Insider Filings
Insider filings are transaction-oriented disclosures by company insiders and should not be confused with institutional 13F portfolio reporting.
Forms 3, 4 and 5
These forms provide different types of ownership and transaction reporting under the U.S. insider reporting framework. The form type and transaction code matter when interpreting the record.
Why insider filings differ from 13F
An insider transaction filing can provide a much closer disclosure trail to an individual transaction than a periodic institutional portfolio report. The two datasets answer different questions.
Read transaction details carefully
Shares, transaction codes, price fields and ownership type should be read together. A change in reported ownership is not automatically a discretionary open-market purchase.
Verify the filing
Use the original SEC filing when a transaction is material to your research.