kevin,
still looking for number of days after sale an insider has to report sale on Form 4 with the sec...more info below
Insider Activity
This information examines if and when insiders have bought or sold shares in the company, or expressed an intention to sell shares.
An insider is a person inside a company with access to nonpublic material and information that could move the stock price. The government requires insiders to report their transactions to guard against unethical trading and to let other investors know about changes in ownership by the management of the company.
The information comes from documents filed with the Securities and Exchange Commission—mainly what's called a Form 4 and Form 144. Morningstar gets the data from a company called Disclosure, which collects insider information.
A Form 4 is filed when an insider's ownership in a company changes. Maybe the insider bought shares. Maybe the insider sold shares. Maybe the insider exercised options. Any number of things could trigger a change in ownership.
A Form 144 is filed when an insider intends to sell shares in the near future. Corporate executives often receive what's called "restricted stock," which is stock they're given by the company as compensation. After a one-year holding period, insiders can sell this restricted stock—but only if they file a Form 144 on or before the date of the actual sale. When insiders file a Form 144, they have 90 days to sell the specified shares, or else they need to submit a new Form 144. When the shares are actually sold, the insider must then file a Form 4.
Date
The date of the insider transaction.
Name and Position
The name and position within the company of the insider as shown in the SEC filings.
Action
Action describes the nature of the insider transaction.
"Buy" stands for open-market purchase, in which an insider purchases company shares on the open market—typically the most bullish kind of insider transaction.
"Sale" indicates an open-market sale, in which an insider sells shares on the open market. This could be a bearish signal, but often company insiders sell shares on a regular basis to diversify their holdings, making this a rather nebulous indicator.
"Planned Sale" indicates that the insider has filed a Form 144 indicating an intention to sell shares.
Number of shares
The number of shares involved in the transaction.
Value
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