Form 4: Natera Co-Founder Sells Shares Under 10b5-1 Plan

Jonathan Sheena, Co-Founder and Director of Natera, Inc., reported the disposition of 4,130 shares of common stock, including a charitable contribution and sales under a pre-arranged trading plan.

Summary

• Jonathan Sheena, Co-Founder and Director of Natera, Inc. (NTRA), reported changes in his beneficial ownership of the company's common stock.
• On December 15, 2025, Sheena made a charitable contribution of 1,060 shares of Natera common stock.
• On December 17, 2025, Sheena sold a total of 3,070 shares of common stock in multiple transactions.
• The sales were executed at weighted average prices of $226.5404 (1,592 shares), $227.4355 (1,348 shares), and $228.2831 (130 shares).
• These sales were conducted pursuant to a Rule 10b5-1 trading plan adopted by Sheena on December 11, 2024.
• Following these transactions, Sheena directly beneficially owns 222,966 shares of common stock.
• Additionally, Sheena indirectly beneficially owns 23,282 shares through the Caraluna 1 Trust and 23,282 shares through the Caraluna 2 Trust, disclaiming beneficial ownership over these trust-held securities.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While insider selling can be perceived negatively, the transactions were pre-planned under a 10b5-1 plan, mitigating concerns about a sudden loss of confidence. The charitable contribution adds a positive element.

Positives

• A charitable contribution of 1,060 shares of common stock was made by the reporting person.

Negatives

• The reporting person disposed of 3,070 shares of common stock through sales, which can sometimes be perceived as a negative signal by investors, even when pre-planned.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing details an individual insider's transactions and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders may view the insider selling, even if planned, with some scrutiny, though the 10b5-1 plan reduces the immediate negative signal.
• The charitable contribution reflects positively on the reporting person's philanthropic activities.

Key Dates

Recommendation

The Form 4 reports pre-planned insider sales and a charitable contribution. While insider selling can sometimes be a bearish signal, the existence of a Rule 10b5-1 plan suggests these are scheduled liquidity events rather than a reflection of a change in the insider's view of the company's prospects. This filing alone does not provide sufficient new information to warrant a change from a 'hold' recommendation, as the transactions are expected and relatively small in the context of the insider's total holdings.

Keywords

Natera, NTRA, Form 4, Insider Transaction, Stock Sale, 10b5-1 Plan, Beneficial Ownership, Jonathan Sheena, Director