Lam Research insider activity
What the executives and directors of Lam Research actually did with their own shares, decoded from their SEC Form 4 filings. Each figure says the stretch of time it covers.
−$177M
net open-market flow, 12 m
0 open-market buys, 12 m
76.5%
of sale value on 10b5-1 plans, 12 m
531 days since an insider bought, whole record
The tape: three years of insider trades
Open-market buy
Discretionary sale
Planned sale (10b5-1)
Reported-price path
Routine
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 10-for-1 on Oct 3, 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 108 routine events on the chart, as a list
| Date | Insider | Shares |
|---|---|---|
| Sep 9, 2026 | ARCHER TIMOTHY | 30K |
| Sep 2, 2026 | Varadarajan Seshasayee | 40K |
| Aug 6, 2026 | ARCHER TIMOTHY | 30K |
| Aug 5, 2026 | Harter Ava | 5,790 |
| Jul 2, 2026 | ARCHER TIMOTHY | 30K |
| Apr 27, 2026 | Harter Ava | 6,010 |
| Mar 27, 2026 | Harter Ava | 3,199 |
| Mar 27, 2026 | Vahedi Vahid | 3,382 |
| Mar 10, 2026 | TALWALKAR ABHIJIT Y | 4,571 |
| Mar 4, 2026 | Bettinger Douglas R | 144K |
| Feb 27, 2026 | ARCHER TIMOTHY | 230K |
| Feb 27, 2026 | LORD PATRICK J | 40K |
| Feb 27, 2026 | Bettinger Douglas R | 61K |
| Feb 27, 2026 | Harter Ava | 9,094 |
| Feb 27, 2026 | Vahedi Vahid | 39K |
| Feb 27, 2026 | Varadarajan Seshasayee | 49K |
| Feb 27, 2026 | Fernandes Neil J | 25K |
| Feb 27, 2026 | Correia Christina | 36K |
| Feb 6, 2026 | DEVGAN ANIRUDH | 1,141 |
| Feb 4, 2026 | ARCHER TIMOTHY | 272K |
| Feb 3, 2026 | LORD PATRICK J | 63K |
| Feb 3, 2026 | Bettinger Douglas R | 77K |
| Feb 3, 2026 | Vahedi Vahid | 50K |
| Feb 3, 2026 | Varadarajan Seshasayee | 54K |
| Feb 3, 2026 | Fernandes Neil J | 22K |
| Feb 3, 2026 | Correia Christina | 9,045 |
| Dec 17, 2025 | ARCHER TIMOTHY | 113K |
| Nov 10, 2025 | Mayer Bethany | 3,244 |
| Nov 7, 2025 | Ahmed Sohail U | 7,535 |
| Nov 7, 2025 | BRANDT ERIC | 1,635 |
| Nov 7, 2025 | FIELDS MARK | 1,635 |
| Nov 7, 2025 | CANNON MICHAEL R | 1,635 |
| Nov 7, 2025 | TALWALKAR ABHIJIT Y | 1,635 |
| Nov 7, 2025 | Mayer Bethany | 1,635 |
| Nov 7, 2025 | Brennan Ita M | 1,635 |
| Nov 7, 2025 | Dineen John M. | 1,635 |
| Nov 7, 2025 | Mehra Jyoti | 1,635 |
| Nov 7, 2025 | Kang Ho Kyu | 1,635 |
| Oct 31, 2025 | Kang Ho Kyu | 664 |
| Oct 27, 2025 | Harter Ava | 6,010 |
| Aug 5, 2025 | Harter Ava | 5,270 |
| Mar 28, 2025 | ARCHER TIMOTHY | 8,111 |
| Mar 28, 2025 | Bettinger Douglas R | 2,186 |
| Feb 28, 2025 | LORD PATRICK J | 41K |
| Feb 28, 2025 | ARCHER TIMOTHY | 180K |
| Feb 28, 2025 | Bettinger Douglas R | 49K |
| Feb 28, 2025 | Harter Ava | 21K |
| Feb 28, 2025 | Vahedi Vahid | 34K |
| Feb 28, 2025 | Varadarajan Seshasayee | 46K |
| Feb 28, 2025 | Fernandes Neil J | 26K |
| Feb 28, 2025 | Correia Christina | 12K |
| Feb 20, 2025 | Varadarajan Seshasayee | 110K |
| Feb 5, 2025 | ARCHER TIMOTHY | 87K |
| Feb 4, 2025 | LORD PATRICK J | 17K |
| Feb 4, 2025 | Bettinger Douglas R | 22K |
| Feb 4, 2025 | Vahedi Vahid | 15K |
| Feb 4, 2025 | Varadarajan Seshasayee | 15K |
| Feb 4, 2025 | Fernandes Neil J | 4,805 |
| Feb 4, 2025 | Correia Christina | 2,881 |
| Nov 8, 2024 | Ahmed Sohail U | 10K |
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 10-for-1 on Oct 3, 2024, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Flow | Shares |
|---|---|
| From holdings | 36K |
| Granted | 134K |
| Vested / exercised | 945K |
| Withheld for tax | 379K |
| Planned sales (10b5-1) | 525K |
| Discretionary sales | 196K |
| Gifts | 16K |
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 10-for-1 on Oct 3, 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 |
|---|---|---|---|
| ARCHER TIMOTHY | 801K | 1.1M | 134.4 |
| Bettinger Douglas R | 754K | 1.1M | 143.4 |
| Vahedi Vahid | 196K | 277K | 141.3 |
| Varadarajan Seshasayee | 282K | 206K | 72.9 |
| BRANDT ERIC | 279K | 183K | 65.5 |
Who holds what
the 14 largest holdings of 23| Insider | Role | Shares held | Buys 12 m | Sales 12 m | 12 m | Last trade |
|---|---|---|---|---|---|---|
