Form 4 Transaction Codes: P, S, A, M, F and More

A Form 4 transaction code explains the kind of ownership change reported to the SEC. A purchase, an award and an option exercise can all involve acquired securities, but they describe different transactions. Reading the code together with the security, dates and footnotes preserves those differences. The filing records what was reported; it does not establish what happens to the stock afterward.

What a Form 4 reports, and when

Form 4 reports changes in beneficial ownership by reporting persons such as directors, officers and certain owners. It identifies the issuer and the reporting person, then records the security, transaction date, transaction code and amounts. Ownership after a transaction and whether it is direct or indirect add context. The insider buying definition explains how a reported purchase fits within that broader record.

A Form 4 is due within two business days following the transaction. Business days are the filing deadline's unit; a calendar interval printed beside a historical row describes that row. Neither fact means that the record existed publicly when the transaction occurred. The filing and its explanatory notes remain the source for understanding the specific transaction.

The transaction codes in one table

The following meanings follow the SEC Form 4 General Instructions. Codes identify transaction categories, not the reporting person's view of future prices. The table keeps the categories distinct rather than grouping every acquisition as a purchase or every disposition as a sale.

A letter's meaning depends on the column. In an acquired-or-disposed column, A and D describe acquisition or disposition. In the transaction-code column, those same letters have the specific meanings listed above. Footnotes can explain details that the letter alone cannot capture, including ownership arrangements or the terms of a reported transaction.

The reporting person and issuer establish attribution, while the security title establishes what changed hands. The code then describes the transaction category within that record. These fields work together: an amount without its security, or a code without its column, loses essential context. A short summary can retain the original category and dates without claiming to explain the person's full circumstances. The original form remains available for details omitted from that summary, including explanatory notes and the relationship between entries in the ownership tables.

Why TradeAI News counts only codes P and S

TradeAI News counts only purchases coded P and sales coded S in its insider transaction view. Grants and option exercises are excluded. That scope keeps the displayed purchase and sale records separate from compensation awards and derivative exercises. It does not imply that excluded transactions are absent from the original SEC filing or that they are irrelevant to understanding ownership.

Attributed public records — information, not instruction. A code S sale can reflect diversification, taxes or a prearranged 10b5-1 plan. The code records a sale category without proving its motive. Likewise, a purchase code records an acquisition category without establishing the reporting person's expectations. The insider buying tracker presents the records within that limited scope.

Most recent Form 4 shown for AAPL: Newstead Jennifer (SVP, GC and Government Affairs) reported a sale (code S) of 2,399 shares at $345.00 on 2026-10-13, filed 2026-10-15 (2 days after the trade). Source: SEC Form 4 via the AAPL page, as of 2026-10-17.

Table I and Table II: shares and derivatives

Table I covers non-derivative securities, such as common shares. Table II covers derivative securities, including options and convertible instruments. A derivative entry includes information about the underlying security and exercise or conversion terms. These tables describe different instruments. A derivative contract count and a common share count are not interchangeable measures of the same transaction.

An exercise can connect activity in the derivative table with an acquisition of the underlying security. That relationship does not turn the exercise into a separate open market purchase. Reading both tables and the notes explains the ownership change more accurately than reading only the acquired amount. The transaction code is part of that explanation, alongside the instrument and the reported ownership form.

Transaction date vs filing date

The transaction date states when the reported transaction occurred. The filing date states when the report was filed with the SEC. Keeping both dates avoids treating publication as execution. A page observation date adds another distinction: it describes when a particular view was checked, rather than changing either date in the underlying filing.

The dated AAPL example preserves those roles. Its recorded transaction precedes its filing, and the cited page was observed afterward. That order describes public disclosure of a completed transaction. It cannot establish an earlier moment when TradeAI News had the record. Broader filing context appears in SEC filings explained: 8-K, Form 4 and offering filings.

Several insiders buying in a short window: what the count is and is not

As of 2026-10-17, the RGCO page for RGC Resources showed 34 purchases (P) and 0 sales (S) over 12 months, with 5 distinct buyers over 30 days. Source: SEC Form 4 records via the RGCO page. These are transaction and person counts within stated windows, not measurements of intent or future performance.

A row in that dated view read: Nester Paul W (director, President & CEO), purchase (code P) of 300 shares at $21.08 on 2026-09-23, filed 2026-09-25. Source: SEC Form 4 via the RGCO page, as of 2026-10-17. The row attributes a reported purchase to a named person and separates the transaction date from the filing date.

Distinct buyers and purchase rows answer different questions. The former counts people; the latter counts transactions. Repeated purchases by the same person can affect those totals differently. Neither total measures agreement about a future price. Offering records answer another question entirely, covered in the SEC offering filings guide: registration and prospectus documents describe securities offerings rather than these reported personal ownership changes.

Frequently asked questions

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