Form 4: PJT Partners Director Sells Over 20,000 Shares Under Pre-Arranged Trading Plan

A director at PJT Partners Inc., Kievdi Don Cornwell, has sold 20,000 shares of Class A Common Stock across multiple transactions in late May 2025, reducing their direct beneficial ownership to 8,847 shares.

Summary

• Kievdi Don Cornwell, a Director of PJT Partners Inc. (PJT), reported the sale of Class A Common Stock.
• On May 29, 2025, 9,597 shares were sold at a weighted average price of $151.08, with prices ranging from $150.67 to $151.56.
• On May 30, 2025, an additional 2,052 shares were sold at a weighted average price of $149.53, with prices ranging from $148.86 to $149.83.
• Also on May 30, 2025, 7,351 shares were sold at a weighted average price of $150.41, with prices ranging from $149.87 to $150.82.
• A further 1,000 shares were sold on May 30, 2025, at a weighted average price of $150.98, with prices ranging from $150.90 to $151.08.
• The total number of shares sold across these transactions is 20,000.
• Following these transactions, Kievdi Don Cornwell's direct beneficial ownership stands at 8,847 shares of Class A Common Stock.
• All reported sales were made pursuant to a Rule 10b5-1(c) trading plan.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can be perceived negatively, the fact that these sales were conducted under a pre-arranged Rule 10b5-1 plan significantly mitigates any negative signal, as it implies the sales were not based on new, non-public information.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, indicating they were pre-scheduled and not based on immediate, non-public information, which mitigates the typical negative signal of discretionary insider selling.

Negatives

• A director, Kievdi Don Cornwell, significantly reduced their direct beneficial ownership in PJT Partners Inc. by selling 20,000 shares.
• The reduction in insider holdings, even if pre-planned, can be perceived as a decrease in management's direct alignment with shareholder interests.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request to the Issuer, any security holder, or the SEC staff.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders may observe a reduction in direct insider ownership, which could be interpreted as a slight decrease in alignment, although the 10b5-1 plan lessens this concern.

Key Dates

Recommendation

Keywords

PJT Partners, Form 4, insider trading, stock sale, director, beneficial ownership, SEC filing, Rule 10b5-1 plan