Bradford L. Smith, Microsoft's vice chair and president who also serves on Netflix's board, files Form 4s for both companies, and his record is heavily tilted toward selling. Across 49 transactions in NFLX and MSFT, aggregate sales reached $47,015,189.44 against total reported buys of $1,450,220.53 — and in the most recent stretch, there are zero open-market purchases. Every discretionary trade on the current slate is a sale of Netflix stock.
The five most recent "S" codes all sit in NFLX. On June 17, 2026, Smith sold $1,076,533.86 and $1,713,265.49 in two blocks; on January 15, 2026, he filed three further sales — $2,695.70, $1,824,089.77, and $998,036.02 — for a combined $2.82 million. Each sale date was accompanied by a run of "M" option-exercise entries clustered near $62,500, a pattern consistent with exercise-and-sell mechanics. The MSFT component of the recent window is limited to two "F" tax-withholding entries on March 2, 2026, each worth $1,409,752.80, which are automatic rather than elective. Monthly NFLX "A" grants appear throughout with zero-dollar values, reflecting compensation awards, and the July 1, 2026 filing is another such grant with no sale attached.
The direction is unambiguous. Smith's aggregate buy-side figure is barely 3 percent of his sales total, and the absence of any "P" purchase in the recent record reinforces a pattern of steady, large-dollar Netflix distribution. Nothing in the filings indicates accumulation; the weight of the activity is a continuing sell bias.
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