Latest insider filings

This list shows transaction code P only: a purchase, made on the open market or in a private deal. It is the code for a purchase the filer chose to make. Most Form 4 traffic is something else. Codes A, M and F cover grants, option exercises and shares withheld to pay tax, which are pay mechanics and say nothing about the price.

The date is when the form reached EDGAR, within two business days of the trade. Read it as the day the market could first see the purchase. The trade date is on the filing and can be a day or two earlier.

Value is the shares bought times the price the filer reported. When a filing covers several lots at different prices, the filer reports a weighted average, and that is the figure used. When the two fields cannot be a real trade (a debt principal entered as shares, or a total typed into the price box), the value is left blank rather than guessed. Open any ticker for the company's filing history, including the sales this list leaves out.

Section 16(a) of the Securities Exchange Act of 1934 makes every officer, director and owner of more than 10% of a class of registered equity report their trades in the company's stock. Until 2002 they had until the tenth day of the following month, so a purchase could be six weeks old before anyone outside the company saw it. The Sarbanes-Oxley Act cut the deadline to two business days. That is why a feed like this one is worth reading: what you see is at most a few days behind the trade.

The form is short and mostly codes. Table I holds non-derivative transactions, one row per lot, each with a transaction code. P is a purchase and S is a sale, on the open market or in a private deal. A is a grant or award, M is an option or warrant exercise, F is shares handed back to the company to cover tax on vesting, G is a gift and D is a disposition to the issuer. P is the code for a purchase the filer chose to make, at a price agreed at the time, which is why it is the only code this page shows. A P can sit in Table II when the security bought is a warrant or another derivative, so check the table and the security title. Table II also holds option grants and their later exercises, and neither of those is a purchase.

Who holds the shares matters as much as how many. A filing marks each holding as direct or indirect, and an indirect holding names the vehicle in a footnote: a family trust, a limited partnership, a spouse's account, a fund the filer manages. A $5 million purchase through a fund is an allocation made by an investment manager. The same $5 million bought directly by a chief financial officer is one person putting a large part of their own wealth behind the next quarter. The dollar figure cannot tell those apart. The footnotes can.

A checked Rule 10b5-1 box changes the reading again. It means the trade was scheduled in advance under a written plan, adopted when the insider did not have material non-public information, and carried out automatically when the plan's conditions were met. A pre-scheduled purchase says nothing about what the insider thinks today, because the decision was made months earlier on different facts. We label these trades instead of hiding them. Treat a plan trade as a reason to read the filing more carefully, not as a signal.

Finally, what a Form 4 never contains: a reason. There is no field for why, and no filer has to explain. A director buying after the share price collapses may be showing confidence, meeting a share ownership rule the board set, or adding to a position held for a decade. Reported prices can be weighted averages across a day of fills. About three in five filings we receive are amendments or duplicates of an earlier one, which is why this list is deduplicated before you see it. The useful part is the pattern across many filings, not certainty about any single one.