Narayen Shantanu’s SEC Form 4 filings reveal a clear pattern of significant selling activity concentrated in Adobe Inc. (ADBE), with minimal buying in Pfizer (PFE). Over 64 reported transactions, the total sell value reached $36.9 million, dwarfing the $500,000 in purchases. The bulk of the disposals occurred in ADBE, including a single $10.2 million transaction on January 24, 2026, followed by multiple smaller sales throughout early 2026, such as $298,008 and $336,932 on January 15. These sales were primarily coded as "F" (dispositions under Rule 16b-3), suggesting they were part of planned transactions like stock option exercises or vesting events. In contrast, the only buys were in PFE, with two $50,000 acquisitions on March 27, 2026, and two more on December 31, 2025, all coded as "A" (awards or grants).
The data shows no recent insider trades in either direction, with the last activity occurring in March 2026. Narayen’s transactions skew heavily toward monetizing ADBE holdings, while the PFE purchases appear isolated and comparatively minor. The absence of open-market buying in ADBE—coupled with the scale of selling—suggests a consistent reduction in exposure to the company. The filings indicate disciplined, periodic divestment rather than abrupt liquidation, with no material changes in the pattern over the observed period. The activity reflects a long-term trend of converting equity compensation into liquidity, particularly in ADBE, while maintaining a nominal position in PFE.
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