Latest Insider Filings

This list shows transaction code P only, meaning an open-market purchase. That is the deliberate act: the insider decided to buy shares at the prevailing price with their own money. Most Form 4 traffic is not this. Codes A, M and F cover grants, option exercises and shares withheld to pay tax, all of which are compensation mechanics rather than a view on the price.

The filing date is when the form reached EDGAR, which is within two business days of the trade. Freshness matters more than it looks: the signal in insider buying decays quickly, and a purchase reported today is worth considerably more than the same purchase surfaced a week later.

Value is shares multiplied by the reported price per share. Where a filing reports a range of prices across several lots, the weighted figure the filer disclosed is used. Open any ticker to see the full filing history for that company, including the sales this list deliberately leaves out.

Section 16(a) of the Securities Exchange Act of 1934 requires every officer, director and beneficial owner of more than 10% of a class of registered equity to report their transactions in that company's stock. Until 2002 they had until the tenth day of the following month, which meant 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, and that single change is what makes this feed useful: what you are reading is, at worst, a few days behind the decision itself.

The form is short and almost entirely codes. Table I holds non-derivative transactions, one row per lot, each carrying a transaction code. P is an open-market purchase and S is an open-market sale. A is a grant or award, M is an option or warrant exercise, F is shares handed back to the company to cover withholding tax on vesting, G is a gift, and D is a disposition to the issuer. Only P involves the insider choosing to convert their own cash into their own company's shares at a price the market set, which is why it is the only code this page shows. Table II covers derivatives, where an option grant and its later exercise both appear and neither is a purchase in any meaningful sense.

Ownership form matters as much as size. 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 held indirectly through a fund is a portfolio allocation made by an investment professional. The same $5 million bought directly by a chief financial officer is a person putting a large share of their own net worth behind one quarter's outlook. The dollar figure alone will not separate those two, and the footnotes will.

A checked Rule 10b5-1 box changes the reading again. It says the trade was scheduled in advance under a written plan adopted at a time the insider was not in possession of material non-public information, and executed automatically when the plan's conditions were met. A pre-scheduled purchase carries no information about what the insider thinks today, because the person who chose it was the same person months earlier working from different facts. We flag these rather than hide them, and a plan trade is a reason to read a filing more carefully, not to treat it as a signal.

Finally, what a Form 4 never contains: a reason. There is no field for why, and no filer is obliged to explain. A director buying after a collapse in the share price may be signalling confidence, meeting a share ownership guideline the board imposed, or averaging into a position they have held for a decade. Reported prices can be weighted averages across a day of fills, and about three in five filings we receive are amendments or duplicates of an earlier submission, which is why this list is deduplicated before you see it. The value of the feed is in the pattern across many filings, not in the certainty of any one of them.