Arista Networks insider activity
What the executives and directors of Arista Networks actually did with their own shares, decoded from their SEC Form 4 filings. Each figure says the stretch of time it covers.
The tape: three years of insider trades
Every marker sits at the price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the grey strip is the routine flow (grants, vestings, tax withholding and gifts) that a headline gets wrong by counting it as selling. The share count changed 4-for-1 on Nov 18, 2021 and 4-for-1 on Dec 6, 2024, so prices and share counts reported before then are restated to today's basis here; otherwise the tape would show a step the shares never took.
The 204 routine events on the chart, as a list
| Date | Insider | Shares |
|---|---|---|
| Aug 20, 2026 | TEMPLETON MARK B | 538 |
| Aug 20, 2026 | CHEW LEWIS | 538 |
| Aug 20, 2026 | Giancarlo Charles H | 538 |
| Aug 20, 2026 | Scheinman Daniel | 538 |
| Aug 20, 2026 | Duda Kenneth | 64K |
| Aug 20, 2026 | Ullal Jayshree | 42K |
| Aug 20, 2026 | Wassenaar Yvonne | 538 |
| Aug 20, 2026 | Battles Kelly Bodnar | 538 |
| Aug 20, 2026 | Breithaupt Chantelle Yvette | 18K |
| Aug 20, 2026 | Nightingale Todd | 190K |
| Aug 20, 2026 | Lavender Robert G | 538 |
| Jul 20, 2026 | Duda Kenneth | 17K |
| Jun 22, 2026 | Duda Kenneth | 17K |
| Jun 4, 2026 | BECHTOLSHEIM ANDREAS | 158K |
| May 20, 2026 | Duda Kenneth | 79K |
| May 20, 2026 | TEMPLETON MARK B | 971 |
| May 20, 2026 | CHEW LEWIS | 971 |
| May 20, 2026 | Giancarlo Charles H | 971 |
| May 20, 2026 | Scheinman Daniel | 971 |
| May 20, 2026 | Ullal Jayshree | 42K |
| May 20, 2026 | Wassenaar Yvonne | 971 |
| May 20, 2026 | Battles Kelly Bodnar | 971 |
| May 20, 2026 | Breithaupt Chantelle Yvette | 18K |
| May 20, 2026 | Lavender Robert G | 807 |
| Apr 17, 2026 | Duda Kenneth | 32K |
| Mar 17, 2026 | Duda Kenneth | 32K |
| Feb 20, 2026 | Duda Kenneth | 196K |
| Feb 20, 2026 | TEMPLETON MARK B | 971 |
| Feb 20, 2026 | CHEW LEWIS | 971 |
| Feb 20, 2026 | Giancarlo Charles H | 971 |
| Feb 20, 2026 | Scheinman Daniel | 971 |
| Feb 20, 2026 | Ullal Jayshree | 336K |
| Feb 20, 2026 | Wassenaar Yvonne | 971 |
| Feb 20, 2026 | Battles Kelly Bodnar | 971 |
| Feb 20, 2026 | Breithaupt Chantelle Yvette | 63K |
| Feb 20, 2026 | Nightingale Todd | 15K |
| Feb 20, 2026 | Lavender Robert G | 808 |
| Jan 20, 2026 | Duda Kenneth | 30K |
| Dec 17, 2025 | Duda Kenneth | 30K |
| Nov 20, 2025 | Duda Kenneth | 83K |
| Nov 20, 2025 | TEMPLETON MARK B | 971 |
| Nov 20, 2025 | CHEW LEWIS | 971 |
| Nov 20, 2025 | Giancarlo Charles H | 971 |
| Nov 20, 2025 | Scheinman Daniel | 971 |
| Nov 20, 2025 | Ullal Jayshree | 72K |
| Nov 20, 2025 | Wassenaar Yvonne | 971 |
| Nov 20, 2025 | Battles Kelly Bodnar | 971 |
| Nov 20, 2025 | Breithaupt Chantelle Yvette | 16K |
| Nov 20, 2025 | Lavender Robert G | 807 |
| Nov 14, 2025 | Ullal Jayshree | 935K |
| Oct 17, 2025 | Duda Kenneth | 30K |
| Sep 17, 2025 | Duda Kenneth | 30K |
| Aug 20, 2025 | Duda Kenneth | 53K |
| Aug 20, 2025 | Wassenaar Yvonne | 1,971 |
| Aug 20, 2025 | TEMPLETON MARK B | 971 |
| Aug 20, 2025 | CHEW LEWIS | 971 |
| Aug 20, 2025 | Giancarlo Charles H | 971 |
| Aug 20, 2025 | Scheinman Daniel | 971 |
| Aug 20, 2025 | Ullal Jayshree | 72K |
| Aug 20, 2025 | Battles Kelly Bodnar | 971 |
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price. The share count changed 4-for-1 on Nov 18, 2021 and 4-for-1 on Dec 6, 2024, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Flow | Shares |
|---|---|
| From holdings | 6.8M |
| Vested / exercised | 1.2M |
| Other in | 880K |
| Withheld for tax | 373K |
| Planned sales (10b5-1) | 6.7M |
| Gifts | 935K |
| Other out | 941K |
Skin in the game
Directly held shares as reported after each trade, indexed to 100 at the start of the window, up to five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades. The share count changed 4-for-1 on Nov 18, 2021 and 4-for-1 on Dec 6, 2024, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Insider | Start of the window | Latest reported | Indexed, start = 100 |
|---|---|---|---|
| BECHTOLSHEIM ANDREAS | 326K | 0 | 0 |
| Duda Kenneth | 58K | 13K | 22.4 |
| Giancarlo Charles H | 195K | 1,509 | 0.8 |
