About Form 144 insider sales notices
Officers, directors, owners of more than 10% of a company and other affiliates hold “control” stock, and many employees hold “restricted” stock from grants or private placements. Rule 144 sets the conditions for selling those shares in the public market, and one of them is a public notice: Form 144. It is required when the planned sale is more than 5,000 shares or more than $50,000 within any three-month period.
Form 144 vs Form 4
Form 144 is filed before a sale and states an intention: how many shares, an approximate value, the broker and the approximate sale date. The filer may sell some, all or none of those shares. Form 4 is filed after an insider trades, usually within two business days, and reports what actually happened. Pairing the two shows which planned sales went through — see Insider Transactions or the insider’s own page, linked from the seller’s name.
Reading the table
Est. value is the aggregate market value the filer wrote on the notice. 10b5-1 marks sales made under a pre-arranged trading plan; most routine executive selling runs through these plans, so they usually say less about an insider’s current view than a discretionary sale. 144/A marks an amended notice. Role is the seller’s stated relationship to the company; affiliates, former insiders and family members appear too.
Frequently asked questions
What is a Form 144?
Form 144 is a notice filed with the SEC by an insider or affiliate who intends to sell restricted or control stock under Rule 144. It is required when the planned sale exceeds 5,000 shares or $50,000 in any three-month period. It announces an intention to sell, not a completed sale.
Does a Form 144 mean the insider sold the stock?
No. The filer may sell some, all or none of the shares, and the notice covers sales over roughly the following 90 days. Completed insider trades are reported on Form 4, usually within two business days of the trade.
What is the estimated value?
It is the aggregate market value the filer stated for the planned sale on the notice, not executed proceeds. When the stated value is inconsistent with the share count and the stock's price it is treated as a filing error and shown as a dash.
What does 10b5-1 mean?
A Rule 10b5-1 plan is a pre-arranged trading plan adopted in advance. Sales under a plan are scheduled ahead of time, so they usually say less about an insider's current view than a discretionary sale.
How often is this page updated?
New Form 144 notices are added each morning for the previous business day's filings.
For information only. A Form 144 notice is not a recommendation to buy or sell any security. See Terms.