Form 4: Natera CFO Sells Shares for Tax, 10b5-1 Plan
Insider Transaction Report
Natera's Chief Financial Officer, Michael Burkes Brophy, reported multiple sales of common stock totaling 5,064 shares between January 27-29, 2026, primarily for tax obligations and under a 10b5-1 plan.
Summary
- Michael Burkes Brophy, Chief Financial Officer of Natera, Inc. (NTRA), reported the sale of 5,064 shares of common stock.
- The sales occurred across five separate transactions on January 27, 2026, January 28, 2026, and January 29, 2026.
- Transaction prices ranged from a weighted average of $229.9359 to $240.5313 per share.
- A portion of the sales was effected to satisfy tax withholding and remittance obligations in connection with the vesting of Restricted Stock Units (RSUs) granted on January 26, 2024, and January 27, 2023.
- Other sales were made pursuant to a Rule 10b5-1 trading plan adopted on June 9, 2025, and modified on September 10, 2025.
- Following these reported transactions, Brophy beneficially owns 59,059 shares of Natera common stock.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral event, as the sales are primarily for tax purposes related to RSU vesting and executed under a pre-arranged 10b5-1 plan, which are common and often non-discretionary for executives.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that insider sales, particularly those related to RSU vesting and pre-arranged 10b5-1 plans, are common practice among executives in the biotechnology and diagnostics industry, reflecting routine liquidity management rather than a specific market signal.
Stakeholder Impact
- Shareholders: The sale of shares by the CFO represents a minor dilution, but the overall impact is negligible given the routine nature of the transactions for tax purposes and under a 10b5-1 plan.
Key Dates
| Date | Description |
|---|---|
| 01/27/2023 | Grant date for RSUs related to a sale of 1,237 shares. |
| 01/26/2024 | Grant date for RSUs related to a sale of 784 shares. |
| 06/09/2025 | Adoption date of the Rule 10b5-1 trading plan. |
| 09/10/2025 | Modification date of the Rule 10b5-1 trading plan. |
| 01/27/2026 | Transaction date for the sale of 784 shares of common stock at $240.5313. |
| 01/28/2026 | Transaction date for the sale of 1,237 shares at $237.6624 and 1,176 shares at $237.4428. |
| 01/29/2026 | Transaction date for the sale of 991 shares at $229.9359 and 876 shares at $230.9237. |
Recommendation
holdThe filing details routine insider sales by the CFO, primarily for tax obligations related to RSU vesting and under a pre-established 10b5-1 plan. These transactions do not indicate a change in the company's fundamentals or the CFO's long-term outlook, thus warranting a 'hold' recommendation based solely on this filing.
Keywords
Natera, NTRA, Form 4, Insider Trading, Stock Sale, CFO, Michael Brophy, 10b5-1 Plan, RSU Vesting
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