Greedy Insider
Form 4 Code S (Sale) Explained
Form 4 transaction Code S means an open-market or private sale. In a sample of 4,000 recent filings through Oct 24, 2026, code S appears in 3,020 transactions (31.9% of the total).
What Form 4 code S means
Code S marks an open-market or private sale of the issuer's securities. Sales happen for many reasons (diversification, taxes, planned 10b5-1 trades), so a single S tells you less about conviction than a P.
How common code S is
Across 4,000 of the most recent Form 4 filings in our database, 3,020 transactions were coded S, or 31.9% of all coded transactions in that sample. Comparing a code's frequency is a quick way to tell routine mechanics (awards, tax withholding) from deliberate open-market activity.
Where it fits in the score
The Greediness Score only ranks open-market buys and sales; compensation codes like awards and option exercises are reported for completeness but are not scored as conviction. The score describes the filing, not future returns. This is not investment advice.
Key facts
- Code S transactions in sample: 3,020
- Share of coded transactions: 31.9%
- Filings scanned: 4,000
Primary sources
Related
The score describes the filing, not future returns. This is not investment advice.