Form 4: The Trade Desk CFO Laura Schenkein Reports Stock Sales and Tax Withholdings
SEC Form 4 Filing
Laura Schenkein, CFO of The Trade Desk, reports stock sales executed under a 10b5-1 trading plan and shares withheld for tax obligations related to vesting restricted stock units.
Summary
- Laura Schenkein, the Chief Financial Officer of The Trade Desk, filed a Form 4 detailing changes in beneficial ownership.
- On May 15, 2025, shares were withheld to cover tax obligations related to vesting restricted stock units granted between April 2021 and April 2024.
- A total of 5,956 shares were withheld at a price of $77.5.
- On May 16, 2025, Schenkein sold 4,809 shares of Class A Common Stock under a pre-arranged 10b5-1 trading plan.
- The sales occurred at weighted average prices of $76.56 and $77.39.
- Following these transactions, Schenkein beneficially owns 745,902 shares of Class A Common Stock.
Sentiment
Score: 6
Explanation: Neutral sentiment. The filing primarily reflects routine transactions (tax withholdings and pre-planned stock sales). The 10b5-1 plan suggests an orderly approach to selling shares, mitigating potential negative interpretations.
Positives
- The sales were conducted under a pre-arranged 10b5-1 trading plan, which is generally viewed as a transparent and orderly way for insiders to sell shares.
Risks
- Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors, although this is a routine transaction.
Future Outlook
The reporting person will continue to execute sales under the 10b5-1 trading plan.
Industry Context
Insider transactions are closely watched in the tech industry, especially for high-growth companies like The Trade Desk. Investors often analyze these filings for insights into management's confidence and potential future performance.
Comparison to Industry Standards
- Comparing Schenkein's transactions to other CFOs in similar ad-tech companies, the volume of shares sold is relatively moderate.
- For example, CFOs at companies like PubMatic or Magnite also utilize 10b5-1 plans, and their sales volumes are often correlated with vesting schedules and personal financial planning.
- The Trade Desk's stock performance and valuation metrics are generally higher than many of its peers, so insider transactions are scrutinized more closely.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the potential for slight price fluctuations, but the 10b5-1 plan helps to mitigate any significant negative effects.
- Employees may view the transactions as part of the normal course of executive compensation.
Key Dates
| Date | Description |
|---|---|
| 2021-04-28 | Date of Restricted Stock Unit Award grant related to tax withholding. |
| 2022-03-02 | Date of Restricted Stock Unit Award grant related to tax withholding. |
| 2022-04-26 | Date of Restricted Stock Unit Award grant related to tax withholding. |
| 2023-04-24 | Date of Restricted Stock Unit Award grant related to tax withholding. |
| 2023-06-01 | Date of Restricted Stock Award grant related to tax withholding. |
| 2024-04-23 | Date of Restricted Stock Award grant related to tax withholding. |
| 2024-12-13 | Date the 10b5-1 trading plan was adopted. |
| 2025-05-15 | Date of tax withholding and Employee Stock Purchase Plan acquisition. |
| 2025-05-16 | Date of stock sales. |
| 2025-05-19 | Date of Form 4 filing. |
Keywords
Form 4, insider trading, Laura Schenkein, The Trade Desk, TTD, stock sale, 10b5-1 plan, restricted stock units, tax withholding, beneficial ownership
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