| Scheinman Daniel | 150K | 159K | 106 |
Who holds what
the 14 largest holdings of 16| Insider | Role | Shares held | Buys 12 m | Sales 12 m | 12 m | Last trade |
|---|---|---|---|---|---|---|
| BECHTOLSHEIM ANDREAS Last trade Aug 27, 2026 | 10% owner | 181M | – | $520M | net selling over the year: 0 months buying, 4 months selling | Aug 27, 2026 |
| Ullal Jayshree CEO and Chairperson Last trade Aug 25, 2026 | CEO | 5.0M | – | $559M | net selling over the year: 0 months buying, 5 months selling | Aug 25, 2026 |
| Duda Kenneth President and CTO Last trade Aug 20, 2026 | Officer | 718K | – | $86M | net selling over the year: 0 months buying, 11 months selling | Aug 20, 2026 |
| Giancarlo Charles H Last trade Aug 3, 2026 | Director | 194K | – | $22M | net selling over the year: 0 months buying, 12 months selling | Aug 3, 2026 |
| Scheinman Daniel Last trade Jun 14, 2024 | Director | 159K | – | – | Jun 14, 2024 | |
| Nightingale Todd President and COO | COO | 123K | – | – | – | |
| TEMPLETON MARK B Last trade Sep 8, 2026 | Director | 76K | – | $986K | net selling over the year: 0 months buying, 1 month selling | Sep 8, 2026 |
| Sadana Anshul SVP, Chief Operating Officer Last trade Aug 1, 2023 | COO | 71K | – | – | Aug 1, 2023 | |
| Breithaupt Chantelle Yvette Senior Vice President, CFO Last trade Sep 1, 2026 | CFO | 70K | – | $1.9M | net selling over the year: 0 months buying, 3 months selling | Sep 1, 2026 |
| Taxay Marc SVP and General Counsel Last trade Mar 3, 2025 | Officer | 42K | – | – | Mar 3, 2025 | |
| Brennan Ita M Senior Vice President, CFO Last trade Dec 1, 2023 | CFO | 33K | – | – | Dec 1, 2023 | |
| CHEW LEWIS | Director | 32K | – | – | – | |
| McCool John F Chief Platform Officer Last trade Feb 26, 2025 | Officer | 14K | – | – | Feb 26, 2025 | |
| Battles Kelly Bodnar Last trade Aug 21, 2026 | Director | 11K | – | $244K | net selling over the year: 0 months buying, 4 months selling | Aug 21, 2026 |
Open-market trade log
the 60 most recent of 4,757| Date | Insider | Type | Shares | Price | Value | Since trade | Filed |
|---|---|---|---|---|---|---|---|
| Sep 8, 2026 | TEMPLETON MARK B (Director) 300 shares $199.32 −0.9% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 300 | $199.32 | $60K | −0.9% | Sep 10, 2026 |
| Sep 8, 2026 | TEMPLETON MARK B (Director) 700 shares $196.20 +0.6% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 700 | $196.20 | $137K | +0.6% | Sep 10, 2026 |
| Sep 8, 2026 | TEMPLETON MARK B (Director) 1,000 shares $197.46 +0.0% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 1,000 | $197.46 | $197K | +0.0% | Sep 10, 2026 |
| Sep 8, 2026 | TEMPLETON MARK B (Director) 1,300 shares $195.27 +1.1% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 1,300 | $195.27 | $254K | +1.1% | Sep 10, 2026 |
| Sep 8, 2026 | TEMPLETON MARK B (Director) 1,700 shares $198.44 −0.5% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 1,700 | $198.44 | $337K | −0.5% | Sep 10, 2026 |
| Sep 1, 2026 | Breithaupt Chantelle Yvette (CFO) 612 shares $195.77 +0.9% since trade filed Sep 3, 2026 | Planned sale (10b5-1) | 612 | $195.77 | $120K | +0.9% | Sep 3, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 5,646 shares $205.45 −3.9% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 5,646 | $205.45 | $1.2M | −3.9% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 15K shares $199.91 −1.2% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 15K | $199.91 | $3.0M | −1.2% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 21K shares $203.69 −3.1% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 21K | $203.69 | $4.2M | −3.1% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 50K shares $200.81 −1.7% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 50K | $200.81 | $10M | −1.7% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 65K shares $204.82 −3.6% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 65K | $204.82 | $13M | −3.6% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 70K shares $201.74 −2.1% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 70K | $201.74 | $14M | −2.1% | Aug 31, 2026 |
| Aug 27, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 74K shares $202.71 −2.6% since trade filed Aug 31, 2026 | Planned sale (10b5-1) | 74K | $202.71 | $15M | −2.6% | Aug 31, 2026 |
