[Form 4] Natera, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Natera, Inc. (NTRA) insider Matthew Rabinowitz reported sales totaling 50,000 shares of common stock on September 18-19, 2025. The dispositions were effected under two separate Rule 10b5-1 trading plans adopted on June 13, 2025 and March 14, 2025, with reported weighted-average prices in ranges around $180.00–$181.40 per share. After these transactions the reporting person directly beneficially owned 2,320,852 shares and indirectly beneficially owned 15,000 shares through a spouse. No derivative securities were reported. The Form 4 was signed by an attorney-in-fact on September 19, 2025.

Positive

• Transparent disclosure of sales with weighted-average prices and footnotes explaining price ranges
• Use of Rule 10b5-1 trading plans (March 14 and June 13, 2025) which provide an affirmative defense to insider trading allegations
• No derivative transactions reported, only non-derivative common stock sales

Negative

• Total insider dispositions of 50,000 shares on September 18-19, 2025, which represents a material transfer of holdings by the reporting person

Insights

Securities Analyst

TL;DR: Reporting person sold 50,000 shares under two Rule 10b5-1 plans; remaining direct ownership stays above 2.3 million shares.

The filings show four non-derivative sale transactions on September 18-19, 2025, executed pursuant to two documented 10b5-1 plans. Reported prices are provided as weighted averages with disclosed intra-range trade prices. Total shares sold equal 50,000, and direct beneficial ownership after the sales is 2,320,852 shares, with an additional 15,000 shares held indirectly by a spouse. No options or other derivative activity is reported. The disclosure is clear and follows Section 16 reporting conventions.

Corporate Governance Expert

TL;DR: Sales were processed via pre-set trading plans, reducing potential signaling but still reflect material insider liquidity.

The Form 4 documents voluntary dispositions executed under Rule 10b5-1 plans adopted earlier in 2025, which typically provides an affirmative defense against claims of trading on material nonpublic information. The report includes weighted-average prices and ranges for each grouped sale, and the signature by an attorney-in-fact is present. The disclosure is procedurally complete: multiple lines for each class were reported and indirect ownership through a spouse is identified.

09/19/2025 - 09:35 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rabinowitz Matthew

(Last) (First) (Middle)

C/O NATERA, INC.

13011 MCCALLEN PASS BUILDING A SUITE 100

(Street)

AUSTIN TX 78753

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Natera, Inc. [ NTRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE CHAIRMAN

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/18/2025		S		10,000(1)	D	$180	15,000	I	By spouse
Common Stock	09/18/2025		S		14,473(2)	D	$180.1333(3)	2,346,379	D
Common Stock	09/19/2025		S		24,339(2)	D	$180.543(4)	2,322,040	D
Common Stock	09/19/2025		S		1,188(2)	D	$181.282(5)	2,320,852	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025.

2. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

3. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.00 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.

4. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.00 to $180.99 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.

5. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $181.00 to $181.40 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.

	/s/ Vincent Fontanilla, Attorney-in-Fact	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares did Matthew Rabinowitz sell according to the NTRA Form 4?

The Form 4 reports four non-derivative sales totaling 50,000 common shares on September 18-19, 2025.

Were the NTRA sales executed under a 10b5-1 plan?

Yes. Some sales were executed under a Rule 10b5-1 trading plan adopted June 13, 2025 and others under a plan adopted March 14, 2025.

How many Natera shares does the reporting person own after these transactions?

After the reported transactions the reporting person directly beneficially owned 2,320,852 shares and indirectly owned 15,000 shares via spouse.

What prices were the NTRA shares sold at?

Reported prices are weighted averages with ranges: some shares sold in ranges around $180.00–$180.37, $180.00–$180.99, and $181.00–$181.40 per share; one weighted-average price is shown as $180.1333, another as $180.543, and $181.282.

Did the Form 4 report any derivative security transactions for NTRA?

No. Table II for derivative securities contains no reported transactions or holdings.