NTRA Form 4: Director Sheena Jonathan discloses multiple share sales
Rhea-AI Filing Summary
Insider sales by a Natera director under pre-established plans — Sheena Jonathan, a director and co-founder of Natera, reported multiple sales of NTRA common stock executed under Rule 10b5-1 trading plans. On 09/17/2025 she sold 2,814 shares at a weighted average of $175.8835 and 256 shares at $176.6094, leaving 239,182 shares directly owned. On 09/19/2025 additional sales were reported including 3,444 shares and several smaller lots sold on behalf of two trusts, with reported weighted average prices in the $178.51 to $180.69 ranges. The filings state the trust-held shares are disclaimed as beneficial ownership by the reporting person.
Positive
- Sales executed under Rule 10b5-1 plans, signaling pre-established trading instructions
- Detailed weighted-average price ranges provided for each lot, improving disclosure clarity
- Reporting includes disclaimer of beneficial ownership for trust-held shares
Negative
- Material number of shares sold across multiple dates (e.g., 2,814; 3,444; 3,602), which reduces the reporting person’s direct holdings
- Multiple transactions on close dates could attract investor attention despite being pre-planned
Insights
TL;DR: Director sold modest blocks of shares under 10b5-1 plans; appears routine and disclosed with weighted-average pricing.
The transactions consist of multiple pre-planned dispositions executed under Rule 10b5-1 plans adopted on December 11, 2024 and June 7, 2024. Reported weighted-average sale prices range roughly from $175.35 to $180.69 per share across the reported lots. The largest single reported lot in this Form 4 was 3,602 shares sold on 09/19/2025. Because the sales were executed pursuant to 10b5-1 plans and include detailed price ranges, the disclosure reduces information asymmetry for market participants.
TL;DR: Proper procedural disclosure of insider sales under 10b5-1; trustee-held shares are disclaimed.
The filing identifies the reporting person as a director and co-founder and clearly notes transactions effected under two Rule 10b5-1 plans. Several dispositions were executed on behalf of Caraluna 1 Trust and Caraluna 2 Trust, and the reporting person disclaims beneficial ownership of trust-held shares. The Form 4 is signed by an attorney-in-fact, indicating procedural compliance with Form 4 execution requirements.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 3,444 | $179.0789 | $617K |
| Sale | Common Stock | 1,380 | $179.884 | $248K |
| Sale | Common Stock | 676 | $180.6775 | $122K |
| Sale | Common Stock | 3,602 | $179.093 | $645K |
| Sale | Common Stock | 1,518 | $180.0586 | $273K |
| Sale | Common Stock | 380 | $180.6808 | $69K |
| Sale | Common Stock | 2,814 | $175.8835 | $495K |
| Sale | Common Stock | 256 | $176.6094 | $45K |
Footnotes (1)
- The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 11, 2024. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $175.35 to $176.25 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $176.58 to $176.63 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 7, 2024. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $178.51 to $179.43 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Held for the benefit of the beneficiaries of the trust. The Reporting Person disclaims beneficial ownership over such securities. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.52 to $180.37 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.64 to $180.69 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $178.56 to $179.47 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.57 to $180.53 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.68 to $180.69 per share, inclusive. The holder undertakes to provide, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
