Methodology: How InsiderHound Reads SEC Form 4 Filings
All insider trades on InsiderHound come from Form 4 filings on SEC EDGAR, as filed by each insider. This page explains which filings and transactions we use, the dates we display and how we calculate every derived number.
1. Source data
- Primary source: Form 4 filings and Form 4/A amendments on SEC EDGAR.
- Who files: officers, directors and owners of more than 10% of a company’s registered shares must report most trades in that company’s stock, generally within two business days.
- What we don’t use: we do not copy data from other tracking websites, and we do not use rumors or social media.
2. Which transactions we count
| Code | Meaning | How we treat it |
|---|---|---|
| P | Purchase on an exchange or from another person | Counted as an insider buy |
| S | Sale on an exchange or to another person | Counted as an insider sale |
| F | Shares withheld to pay taxes or an exercise price | Shown separately, never as a sale |
| A | Grant or award from the company | Not a purchase |
| M, X, C | Exercise or conversion of options or other derivatives | Not a purchase; flagged as “Derivative” |
| G | Gift | Neither a purchase nor a sale |
Swipe the table to see all columns.
3. The two dates on every trade
| Date | Meaning |
|---|---|
| Traded | The day the shares changed hands, as reported in the filing. |
| Filed | The day SEC EDGAR received the Form 4. |
Each report says which of the two dates its list is based on. We flag a filing as late when it arrives more than two business days after the trade.
4. How we calculate
- Value = shares × price per share, as reported. When one filing reports several trades at different prices, we use the weighted average price the insider reports.
- Stake change = shares bought or sold ÷ shares the insider held before the trade, using the holdings reported in the filing.
- Cluster buy = two or more different insiders of the same company each buying shares (code P) within 7 calendar days of each other, by trade date.
- Missing values: “—” means the filing does not report the figure; “n/a” means it does not apply; 0 means the filing reports zero.
5. 10b5-1 trading plans
Since April 2023, Form 4 includes a checkbox the insider marks when a trade was made under a Rule 10b5-1 plan set up in advance. We show 10b5-1 plan only when that box is checked, and “Not reported” otherwise. We do not guess.
6. Amendments and filer errors
When an insider files a Form 4/A, we update the trade and mark it Amended, with the amendment date. Filings can also contain the filer’s own mistakes, such as a misplaced decimal. When a figure looks implausible, we check the footnotes and the company’s other filings and say so in the report if we cannot resolve it.
7. Update schedule
SEC EDGAR accepts filings from 6:00 a.m. to 10:00 p.m. Eastern Time on business days. We review new Form 4 filings every market day, and each report shows the date it was prepared.
8. Known limitations
Form 4 shows what an insider did, not why. Insiders sell for many personal reasons, such as taxes or diversification, and some transactions are reported later on Form 5. A purchase does not mean the stock will rise. More in our disclaimer.
9. Corrections
If you spot an error, please tell us. Our correction process is described in the editorial policy.