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

Natera Co-Founder Jonathan Sheena executed pre-scheduled sales of common stock totaling 4,570 shares across multiple transactions in March 2026.

Summary

• Jonathan Sheena, Co-Founder and Director of Natera, Inc. (NTRA), reported sales of Natera common stock.
• A total of 4,570 shares were sold across various transactions on March 18, 2026, and March 20, 2026.
• Direct sales on March 18, 2026, totaled 3,070 shares at weighted average prices ranging from $196.2667 to $198.6522 per share.
• Indirect sales on March 20, 2026, through the Caraluna 1 Trust and Caraluna 2 Trust, each totaled 750 shares.
• The indirect sales were executed at weighted average prices ranging from $198.4859 to $200.974 per share.
• All reported sales were effected pursuant to Rule 10b5-1 trading plans adopted by the Reporting Person on December 11, 2024 (for direct sales) and June 7, 2024 (for indirect sales).
• Following these transactions, Jonathan Sheena beneficially owns 259,255 shares directly and 21,032 shares indirectly through each of the Caraluna 1 Trust and Caraluna 2 Trust.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. Sales executed under a Rule 10b5-1 plan are pre-scheduled and generally do not reflect new material non-public information, thus having minimal impact on sentiment.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived by some investors as a lack of confidence, though this is mitigated by the pre-scheduled nature of the transactions.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Sales of shares were made indirectly through the Caraluna 1 Trust and Caraluna 2 Trust, for which the Reporting Person disclaims beneficial ownership over such securities, but are reported due to the relationship.

Stakeholder Impact

• Shareholders: Minimal direct impact as these are pre-scheduled sales under a 10b5-1 plan, which are generally not indicative of a change in company fundamentals.

Key Dates

Recommendation

The sales were executed under pre-arranged Rule 10b5-1 trading plans, indicating a scheduled liquidation rather than a reaction to new material non-public information. This type of insider transaction typically does not signal a change in the company's fundamental outlook or warrant an immediate shift in investment strategy, thus a 'hold' recommendation is appropriate.

Keywords

Natera, NTRA, Form 4, insider trading, stock sale, 10b5-1 plan, Jonathan Sheena, beneficial ownership