Form 4 vs Form 144: what each insider filing means
Form 4 reports an insider trade after it happens, within two business days, and covers purchases, sales, grants and option exercises. Form 144 gives notice of a planned sale of restricted or control shares, filed when the sell order goes to the broker. For one sale by an officer you will often see both: the Form 144 first, then the Form 4 that shows what was actually sold.
Form 4
A trade that happened, due within two business days
Form 144
A sale that is planned, filed with the sell order
Who
Form 4: officers, directors, 10% owners. Form 144: sellers under Rule 144
Under
Form 4: Exchange Act. Form 144: Securities Act
| Form 4 | Form 144 | |
|---|---|---|
| What it reports | A change in an insider's holding that has happened | A sale of restricted or control shares that is planned |
| Who files | Officers, directors and owners of more than 10% | Anyone selling under Rule 144 above the threshold, most often affiliates |
| When | By the end of the second business day after the trade | When the sell order is placed with the broker |
| Covers | Purchases, sales, grants, option exercises, gifts | Sales only |
| Threshold | Every reportable change | More than 5,000 shares or $50,000 in three months |
| Law | Section 16(a), Securities Exchange Act | Rule 144, Securities Act of 1933 |
Planned sales filed on Form 144, to 21 Oct 2026
| Filed | Ticker | Seller | Shares | Value | Form 144 |
|---|---|---|---|---|---|
| 21 Oct 2026 | CRL | Parisotto Shannon M | 2,156 | $742,548 | Open ↗ |
| 21 Oct 2026 | HOOD | Baiju Prafulkumar Bhatt Living Trust | 50,912 | $5.0M | Open ↗ |
| 21 Oct 2026 | HPE | Rami Rahim | 34,443 | $2.0M | Open ↗ |
| 21 Oct 2026 | PAYX | GOLISANO B THOMAS | 14,747 | $1.7M | Open ↗ |
| 21 Oct 2026 | PAYX | GOLISANO B THOMAS | 295,857 | $32.7M | Open ↗ |
| 21 Oct 2026 | PEP | RAMON LAGUARTA | 30,000 | $4.1M | Open ↗ |
| 21 Oct 2026 | TER | MATZ MARILYN | 400 | $140,000 | Open ↗ |
| 21 Oct 2026 | TRV | OLIVO MARIA | 15,100 | $6.0M | Open ↗ |
Trades reported on Form 4, to 21 Oct 2026
| Filed | Ticker | Insider | Role | Type | Shares | Price | Value | Form 4 |
|---|---|---|---|---|---|---|---|---|
| 21 Oct 2026 | ADI | Puccio Richard C Jr | Chief Financial Officer | Sale, trading plan | 1,500 | $389.46 | $584,190 | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 240 | $222.30 | $53,352 | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 59 | $223.37 | $13,179 | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 40,700 | $226.65 | $9.2M | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 2,400 | $225.61 | $541,466 | Open ↗ |
| 21 Oct 2026 | HSY | Hershey Trust Co Trustee In Trust For Milton Hershey School | 10% owner | Sale, trading plan | 5,643 | $167.67 | $946,185 | Open ↗ |
| 21 Oct 2026 | HSY | Hershey Trust Co Trustee In Trust For Milton Hershey School | 10% owner | Sale, trading plan | 3,155 | $168.50 | $531,619 | Open ↗ |
| 21 Oct 2026 | META | Olivan Javier | Chief Operating Officer | Sale, trading plan | 946 | $707.20 | $669,011 | Open ↗ |
The whole dataset: Planned insider sales from Form 144 filings
Why the two often come in a pair
An officer who sells vested stock is usually both a Section 16 insider and an affiliate of the company. As an affiliate selling control shares, they file the Form 144 when they place the order. As an insider, they report the finished sale on Form 4 within two business days. The Form 144 tells you a sale is coming, and the Form 4 tells you the price and size it actually happened at.
Questions
Form 4 vs Form 144: common questions
Which comes first, Form 144 or Form 4?
For a planned sale, Form 144 comes first, filed when the order goes to the broker. The Form 4 follows within two business days of the trade.
Does every Form 4 sale have a Form 144?
No. Form 144 is only needed for sales under Rule 144 above 5,000 shares or $50,000 in three months, and many Form 4 rows are grants, exercises or purchases, which never need one.
Which one shows purchases?
Only Form 4. Form 144 is about selling.
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