Texas Pacific Land insider activity
What the executives and directors of Texas Pacific Land actually did with their own shares, decoded from their SEC Form 4 filings. Each figure says the stretch of time it covers.
−$2.3M
net open-market flow, 12 m
252 open-market buys, 12 m
55.9%
of sale value on 10b5-1 plans, 12 m
4 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 3-for-1 on Mar 27, 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 49 routine events on the chart, as a list
| Date | Insider | Shares |
|---|---|---|
| May 11, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 1 |
| May 8, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC | 1 |
| May 8, 2026 | DOYLE PETER | 254 |
| Feb 15, 2026 | BUFFINGTON STEPHANIE | 2,373 |
| Feb 15, 2026 | GLOVER TYLER | 31K |
| Feb 15, 2026 | Dobbs Micheal W. | 9,560 |
| Feb 15, 2026 | STEDDUM CHRIS | 16K |
| Jan 5, 2026 | STAHL MURRAY | 554 |
| Jan 5, 2026 | BEST RHYS J | 554 |
| Jan 5, 2026 | Kurz Karl F | 554 |
| Jan 5, 2026 | Cook Donald G | 554 |
| Jan 5, 2026 | Woung-Chapman Marguerite | 554 |
| Jan 5, 2026 | DUGANIER BARBARA J | 554 |
| Jan 5, 2026 | Roosa Robert M. | 554 |
| Jan 5, 2026 | EPPS DONNA E | 554 |
| Sep 1, 2025 | BUFFINGTON STEPHANIE | 402 |
| Feb 13, 2025 | BUFFINGTON STEPHANIE | 930 |
| Feb 13, 2025 | GLOVER TYLER | 16K |
| Feb 13, 2025 | Dobbs Micheal W. | 4,195 |
| Feb 13, 2025 | STEDDUM CHRIS | 6,870 |
| Jan 5, 2025 | STAHL MURRAY | 686 |
| Jan 2, 2025 | OLIVER ERIC L | 132 |
| Jan 2, 2025 | BEST RHYS J | 132 |
| Jan 2, 2025 | Kurz Karl F | 132 |
| Jan 2, 2025 | Cook Donald G | 132 |
| Jan 2, 2025 | Woung-Chapman Marguerite | 132 |
| Jan 2, 2025 | DUGANIER BARBARA J | 132 |
| Jan 2, 2025 | Roosa Robert M. | 132 |
| Jan 2, 2025 | EPPS DONNA E | 132 |
| Sep 1, 2024 | BUFFINGTON STEPHANIE | 397 |
| Feb 11, 2024 | BUFFINGTON STEPHANIE | 534 |
| Feb 11, 2024 | GLOVER TYLER | 3,039 |
| Feb 11, 2024 | Dobbs Micheal W. | 849 |
| Feb 11, 2024 | STEDDUM CHRIS | 1,371 |
| Jan 1, 2024 | OLIVER ERIC L | 240 |
| Jan 1, 2024 | STAHL MURRAY | 240 |
| Jan 1, 2024 | BEST RHYS J | 240 |
| Jan 1, 2024 | Kurz Karl F | 240 |
| Jan 1, 2024 | Cook Donald G | 240 |
| Jan 1, 2024 | Woung-Chapman Marguerite | 240 |
| Jan 1, 2024 | DUGANIER BARBARA J | 240 |
| Jan 1, 2024 | Roosa Robert M. | 240 |
| Jan 1, 2024 | EPPS DONNA E | 240 |
| Dec 29, 2023 | BUFFINGTON STEPHANIE | 48 |
| Dec 29, 2023 | GLOVER TYLER | 609 |
| Dec 29, 2023 | Dobbs Micheal W. | 201 |
| Dec 29, 2023 | STEDDUM CHRIS | 387 |
| Nov 10, 2023 | Woung-Chapman Marguerite | 33 |
| Nov 10, 2023 | Roosa Robert M. | 33 |
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 3-for-1 on Mar 27, 2024, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Flow | Shares |
|---|---|
| Granted | 29K |
| Vested / exercised | 16K |
| Bought on market | 1,157 |
| Withheld for tax | 18K |
| Planned sales (10b5-1) | 4,000 |
| Discretionary sales | 2,503 |
| Kept | 22K |
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 3-for-1 on Mar 27, 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 |
|---|---|---|---|
| DOYLE PETER | 147K | 147K | 99.9 |
Who holds what
the 14 largest holdings of 15| Insider | Role | Shares held | Buys 12 m | Sales 12 m | 12 m | Last trade |
|---|---|---|---|---|---|---|
| STAHL MURRAY Last trade Jan 6, 2026 | Director | 3.8M | $297 | – | net buying over the year: 1 month buying, 0 months selling | Jan 6, 2026 |
| HORIZON KINETICS ASSET MANAGEMENT LLC Last trade Sep 17, 2026 | 10% owner | 3.7M | $136K | – | net buying over the year: 13 months buying, 0 months selling | Sep 17, 2026 |
| OLIVER ERIC L Last trade Aug 21, 2025 | Director | 395K | – | – | Aug 21, 2025 | |
| DOYLE PETER Last trade Sep 15, 2026 | Director | 147K | $3K | – | net buying over the year: 2 months buying, 0 months selling | Sep 15, 2026 |
| GLOVER TYLER President & CEO Last trade May 25, 2021 | CEO | 45K | – | – | May 25, 2021 | |