| Aug 25, 2026 | Ullal Jayshree (CEO) 400 shares $192.64 +2.5% since trade filed Aug 27, 2026 | Planned sale (10b5-1) | 400 | $192.64 | $77K | +2.5% | Aug 27, 2026 |
| Aug 25, 2026 | Ullal Jayshree (CEO) 3,281 shares $191.10 +3.3% since trade filed Aug 27, 2026 | Planned sale (10b5-1) | 3,281 | $191.10 | $627K | +3.3% | Aug 27, 2026 |
| Aug 25, 2026 | Ullal Jayshree (CEO) 10K shares $191.99 +2.9% since trade filed Aug 27, 2026 | Planned sale (10b5-1) | 10K | $191.99 | $1.9M | +2.9% | Aug 27, 2026 |
| Aug 21, 2026 | Battles Kelly Bodnar (Director) 35 shares $186.93 +5.6% since trade filed Aug 25, 2026 | Planned sale (10b5-1) | 35 | $186.93 | $7K | +5.6% | Aug 25, 2026 |
| Aug 21, 2026 | Battles Kelly Bodnar (Director) 40 shares $187.77 +5.2% since trade filed Aug 25, 2026 | Planned sale (10b5-1) | 40 | $187.77 | $8K | +5.2% | Aug 25, 2026 |
| Aug 21, 2026 | Battles Kelly Bodnar (Director) 64 shares $185.61 +6.4% since trade filed Aug 25, 2026 | Planned sale (10b5-1) | 64 | $185.61 | $12K | +6.4% | Aug 25, 2026 |
| Aug 21, 2026 | Battles Kelly Bodnar (Director) 70 shares $184.77 +6.9% since trade filed Aug 25, 2026 | Planned sale (10b5-1) | 70 | $184.77 | $13K | +6.9% | Aug 25, 2026 |
| Aug 21, 2026 | Battles Kelly Bodnar (Director) 213 shares $188.69 +4.7% since trade filed Aug 25, 2026 | Planned sale (10b5-1) | 213 | $188.69 | $40K | +4.7% | Aug 25, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 472 shares $186.97 +5.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 472 | $186.97 | $88K | +5.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 754 shares $186.97 +5.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 754 | $186.97 | $141K | +5.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 818 shares $186.97 +5.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 818 | $186.97 | $153K | +5.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 2,422 shares $184.33 +7.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 2,422 | $184.33 | $446K | +7.1% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 3,317 shares $185.18 +6.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 3,317 | $185.18 | $614K | +6.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 3,789 shares $186.13 +6.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 3,789 | $186.13 | $705K | +6.1% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 3,875 shares $184.33 +7.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 3,875 | $184.33 | $714K | +7.1% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 4,197 shares $184.33 +7.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 4,197 | $184.33 | $774K | +7.1% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 5,308 shares $185.18 +6.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 5,308 | $185.18 | $983K | +6.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 5,750 shares $185.18 +6.6% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 5,750 | $185.18 | $1.1M | +6.6% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 6,063 shares $186.13 +6.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 6,063 | $186.13 | $1.1M | +6.1% | Aug 24, 2026 |
| Aug 20, 2026 | Duda Kenneth (Officer) 6,568 shares $186.13 +6.1% since trade filed Aug 24, 2026 | Planned sale (10b5-1) | 6,568 | $186.13 | $1.2M | +6.1% | Aug 24, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 22 shares $211.37 −6.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 22 | $211.37 | $5K | −6.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 91 shares $209.15 −5.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 91 | $209.15 | $19K | −5.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 417 shares $211.37 −6.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 417 | $211.37 | $88K | −6.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 496 shares $210.97 −6.4% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 496 | $210.97 | $105K | −6.4% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 1,321 shares $208.29 −5.2% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 1,321 | $208.29 | $275K | −5.2% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 1,672 shares $209.15 −5.