| ARCHER TIMOTHY President and CEO Last trade Sep 9, 2026 | CEO | 1.1M | – | $57M | net selling over the year: 0 months buying, 4 months selling | Sep 9, 2026 |
| Bettinger Douglas R Chief Financial Officer & EVP Last trade Mar 4, 2026 | CFO | 1.1M | – | $27M | net selling over the year: 0 months buying, 2 months selling | Mar 4, 2026 |
| Vahedi Vahid Senior Vice President Last trade Oct 13, 2025 | Officer | 277K | – | $7.2M | net selling over the year: 0 months buying, 1 month selling | Oct 13, 2025 |
| Varadarajan Seshasayee Senior Vice President Last trade Sep 2, 2026 | Officer | 206K | – | $17M | net selling over the year: 0 months buying, 1 month selling | Sep 2, 2026 |
| BRANDT ERIC Last trade Jun 12, 2026 | Director | 199K | – | $47M | net selling over the year: 0 months buying, 2 months selling | Jun 12, 2026 |
| CANNON MICHAEL R Last trade Nov 16, 2017 | Director | 191K | – | – | Nov 16, 2017 | |
| LORD PATRICK J Executive Vice President Last trade Apr 29, 2024 | Officer | 107K | – | – | Apr 29, 2024 | |
| TALWALKAR ABHIJIT Y Last trade Jul 13, 2026 | Director | 87K | – | $6.1M | net selling over the year: 0 months buying, 1 month selling | Jul 13, 2026 |
| Correia Christina CVP , Chief Accounting Officer Last trade Oct 1, 2024 | Officer | 64K | – | – | Oct 1, 2024 | |
| Fernandes Neil J Senior Vice President Last trade Jun 1, 2026 | Officer | 58K | – | $7.0M | net selling over the year: 0 months buying, 2 months selling | Jun 1, 2026 |
| Harter Ava Chief Legal Officer Last trade Aug 31, 2026 | Officer | 42K | – | $5.7M | net selling over the year: 0 months buying, 4 months selling | Aug 31, 2026 |
| Ahmed Sohail U Last trade Nov 9, 2022 | Director | 35K | – | – | Nov 9, 2022 | |
| Mayer Bethany Last trade Sep 9, 2026 | Director | 23K | – | $3.2M | net selling over the year: 0 months buying, 2 months selling | Sep 9, 2026 |
| Mehra Jyoti | Director | 18K | – | – | – |
Open-market trade log
the 60 most recent of 627| Date | Insider | Type | Shares | Price | Value | Since trade | Filed |
|---|---|---|---|---|---|---|---|
| Sep 9, 2026 | ARCHER TIMOTHY (CEO) 30K shares $319.26 −8.8% since trade filed Sep 10, 2026 | Planned sale (10b5-1) | 30K | $319.26 | $9.6M | −8.8% | Sep 10, 2026 |
| Sep 9, 2026 | Mayer Bethany (Director) 9,557 shares $314.74 −7.4% since trade filed Sep 10, 2026 | Discretionary sale | 9,557 | $314.74 | $3.0M | −7.4% | Sep 10, 2026 |
| Sep 2, 2026 | Varadarajan Seshasayee (Officer) 12K shares $291.32 +0.0% since trade filed Sep 3, 2026 | Planned sale (10b5-1) | 12K | $291.32 | $3.6M | +0.0% | Sep 3, 2026 |
| Sep 2, 2026 | Varadarajan Seshasayee (Officer) 20K shares $291.32 +0.0% since trade filed Sep 3, 2026 | Planned sale (10b5-1) | 20K | $291.32 | $5.8M | +0.0% | Sep 3, 2026 |
| Sep 2, 2026 | Varadarajan Seshasayee (Officer) 27K shares $291.32 +0.0% since trade filed Sep 3, 2026 | Planned sale (10b5-1) | 27K | $291.32 | $8.0M | +0.0% | Sep 3, 2026 |
| Aug 31, 2026 | Harter Ava (Officer) 5,000 shares $302.46 −3.7% since trade filed Sep 1, 2026 | Planned sale (10b5-1) | 5,000 | $302.46 | $1.5M | −3.7% | Sep 1, 2026 |
| Aug 6, 2026 | ARCHER TIMOTHY (CEO) 30K shares $300.00 −2.9% since trade filed Aug 7, 2026 | Planned sale (10b5-1) | 30K | $300.00 | $9.0M | −2.9% | Aug 7, 2026 |
| Jul 13, 2026 | TALWALKAR ABHIJIT Y (Director) 18K shares $335.00 −13.0% since trade filed Jul 14, 2026 | Planned sale (10b5-1) | 18K | $335.00 | $6.1M | −13.0% | Jul 14, 2026 |
| Jul 2, 2026 | ARCHER TIMOTHY (CEO) 30K shares $390.01 −25.3% since trade filed Jul 6, 2026 | Planned sale (10b5-1) | 30K | $390.01 | $12M | −25.3% | Jul 6, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 300 shares $355.71 −18.