Form 4: Natera Co-Founder Jonathan Sheena Sells Shares Under 10b5-1 Trading Plans

Jonathan Sheena, co-founder of Natera, Inc., sold shares of common stock on May 9 and May 12, 2025, under pre-arranged Rule 10b5-1 trading plans.

Summary

• Jonathan Sheena, a co-founder of Natera, Inc., reported the sale of common stock on May 9 and May 12, 2025.
• The sales were executed under Rule 10b5-1 trading plans adopted on December 11, 2024, and June 7, 2024.
• On May 9, 2025, Sheena sold a total of 3,360 shares at prices ranging from $153.95 to $164.03.
• On May 12, 2025, Sheena sold shares held by Caraluna 1 Trust and Caraluna 2 Trust, totaling 3,300 shares, at prices ranging from $156.53 to $159.77.
• Following these transactions, Sheena directly owns 251,844 shares of common stock and indirectly owns 38,782 shares through Caraluna 1 Trust and 38,782 shares through Caraluna 2 Trust.

Sentiment

Score: 5

Explanation: The document simply reports stock sales by an insider under a pre-existing trading plan. It doesn't inherently convey positive or negative sentiment about the company's prospects.

Industry Context

Sales by company insiders are a common occurrence and are often pre-planned through Rule 10b5-1 trading plans to avoid accusations of insider trading. The market typically views these sales in the context of the overall health and prospects of the company.

Comparison to Industry Standards

• It's common for executives at publicly traded companies, such as Natera, to utilize 10b5-1 trading plans to sell shares over time.
• Comparable companies like Exact Sciences or Invitae also see insider selling activity, often managed through similar pre-arranged plans.
• The volume and frequency of these sales are generally compared against historical insider trading patterns and industry benchmarks to assess their significance.

Stakeholder Impact

• The stock sales could have a minor negative impact on shareholder sentiment if investors interpret it as a lack of confidence by the co-founder, although the existence of a 10b5-1 plan mitigates this concern.
• The sales do not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

Natera, NTRA, Jonathan Sheena, Form 4, Beneficial Ownership, Rule 10b5-1, Stock Sale, Caraluna Trust