| STEDDUM CHRIS Chief Financial Officer Last trade Jun 8, 2026 | CFO | 12K | – | $1.6M | net selling over the year: 0 months buying, 1 month selling | Jun 8, 2026 |
| Dobbs Micheal W. Senior VP, Secretary and GC Last trade Mar 13, 2025 | Officer | 8,047 | – | – | Mar 13, 2025 | |
| EPPS DONNA E Last trade Feb 25, 2026 | Director | 3,816 | $457K | $457K | net buying over the year: 1 month buying, 0 months selling | Feb 25, 2026 |
| BEST RHYS J Last trade Nov 20, 2023 | Director | 3,299 | – | – | Nov 20, 2023 | |
| Cook Donald G Last trade May 15, 2024 | Director | 3,086 | – | – | May 15, 2024 | |
| DUGANIER BARBARA J | Director | 2,921 | – | – | – | |
| Kurz Karl F | Director | 2,624 | – | – | – | |
| BUFFINGTON STEPHANIE Chief Accounting Officer Last trade Feb 24, 2026 | Officer | 2,133 | – | $809K | net selling over the year: 0 months buying, 1 month selling | Feb 24, 2026 |
| Roosa Robert M. Last trade Mar 14, 2024 | Director | 1,827 | – | – | Mar 14, 2024 |
Open-market trade log
the 60 most recent of 3,890| Date | Insider | Type | Shares | Price | Value | Since trade | Filed |
|---|---|---|---|---|---|---|---|
| Sep 17, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $349.35 +5.3% since trade filed Sep 18, 2026 | Open-market buy | 1 | $349.35 | $349 | +5.3% | Sep 18, 2026 |
| Sep 16, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $352.36 +4.4% since trade filed Sep 17, 2026 | Open-market buy | 1 | $352.36 | $352 | +4.4% | Sep 17, 2026 |
| Sep 15, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $370.59 −0.7% since trade filed Sep 16, 2026 | Open-market buy | 1 | $370.59 | $371 | −0.7% | Sep 16, 2026 |
| Sep 15, 2026 | DOYLE PETER (Director) 5 shares $371.64 −1.0% since trade filed Sep 17, 2026 | Open-market buy | 5 | $371.64 | $2K | −1.0% | Sep 17, 2026 |
| Sep 14, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $371.73 −1.0% since trade filed Sep 15, 2026 | Open-market buy | 1 | $371.73 | $372 | −1.0% | Sep 15, 2026 |
| Sep 11, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $367.88 +0.0% since trade filed Sep 14, 2026 | Open-market buy | 1 | $367.88 | $368 | +0.0% | Sep 14, 2026 |
| Sep 10, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $366.18 +0.5% since trade filed Sep 11, 2026 | Open-market buy | 1 | $366.18 | $366 | +0.5% | Sep 11, 2026 |
| Sep 9, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $378.57 −2.8% since trade filed Sep 10, 2026 | Open-market buy | 1 | $378.57 | $379 | −2.8% | Sep 10, 2026 |
| Sep 8, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $375.10 −1.9% since trade filed Sep 9, 2026 | Open-market buy | 1 | $375.10 | $375 | −1.9% | Sep 9, 2026 |
| Sep 4, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $360.03 +2.2% since trade filed Sep 8, 2026 | Open-market buy | 1 | $360.03 | $360 | +2.2% | Sep 8, 2026 |
| Sep 3, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $367.61 +0.1% since trade filed Sep 4, 2026 | Open-market buy | 1 | $367.61 | $368 | +0.1% | Sep 4, 2026 |
| Sep 2, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $363.20 +1.3% since trade filed Sep 3, 2026 | Open-market buy | 1 | $363.20 | $363 | +1.3% | Sep 3, 2026 |
| Sep 1, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $369.10 −0.3% since trade filed Sep 2, 2026 | Open-market buy | 1 | $369.10 | $369 | −0.3% | Sep 2, 2026 |
| Aug 31, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $369.47 −0.4% since trade filed Sep 1, 2026 | Open-market buy | 1 | $369.47 | $369 | −0.4% | Sep 1, 2026 |
| Aug 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $364.42 +1.0% since trade filed Aug 31, 2026 | Open-market buy | 1 | $364.42 | $364 | +1.0% | Aug 31, 2026 |
| Aug 27, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $365.74 +0.6% since trade filed Aug 28, 2026 | Open-market buy | 1 | $365.74 | $366 | +0.6% | Aug 28, 2026 |
