Insider filings
Officers, directors and anyone holding more than 10 % of a company must report trades in their own stock within two business days. Here is what those filings actually contain.
52,005 form lines in 25,387 filings from 3,685 companies, grouped into 34,148 transactions · trades Aug 9, 2026 to Nov 6, 2026 · filings through Nov 6, 2026 · source: SEC Form 4
Of 34,148 transactions in this window, 3,577 are purchases — somebody spending their own money — and 10,430 are sales. Purchases worth $675.1M were made in the company's own share offering — an IPO allocation, a public offering or a private placement — not on the open market. Sales worth $3.7B were made in an underwritten offering — a secondary offering, or existing shares sold in an IPO — not on the open market. 17,255 are pure compensation mechanics: awards, option exercises, and shares surrendered to pay tax on an award. The remaining 2,886 are spread over every other code the form has — conversions, exercises of derivative securities, gifts, dispositions back to the company, inheritances, tender offers, and transactions the form does not categorise. The table below lists each of them.
That is the single most useful thing to know about this data set. A headline that adds all of it into one „insider activity“ figure is measuring a payroll system. The full explanation.
Every transaction by code
The code is the first thing to read and the field most summaries drop. P is the only code that means somebody chose to own more; the three largest codes beside it — A, M and F — are compensation mechanics.
| Code | Name | What it means | Transactions | Share |
|---|---|---|---|---|
| S | Saleshares left their hands for money | shares left their hands for money | 10,430 | 30.5 % |
| A | Grant or awardthe company handed shares over as pay | the company handed shares over as pay | 7,192 | 21.1 % |
| M | Option exercisean option became shares | an option became shares | 4,760 | 13.9 % |
| F | Tax withholdingshares surrendered to cover tax on a grant | shares surrendered to cover tax on a grant | 5,303 | 15.5 % |
| P | Purchasesomebody spent their own money | somebody spent their own money | 3,577 | 10.5 % |
| J | Othereverything the form does not categorise | everything the form does not categorise | 835 | 2.4 % |
| D | Disposition to issuershares went back to the company | shares went back to the company | 753 | 2.2 % |
| G | Gifttransferred without consideration | transferred without consideration | 717 | 2.1 % |
| C | Conversionrare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 439 | 1.3 % |
| X | Option Exerciserare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 54 | 0.2 % |
| L | Small Acquisitionrare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 29 | 0.1 % |
| U | Tender Offerrare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 28 | 0.1 % |
| I | Discretionaryrare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 13 | 0.0 % |
| W | Inheritancerare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 9 | 0.0 % |
| Z | Voting Trustrare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 5 | 0.0 % |
| (no code)the filing left the field empty | the filing left the field empty | 3 | 0.0 % | |
| O | Option Exerciserare; see the SEC's table of transaction codes | rare; see the SEC's table of transaction codes | 1 | 0.0 % |
Percentages are of all 34,148 transactions in the window, and every code that occurs is listed — the last rows are rare ones. Codes with no transactions in this window are omitted. One transaction can be reported on several lines: a Form 4 lists each partial execution separately. The 52,005 form lines counted here, from 25,387 filings, became 34,148 transactions, and 6,310 of them were reported on more than one line.
Purchases against sales
Counted separately, because they are not comparable quantities.
- Open-market purchases (P)
- 3,455
- Open-market sales (S)
- 10,398
- Ratio
- 1 : 3.0
- Bought
- $4.9B
- Sold
- $31.8B
- Companies with a purchase
- 932
These counts are transactions, not form lines: 52,038 lines came in (from 25,408 filings), 21 report a transaction that another filing already reported and are counted once, 1 reported a price above $10,000 per share and 11 a price more than 50 times the median reported for the same company, and the remaining 52,005 group into 34,148 transactions. Purchases made in a company's own share offering ($675.1M) are not in the purchase figures above; the table by code counts them under P. Sales made in an underwritten offering ($3.7B) are not in the sales figures above; the table by code counts them under S. In money the distance is wider than in the count: sales pass through the compensation machinery of large employers, where one vesting event can outweigh a year of deliberate buying elsewhere, while one very large purchase can outweigh thousands of routine sales.
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