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 1,672 | $209.15 | $350K | −5.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 2,022 shares $211.37 −6.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 2,022 | $211.37 | $427K | −6.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 2,554 shares $207.43 −4.8% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 2,554 | $207.43 | $530K | −4.8% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 8,085 shares $209.15 −5.6% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 8,085 | $209.15 | $1.7M | −5.6% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 9,127 shares $210.97 −6.4% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 9,127 | $210.97 | $1.9M | −6.4% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 24K shares $208.29 −5.2% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 24K | $208.29 | $5.1M | −5.2% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 44K shares $210.97 −6.4% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 44K | $210.97 | $9.3M | −6.4% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 47K shares $207.43 −4.8% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 47K | $207.43 | $9.8M | −4.8% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 118K shares $208.29 −5.2% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 118K | $208.29 | $25M | −5.2% | Aug 14, 2026 |
| Aug 12, 2026 | Ullal Jayshree (CEO) 227K shares $207.43 −4.8% since trade filed Aug 14, 2026 | Planned sale (10b5-1) | 227K | $207.43 | $47M | −4.8% | Aug 14, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 1,073 shares $196.60 +0.4% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 1,073 | $196.60 | $211K | +0.4% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 2,015 shares $190.01 +3.9% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 2,015 | $190.01 | $383K | +3.9% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 2,792 shares $196.60 +0.4% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 2,792 | $196.60 | $549K | +0.4% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 3,185 shares $194.86 +1.3% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 3,185 | $194.86 | $621K | +1.3% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 4,443 shares $195.86 +0.8% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 4,443 | $195.86 | $870K | +0.8% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 4,983 shares $190.07 +3.9% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 4,983 | $190.07 | $947K | +3.9% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 5,534 shares $190.87 +3.5% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 5,534 | $190.87 | $1.1M | +3.5% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 8,162 shares $193.83 +1.9% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 8,162 | $193.83 | $1.6M | +1.9% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 8,321 shares $194.86 +1.3% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 8,321 | $194.86 | $1.6M | +1.3% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 12K shares $195.86 +0.8% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 12K | $195.86 | $2.3M | +0.8% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 15K shares $190.88 +3.5% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 15K | $190.88 | $2.9M | +3.5% | Aug 10, 2026 |
| Aug 6, 2026 | BECHTOLSHEIM ANDREAS (10% owner) 22K shares $193.83 +1.9% since trade filed Aug 10, 2026 | Planned sale (10b5-1) | 22K | $193.83 | $4.2M | +1.9% | Aug 10, 2026 |
“Since trade” compares with the latest insider-implied price, not a market quote: these pages are built from filings alone. A role here is the one on that day's Form 4, so somebody promoted since appears under both titles. The share count changed 4-for-1 on Nov 18, 2021 and 4-for-1 on Dec 6, 2024. This table prints prices and share counts as they were filed, on the basis of the day, while the charts above are on today's; “Since trade” puts the filed price on today's basis first, which is why it does not divide into the price beside it.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.