How to Read SEC Form 4: Transaction Codes and Insider Acquisitions

Understand acquisition categories, filing dates, reporting owners, company summaries, and the limits of the records shown on The Market Log.

What does an acquisition tell you?

An acquisition means securities were received. It does not necessarily mean someone bought shares with cash. We keep purchases separate from awards, gifts, exercises, conversions, and other acquisitions.

Transaction types at a glance

SEC codeDisplayed categoryHow to interpret it
PPurchaseA purchase on an exchange or in a private transaction.
AStock awardA grant, award, or other acquisition from the company.
GGift receivedA gift recorded as an acquisition.
MExercise / conversionAn exercise or conversion of a derivative security.
CConversionA conversion recorded as an acquisition.
OtherOther acquisitionRead the original code and filing footnotes.

Read the SEC's investor bulletin on insider transaction reports and the Form 4 instructions for the full context. A purchase can involve a derivative security; the category alone does not establish that common stock was purchased.

Two dates, two different questions

The transaction date tells you when the reported event occurred. The filing date tells you when its current source filing was submitted. The transaction list is sorted and filtered by filing date. Timelines and 7-, 30-, and 90-day summaries use transaction dates.

Date-only records remain on their reported calendar date. We display them in U.S. format. SEC acceptance timestamps use U.S. Eastern Time.

Reporting owners are filing context

A reporting owner can be a person, a fund, or another organization. Names and roles come from the relevant filing. They are not a separately maintained current biography. When multiple owners report together, each appears on the transaction, but we do not allocate its quantity or value among them.

Quantities, prices, and missing currency

We preserve reported decimal precision. A zero is displayed as zero; missing information is labeled “Not reported.” A reference value is quantity multiplied by price. It is not necessarily cash paid, a fee-inclusive amount, or a derivative's economic value.

We do not assume that an amount is in U.S. dollars when the currency is unspecified. A footnote marker means the filing includes a price-related footnote; it does not establish that a price is a weighted average.

How the company summaries work

The 7-, 30-, and 90-day windows end on the displayed “as of” date, including that day. They overlap and should not be added together. Groups remain separate by security title, transaction category, derivative status, original code, and currency.

Known purchase value sums available amounts for non-derivative purchases only. Missing amounts are excluded and counted separately. An unspecified currency does not verify that every amount shares the same currency. Summaries reflect currently valid records and amendments; they do not recreate what an investor knew on a past date.

What a timeline includes

The timeline uses the transactions on the current list page, not an entire company's history. Its controls narrow that sample. The date window ends on the latest transaction date in the sample. Select a marker to read the underlying transaction and its footnotes. Up to eight reporting owners are shown at once; choose a specific owner to focus on that owner.

A jointly reported event may appear on multiple owner rows. This does not create additional transactions or imply that each owner acquired the full reported amount.

Corrections and coverage

Amendments can change a transaction's values, source filing, reporting owners, or public availability. Records under review or canceled records are excluded from public results. A refreshed page may therefore differ from an earlier view.

Historical collection is ongoing. An empty search means no matching records are currently loaded, not that no transactions occurred. Read about sources and coverage.