Form 4 transaction codes: what P, S, A, M, F and G mean
Every row on a Form 4 carries a one-letter code set by the SEC that says what the transaction was. P is a purchase on the open market or in a private deal and S is a sale, and these are the two where an insider chose to buy or sell. A is a grant or award, M is an option exercised, F is shares held back to pay the exercise price or tax, and G is a gift.
Set by
The SEC, in item 8 of the Form 4 instructions
Bought or sold
P and S
Pay and options
A, M and F
Trading plan
A separate checkbox on the form since 1 April 2023
General
| Code | What it means |
|---|---|
| P | Purchase on the open market or in a private deal |
| S | Sale on the open market or in a private deal |
| V | Reported earlier than required (placed beside another code) |
Pay and company plans (Rule 16b-3)
| Code | What it means |
|---|---|
| A | Grant, award or other acquisition from the company |
| D | Shares disposed of back to the company |
| F | Shares delivered or held back to pay the exercise price or tax when stock vests or options are exercised |
| I | Discretionary transaction under a company plan |
| M | Exercise or conversion of an option or other derivative under a company plan |
Options and other derivatives
| Code | What it means |
|---|---|
| C | Conversion of a derivative security |
| E | Expiration of a short derivative position |
| H | Expiration or cancellation of a long derivative position, with value received |
| O | Exercise of an out-of-the-money derivative |
| X | Exercise of an in-the-money or at-the-money derivative |
Gifts and other exempt transactions
| Code | What it means |
|---|---|
| G | Gift |
| L | Small acquisition under Rule 16a-6 |
| W | Acquired or disposed of by will or inheritance |
| Z | Deposit into or withdrawal from a voting trust |
Other
| Code | What it means |
|---|---|
| J | Any other acquisition or disposition, explained in the footnotes |
| K | Transaction in an equity swap or similar instrument (written with another code, such as S/K) |
| U | Shares tendered in a change of control |
The newest purchases and sales, with their codes, to 21 Oct 2026
| Filed | Ticker | Insider | Role | Type | Shares | Price | Value | Code | Form 4 |
|---|---|---|---|---|---|---|---|---|---|
| 21 Oct 2026 | ADI | Puccio Richard C Jr | Chief Financial Officer | Sale, trading plan | 1,500 | $389.46 | $584,190 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 240 | $222.30 | $53,352 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | CRWD | Kurtz George | PRESIDENT AND CEO | Sale, trading plan | 59 | $223.37 | $13,179 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 40,700 | $226.65 | $9.2M | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | CVX | Pate R. Hewitt | Chief Legal Officer | Sale, trading plan | 2,400 | $225.61 | $541,466 | S, plan box ticked | 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 | S, plan box ticked | 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 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | META | Olivan Javier | Chief Operating Officer | Sale, trading plan | 946 | $707.20 | $669,011 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | META | Olivan Javier | Chief Operating Officer | Sale, trading plan | 82 | $707.20 | $57,990 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | VRSN | Bidzos D James | Exec. Chairman, Pres, & CEO | Sale, trading plan | 400 | $304.32 | $121,729 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | VRSN | Bidzos D James | Exec. Chairman, Pres, & CEO | Sale, trading plan | 200 | $305.24 | $61,048 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | VZ | Malady Kyle | EVP and Group CEO-VZ Business | Sale, trading plan | 1,100 | $44.48 | $48,928 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | CRBG | Nippon Life Insurance Co | 10% owner | Purchase, trading plan | 162,024 | $34.51 | $5.6M | P, plan box ticked | Open ↗ |
| 21 Oct 2026 | CRUS | Baumgartner Jeffrey W | EVP, R&D | Sale, trading plan | 1,166 | $107.75 | $125,636 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | HUBS | Halligan Brian | Director | Sale, trading plan | 8,500 | $239.57 | $2.0M | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | PCTY | Sarowitz Steven I | Director | Sale, trading plan | 4,570 | $165.99 | $758,574 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | PCTY | Sarowitz Steven I | Director | Sale, trading plan | 5,875 | $166.47 | $978,011 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | PINS | Rajaram Gokul | Director | Sale, trading plan | 1,050 | $22.84 | $23,982 | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | PINS | Silbermann Benjamin | Director | Sale, trading plan | 46,875 | $22.94 | $1.1M | S, plan box ticked | Open ↗ |
| 21 Oct 2026 | QLYS | Posey Bruce K | CHIEF LEGAL OFFICER | Sale, trading plan | 84 | $184.33 | $15,484 | S, plan box ticked | Open ↗ |
Grants, option exercises, tax withholding and gifts are kept apart from purchases and sales in the data.
The whole dataset: US insider trading data from Form 4 filings
Which codes matter most to an investor
P is the code most investors look for, because it means the insider paid the market price with their own money. S is far more common and usually less telling, since insiders sell to pay tax, to spread out their wealth or under a plan fixed months earlier.
Codes often come in a sequence on one filing. M, then F, then S on the same day is a routine exercise and sale: the insider exercised vested options, had shares held back for tax, and sold the rest. Read the whole filing before reading anything into one row.
Codes you will see less often
J means the transaction is something the list does not cover, and the footnote explains it. V is placed beside a code when a trade is reported earlier than required. K is added to another code when the trade was in an equity swap, written as S/K or P/K.
Questions
Form 4 transaction codes: common questions
Is code F a sale?
Code F means shares were handed back or held back to pay the exercise price or the tax due when stock vested or options were exercised. The insider did not choose to sell on the market, so it is read differently from code S.
What is the difference between code P and code A?
P is a purchase at the market price, on the open market or in a private deal. A is a grant or award from the company, usually part of pay, under Rule 16b-3(d).
What does code J mean on a Form 4?
J is for any acquisition or disposition the other codes do not describe. The filer has to explain it in the footnotes.
How do I know if a sale was under a 10b5-1 plan?
Since 1 April 2023, Form 4 has a checkbox the insider ticks when the trade was made under a plan meant to meet Rule 10b5-1(c), and the insider gives the date the plan was adopted in the explanation.
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