| Aug 26, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $375.00 −1.9% since trade filed Aug 27, 2026 | Open-market buy | 1 | $375.00 | $375 | −1.9% | Aug 27, 2026 |
| Aug 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $372.58 −1.3% since trade filed Aug 26, 2026 | Open-market buy | 1 | $372.58 | $373 | −1.3% | Aug 26, 2026 |
| Aug 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $377.39 −2.5% since trade filed Aug 25, 2026 | Open-market buy | 1 | $377.39 | $377 | −2.5% | Aug 25, 2026 |
| Aug 21, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $381.51 −3.6% since trade filed Aug 24, 2026 | Open-market buy | 1 | $381.51 | $382 | −3.6% | Aug 24, 2026 |
| Aug 20, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $377.85 −2.6% since trade filed Aug 21, 2026 | Open-market buy | 1 | $377.85 | $378 | −2.6% | Aug 21, 2026 |
| Aug 19, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $372.10 −1.1% since trade filed Aug 20, 2026 | Open-market buy | 1 | $372.10 | $372 | −1.1% | Aug 20, 2026 |
| Aug 18, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $361.16 +1.9% since trade filed Aug 19, 2026 | Open-market buy | 1 | $361.16 | $361 | +1.9% | Aug 19, 2026 |
| Aug 17, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $357.32 +3.0% since trade filed Aug 18, 2026 | Open-market buy | 1 | $357.32 | $357 | +3.0% | Aug 18, 2026 |
| Aug 14, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $357.56 +2.9% since trade filed Aug 17, 2026 | Open-market buy | 1 | $357.56 | $358 | +2.9% | Aug 17, 2026 |
| Aug 13, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $343.02 +7.3% since trade filed Aug 14, 2026 | Open-market buy | 1 | $343.02 | $343 | +7.3% | Aug 14, 2026 |
| Aug 12, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $353.15 +4.2% since trade filed Aug 13, 2026 | Open-market buy | 1 | $353.15 | $353 | +4.2% | Aug 13, 2026 |
| Aug 11, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $352.62 +4.3% since trade filed Aug 12, 2026 | Open-market buy | 1 | $352.62 | $353 | +4.3% | Aug 12, 2026 |
| Aug 10, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $345.10 +6.6% since trade filed Aug 11, 2026 | Open-market buy | 1 | $345.10 | $345 | +6.6% | Aug 11, 2026 |
| Aug 7, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $353.28 +4.1% since trade filed Aug 10, 2026 | Open-market buy | 1 | $353.28 | $353 | +4.1% | Aug 10, 2026 |
| Aug 6, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $355.62 +3.5% since trade filed Aug 7, 2026 | Open-market buy | 1 | $355.62 | $356 | +3.5% | Aug 7, 2026 |
| Aug 5, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $385.95 −4.7% since trade filed Aug 6, 2026 | Open-market buy | 1 | $385.95 | $386 | −4.7% | Aug 6, 2026 |
| Aug 4, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $403.53 −8.8% since trade filed Aug 5, 2026 | Open-market buy | 1 | $403.53 | $404 | −8.8% | Aug 5, 2026 |
| Aug 3, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $392.66 −6.3% since trade filed Aug 4, 2026 | Open-market buy | 1 | $392.66 | $393 | −6.3% | Aug 4, 2026 |
| Jul 31, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $400.09 −8.1% since trade filed Aug 3, 2026 | Open-market buy | 1 | $400.09 | $400 | −8.1% | Aug 3, 2026 |
| Jul 30, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $389.14 −5.5% since trade filed Jul 31, 2026 | Open-market buy | 1 | $389.14 | $389 | −5.5% | Jul 31, 2026 |
| Jul 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $394.14 −6.7% since trade filed Jul 30, 2026 | Open-market buy | 1 | $394.14 | $394 | −6.7% | Jul 30, 2026 |
| Jul 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $393.09 −6.4% since trade filed Jul 29, 2026 | Open-market buy | 1 | $393.09 | $393 | −6.4% | Jul 29, 2026 |
| Jul 27, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $409.31 −10.1% since trade filed Jul 28, 2026 | Open-market buy | 1 | $409.31 | $409 | −10.1% | Jul 28, 2026 |
