Form 4: Natera Co-Founder Sells Shares via 10b5-1 Plans

Natera Co-Founder and Director Jonathan Sheena executed sales of 14,070 shares of common stock through pre-arranged 10b5-1 trading plans in September 2025.

Summary

• Jonathan Sheena, a Co-Founder and Director of Natera, Inc. (NTRA), reported multiple sales of common stock.
• A total of 14,070 shares were sold across various transactions on September 17, 2025, and September 19, 2025.
• The sales were conducted pursuant to Rule 10b5-1 trading plans adopted on December 11, 2024, and June 7, 2024.
• Direct sales on September 17, 2025, totaled 3,070 shares at weighted average prices of $175.8835 and $176.6094.
• Indirect sales on September 19, 2025, through Caraluna 1 Trust and Caraluna 2 Trust, totaled 11,000 shares (5,500 shares per trust) at weighted average prices ranging from $179.0789 to $180.6808.
• Following these transactions, Jonathan Sheena directly holds 239,182 shares of Natera common stock.
• The Caraluna 1 Trust and Caraluna 2 Trust each hold 28,782 shares indirectly, with the Reporting Person disclaiming beneficial ownership over these trust-held securities.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a significant insider sale, although mitigated by the fact that the transactions were pre-planned under Rule 10b5-1, suggesting they are not based on new, non-public information.

Negatives

• The filing reports a significant reduction in direct and indirect beneficial ownership by a co-founder and director, which can sometimes be perceived negatively by investors.

Future Outlook

Not applicable as this filing reports individual insider transactions, not company performance or future guidance.

Industry Context

Not applicable as this filing reports individual insider transactions, not broader industry trends or company-specific operational updates.

Related Party Transactions

• Sales of common stock by Jonathan Sheena, a co-founder and director of Natera, Inc., to unaffiliated third parties.

Stakeholder Impact

• Shareholders may perceive the reduction in insider ownership as a signal, potentially influencing investor confidence, though the pre-planned nature of the sales under Rule 10b5-1 typically lessens the negative interpretation.

Key Dates

Recommendation

The reported transactions are pre-scheduled sales under Rule 10b5-1 plans, which are typically set up in advance and are not necessarily indicative of the insider's current view on the company's future prospects. While a reduction in insider ownership is generally not a positive signal, the planned nature of these sales suggests they are for personal financial management rather than a reaction to new, adverse company information. Therefore, a 'hold' recommendation is appropriate, as this filing alone does not provide a strong catalyst for a 'buy' or 'sell' decision.

Keywords

Natera, NTRA, Form 4, Insider Trading, Stock Sale, 10b5-1 Plan, Jonathan Sheena, Director, Co-Founder