Form 4: Natera Co-Founder Jonathan Sheena Sells Over $1 Million in Company Stock

Natera, Inc. Co-Founder and Director Jonathan Sheena reported the sale of 6,070 shares of common stock for approximately $1 million through pre-arranged trading plans.

Summary

• Jonathan Sheena, Co-Founder and Director of Natera, Inc. (NTRA), reported transactions involving the sale of company common stock.
• A total of 6,070 shares were sold across multiple transactions on June 16, 2025, and June 18, 2025.
• The sales generated approximately $1,007,302.54 based on weighted average prices.
• The shares were sold at weighted average prices ranging from $162.4968 to $167.2869 per share.
• All sales were conducted pursuant to Rule 10b5-1 trading plans, with one plan adopted on December 11, 2024, and another on June 7, 2024.
• Following these transactions, Jonathan Sheena directly beneficially owns 248,774 shares of Natera common stock.
• Additionally, 37,282 shares are indirectly owned through the Caraluna 1 Trust and 37,282 shares through the Caraluna 2 Trust, though the reporting person disclaims beneficial ownership over these trust securities.

Sentiment

Score: 3

Explanation: The sale of over $1 million in company stock by a co-founder and director, even under a 10b5-1 plan, is generally viewed as a negative signal by investors, potentially indicating a belief that the stock is fully valued or that the insider is diversifying their holdings.

Negatives

• Insider selling by a co-founder and director, even if pre-scheduled, can be perceived negatively by the market, potentially signaling a lack of confidence or a desire to diversify holdings.
• The sale of a significant number of shares (6,070 shares) by a key insider.

Risks

• Potential negative market perception due to insider selling, which could put downward pressure on the stock price.
• Reduced alignment of interests between the insider and common shareholders due to a decrease in personal equity holdings.

Future Outlook

NA

Management Comments

• The Reporting Person disclaims beneficial ownership over such securities [held for the benefit of the beneficiaries of the trust].

Industry Context

NA

Stakeholder Impact

• Shareholders may interpret the insider selling as a negative signal, potentially leading to decreased investor confidence or downward pressure on the stock price.

Key Dates

Recommendation

Keywords

Natera, NTRA, SEC Form 4, Insider Trading, Stock Sale, Jonathan Sheena, Rule 10b5-1, Director, Co-Founder, Biotechnology, Healthcare