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 300 | $355.71 | $107K | −18.1% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 819 shares $361.21 −19.4% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 819 | $361.21 | $296K | −19.4% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 1,100 shares $357.98 −18.6% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,100 | $357.98 | $394K | −18.6% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 1,200 shares $365.16 −20.2% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,200 | $365.16 | $438K | −20.2% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 1,393 shares $357.24 −18.5% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,393 | $357.24 | $498K | −18.5% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 1,600 shares $373.09 −21.9% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,600 | $373.09 | $597K | −21.9% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 1,906 shares $360.15 −19.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,906 | $360.15 | $686K | −19.1% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 2,300 shares $364.41 −20.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 2,300 | $364.41 | $838K | −20.1% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 2,345 shares $363.33 −19.8% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 2,345 | $363.33 | $852K | −19.8% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 2,708 shares $362.40 −19.6% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 2,708 | $362.40 | $981K | −19.6% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 3,828 shares $359.08 −18.9% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 3,828 | $359.08 | $1.4M | −18.9% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 4,030 shares $368.03 −20.8% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 4,030 | $368.03 | $1.5M | −20.8% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 4,198 shares $369.16 −21.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 4,198 | $369.16 | $1.5M | −21.1% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 5,037 shares $370.27 −21.3% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 5,037 | $370.27 | $1.9M | −21.3% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 5,803 shares $367.01 −20.6% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 5,803 | $367.01 | $2.1M | −20.6% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 7,700 shares $372.23 −21.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 7,700 | $372.23 | $2.9M | −21.7% | Jun 15, 2026 |
| Jun 12, 2026 | BRANDT ERIC (Director) 8,233 shares $371.17 −21.5% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 8,233 | $371.17 | $3.1M | −21.5% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 36 shares $350.77 −17.0% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 36 | $350.77 | $13K | −17.0% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 642 shares $364.00 −20.0% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 642 | $364.00 | $234K | −20.0% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 664 shares $360.24 −19.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 664 | $360.24 | $239K | −19.1% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 780 shares $359.24 −18.9% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 780 | $359.24 | $280K | −18.9% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 974 shares $337.56 −13.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 974 | $337.56 | $329K | −13.7% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,070 shares $341.81 −14.8% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,070 | $341.81 | $366K | −14.8% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,083 shares $338.62 −14.0% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,083 | $338.62 | $367K | −14.0% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,172 shares $353.52 −17.6% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,172 | $353.52 | $414K | −17.6% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,277 shares $340.68 −14.5% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,277 | $340.68 | $435K | −14.5% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,331 shares $355.50 −18.1% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,331 | $355.50 | $473K | −18.1% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,455 shares $357.06 −18.4% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,455 | $357.06 | $520K | −18.4% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,461 shares $354.08 −17.