paul Josh D. sold 900 Common Stock at $353.77 (~$318K). Paul Josh D. holds 73,354 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chief Accounting Officer Paul Josh D. sold 900 Common Stock at $353.77 (~$318K)
ANALOG DEVICES INC 4 negative materiality 4/10

27-08-2026

EVP and CFO Puccio Richard C Jr sold 2,683 Comm Stock - $.16-2/3 value at $374.56 (~$1M). Puccio Richard C Jr holds 54,177.376 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP and CFO Puccio Richard C Jr sold 2,683 Comm Stock - $.16-2/3 value at $374.56 (~$1M)
CrowdStrike Holdings, Inc. 4 negative materiality 5/10

27-08-2026

PRESIDENT AND CEO Kurtz George sold 2,801 Class A common stock at $188.87 (~$529K). 21 transactions reported in total. Kurtz George holds 7,876,019 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · PRESIDENT AND CEO Kurtz George sold 480 Class A common stock at $182.91 (~$87.8K)
  • · PRESIDENT AND CEO Kurtz George sold 800 Class A common stock at $184.04 (~$147K)
  • · PRESIDENT AND CEO Kurtz George sold 2,351 Class A common stock at $185.05 (~$435K)
  • · PRESIDENT AND CEO Kurtz George sold 929 Class A common stock at $185.71 (~$173K)
  • · PRESIDENT AND CEO Kurtz George sold 800 Class A common stock at $186.75 (~$149K)
  • · PRESIDENT AND CEO Kurtz George sold 1,644 Class A common stock at $188.05 (~$309K)
  • · PRESIDENT AND CEO Kurtz George sold 716 Class A common stock at $188.83 (~$135K)
  • · PRESIDENT AND CEO Kurtz George sold 600 Class A common stock at $190.03 (~$114K)
ADVANCED MICRO DEVICES INC 4 negative materiality 6/10

27-08-2026

EVP, CFO and Treasurer Hu Jean X. sold 3,831 Common Stock at $474.43 (~$1.82M). 8 transactions reported in total. Hu Jean X. holds 160,979 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP, CFO and Treasurer Hu Jean X. sold 900 Common Stock at $470.13 (~$423K)
  • · EVP, CFO and Treasurer Hu Jean X. sold 800 Common Stock at $471.14 (~$377K)
  • · EVP, CFO and Treasurer Hu Jean X. sold 2,513 Common Stock at $472.39 (~$1.19M)
  • · EVP, CFO and Treasurer Hu Jean X. sold 2,327 Common Stock at $473.43 (~$1.1M)
  • · EVP, CFO and Treasurer Hu Jean X. sold 3,831 Common Stock at $474.43 (~$1.82M)
  • · EVP, CFO and Treasurer Hu Jean X. sold 1,429 Common Stock at $475.70 (~$680K)
  • · EVP, CFO and Treasurer Hu Jean X. sold 3,100 Common Stock at $476.53 (~$1.48M)
  • · EVP, CFO and Treasurer Hu Jean X. sold 100 Common Stock at $477.84 (~$47.8K)
APPLIED MATERIALS INC /DE 4 negative materiality 5/10

27-08-2026

SVP, CFO Hill Brice sold 7,500 Common Stock at $479.25 (~$3.59M). Hill Brice holds 128,613 shares after the transaction.

  • · SVP, CFO Hill Brice sold 7,500 Common Stock at $479.25 (~$3.59M)
LAM RESEARCH CORP 8-K neutral materiality 3/10

27-08-2026

Lam Research Corp announced the retirement of two long-serving board members, Sohail U. Ahmed and Michael R. Cannon, effective November 2, 2026. The board size will be reduced from 12 to 10 directors upon their departure. The retirements are part of normal succession planning and do not involve any financial metrics or performance changes.

  • · Mr. Ahmed served on the board for approximately 7 years, including 2 years on the audit committee, 2 years on the compensation and human resources committee, and 2 years on the innovation and technology committee.
  • · Mr. Cannon served on the board for approximately 16 years, including 12 years on the audit committee, 4 years on the compensation and human resources committee, and 15 years on the nominating and governance committee (including 7 years as chair).
  • · The retirements are effective November 2, 2026.
CADENCE DESIGN SYSTEMS INC 4 negative materiality 2/10

27-08-2026

Sr. Vice President Scannell Paul sold 280 Common Stock at $339.00 (~$94.9K). Scannell Paul holds 31,720 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Sr. Vice President Scannell Paul sold 280 Common Stock at $339.00 (~$94.9K)
CADENCE DESIGN SYSTEMS INC 4 negative materiality 3/10

27-08-2026

Director SANGIOVANNI VINCENTELLI ALBERTO sold 380 Common Stock at $321.16 (~$122K). 5 transactions reported in total. SANGIOVANNI VINCENTELLI ALBERTO holds 40,794 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Director SANGIOVANNI VINCENTELLI ALBERTO sold 280 Common Stock at $318.33 (~$89.1K)
  • · Director SANGIOVANNI VINCENTELLI ALBERTO sold 240 Common Stock at $319.31 (~$76.6K)
  • · Director SANGIOVANNI VINCENTELLI ALBERTO sold 380 Common Stock at $321.16 (~$122K)
  • · Director SANGIOVANNI VINCENTELLI ALBERTO sold 309 Common Stock at $323.54 (~$100K)
  • · Director SANGIOVANNI VINCENTELLI ALBERTO sold 41 Common Stock at $324.66 (~$13.3K)
CADENCE DESIGN SYSTEMS INC 4 neutral materiality 4/10

27-08-2026

Sr. Vice President Cunningham Paul gifted 1,000 Common Stock. Cunningham Paul holds 123,586 shares after the transaction.

  • · Sr. Vice President Cunningham Paul gifted 1,000 Common Stock
Apple Inc. 4 negative materiality 3/10

27-08-2026

SVP, GC and Secretary Newstead Jennifer sold 1,439 Common Stock at $310.95 (~$447K). Newstead Jennifer holds 37,229 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · SVP, GC and Secretary Newstead Jennifer sold 1,439 Common Stock at $310.95 (~$447K)
Arista Networks, Inc. 4 negative materiality 8/10

27-08-2026

CEO and Chairperson Ullal Jayshree sold 10,128 Common Stock at $191.99 (~$1.94M). Ullal Jayshree holds 9,917 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · CEO and Chairperson Ullal Jayshree sold 3,281 Common Stock at $191.10 (~$627K)
  • · CEO and Chairperson Ullal Jayshree sold 10,128 Common Stock at $191.99 (~$1.94M)
  • · CEO and Chairperson Ullal Jayshree sold 400 Common Stock at $192.64 (~$77.1K)

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