| Jul 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $423.94 −13.2% since trade filed Jul 27, 2026 | Open-market buy | 1 | $423.94 | $424 | −13.2% | Jul 27, 2026 |
| Jul 23, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $429.51 −14.4% since trade filed Jul 24, 2026 | Open-market buy | 1 | $429.51 | $430 | −14.4% | Jul 24, 2026 |
| Jul 22, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $427.42 −13.9% since trade filed Jul 23, 2026 | Open-market buy | 1 | $427.42 | $427 | −13.9% | Jul 23, 2026 |
| Jul 21, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $413.48 −11.0% since trade filed Jul 22, 2026 | Open-market buy | 1 | $413.48 | $413 | −11.0% | Jul 22, 2026 |
| Jul 20, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $416.47 −11.7% since trade filed Jul 21, 2026 | Open-market buy | 1 | $416.47 | $416 | −11.7% | Jul 21, 2026 |
| Jul 17, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $420.15 −12.4% since trade filed Jul 20, 2026 | Open-market buy | 1 | $420.15 | $420 | −12.4% | Jul 20, 2026 |
| Jul 16, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $416.05 −11.6% since trade filed Jul 17, 2026 | Open-market buy | 1 | $416.05 | $416 | −11.6% | Jul 17, 2026 |
| Jul 15, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $414.13 −11.2% since trade filed Jul 16, 2026 | Open-market buy | 1 | $414.13 | $414 | −11.2% | Jul 16, 2026 |
| Jul 14, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $408.37 −9.9% since trade filed Jul 15, 2026 | Open-market buy | 1 | $408.37 | $408 | −9.9% | Jul 15, 2026 |
| Jul 13, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $411.10 −10.5% since trade filed Jul 14, 2026 | Open-market buy | 1 | $411.10 | $411 | −10.5% | Jul 14, 2026 |
| Jul 10, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $385.84 −4.7% since trade filed Jul 13, 2026 | Open-market buy | 1 | $385.84 | $386 | −4.7% | Jul 13, 2026 |
| Jul 9, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $400.13 −8.1% since trade filed Jul 10, 2026 | Open-market buy | 1 | $400.13 | $400 | −8.1% | Jul 10, 2026 |
| Jul 8, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $397.47 −7.4% since trade filed Jul 9, 2026 | Open-market buy | 1 | $397.47 | $397 | −7.4% | Jul 9, 2026 |
| Jul 7, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $400.67 −8.2% since trade filed Jul 8, 2026 | Open-market buy | 1 | $400.67 | $401 | −8.2% | Jul 8, 2026 |
| Jul 6, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $408.89 −10.0% since trade filed Jul 7, 2026 | Open-market buy | 1 | $408.89 | $409 | −10.0% | Jul 7, 2026 |
| Jul 2, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $402.64 −8.6% since trade filed Jul 6, 2026 | Open-market buy | 1 | $402.64 | $403 | −8.6% | Jul 6, 2026 |
| Jul 1, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $426.00 −13.6% since trade filed Jul 2, 2026 | Open-market buy | 1 | $426.00 | $426 | −13.6% | Jul 2, 2026 |
| Jun 30, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $435.74 −15.6% since trade filed Jul 1, 2026 | Open-market buy | 1 | $435.74 | $436 | −15.6% | Jul 1, 2026 |
| Jun 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $410.88 −10.5% since trade filed Jun 30, 2026 | Open-market buy | 1 | $410.88 | $411 | −10.5% | Jun 30, 2026 |
| Jun 26, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $397.48 −7.5% since trade filed Jun 29, 2026 | Open-market buy | 1 | $397.48 | $397 | −7.5% | Jun 29, 2026 |
| Jun 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC (10% owner) 1 shares $388.58 −5.3% since trade filed Jun 26, 2026 | Open-market buy | 1 | $388.58 | $389 | −5.3% | Jun 26, 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 3-for-1 on Mar 27, 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
808 Forms 4, 3 years
1 filed late
8 amendments
1.2 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.