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,461 | $354.08 | $517K | −17.7% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,481 shares $343.96 −15.3% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,481 | $343.96 | $509K | −15.3% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,517 shares $349.79 −16.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,517 | $349.79 | $531K | −16.7% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,653 shares $356.27 −18.2% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,653 | $356.27 | $589K | −18.2% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,756 shares $361.05 −19.3% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,756 | $361.05 | $634K | −19.3% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,880 shares $358.22 −18.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,880 | $358.22 | $673K | −18.7% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 1,895 shares $339.75 −14.3% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 1,895 | $339.75 | $644K | −14.3% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 2,604 shares $362.20 −19.6% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 2,604 | $362.20 | $943K | −19.6% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 2,832 shares $345.84 −15.8% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 2,832 | $345.84 | $979K | −15.8% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 3,208 shares $344.92 −15.5% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 3,208 | $344.92 | $1.1M | −15.5% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 3,442 shares $346.79 −16.0% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 3,442 | $346.79 | $1.2M | −16.0% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 3,644 shares $342.91 −15.0% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 3,644 | $342.91 | $1.2M | −15.0% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 4,334 shares $348.73 −16.5% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 4,334 | $348.73 | $1.5M | −16.5% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 5,717 shares $362.95 −19.7% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 5,717 | $362.95 | $2.1M | −19.7% | Jun 15, 2026 |
| Jun 11, 2026 | BRANDT ERIC (Director) 6,592 shares $347.86 −16.3% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 6,592 | $347.86 | $2.3M | −16.3% | Jun 15, 2026 |
| Jun 1, 2026 | Fernandes Neil J (Officer) 7,659 shares $309.60 −5.9% since trade filed Jun 2, 2026 | Planned sale (10b5-1) | 7,659 | $309.60 | $2.4M | −5.9% | Jun 2, 2026 |
| May 1, 2026 | Fernandes Neil J (Officer) 18K shares $255.14 +14.2% since trade filed May 4, 2026 | Planned sale (10b5-1) | 18K | $255.14 | $4.6M | +14.2% | May 4, 2026 |
| Apr 27, 2026 | Harter Ava (Officer) 6,010 shares $258.66 +12.6% since trade filed Apr 28, 2026 | Discretionary sale | 6,010 | $258.66 | $1.6M | +12.6% | Apr 28, 2026 |
| Mar 4, 2026 | Bettinger Douglas R (CFO) 50K shares $224.03 +30.0% since trade filed Mar 5, 2026 | Discretionary sale | 50K | $224.03 | $11M | +30.0% | Mar 5, 2026 |
| Mar 4, 2026 | Harter Ava (Officer) 1,500 shares $222.66 +30.8% since trade filed Mar 5, 2026 | Discretionary sale | 1,500 | $222.66 | $334K | +30.8% | Mar 5, 2026 |
| Mar 2, 2026 | Bettinger Douglas R (CFO) 40K shares $230.22 +26.5% since trade filed Mar 3, 2026 | Discretionary sale | 40K | $230.22 | $9.3M | +26.5% | Mar 3, 2026 |
| Mar 2, 2026 | Harter Ava (Officer) 4,000 shares $232.50 +25.3% since trade filed Mar 3, 2026 | Discretionary sale | 4,000 | $232.50 | $930K | +25.3% | Mar 3, 2026 |
| Feb 6, 2026 | BRANDT ERIC (Director) 17K shares $220.95 +31.9% since trade filed Feb 9, 2026 | Discretionary sale | 17K | $220.95 | $3.8M | +31.9% | Feb 9, 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 10-for-1 on Oct 3, 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
151 Forms 4, 3 years
1 filed late
2 amendments
2 avg. days to file
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.