Insider sale details
Natera, Inc. (NASDAQ: NTRA) co-founder Jonathan Sheena reported the sale of 5,360 shares of the company's common stock in filings with the Securities and Exchange Commission. The Form 4 shows two blocks of transactions executed under pre-established trading plans on March 18 and March 20, 2026, which together produced proceeds totaling $908,301.
On March 18, Sheena sold 3,070 shares in multiple transactions at prices that ranged from $196.02 to $198.9050. The filing breaks those sales down into lots: 300 shares at a weighted average price of $196.2667, 956 shares at $197.8401, and 1,814 shares at $198.6522.
Two days later, on March 20, Sheena sold 2,290 shares that were held by Caraluna 1 Trust and Caraluna 2 Trust. Prices for those sales ranged from $198.4100 to $201.1300. Caraluna 1 Trust sold 239 shares at a weighted average of $198.8549, 140 shares at $199.8243 and 371 shares at $200.9740. Caraluna 2 Trust sold 235 shares at a weighted average of $198.4859, another 235 shares at $199.8770 and 280 shares at $200.9023.
Following the transactions disclosed in the filing, Sheena is shown as directly owning 259,255 shares of Natera. The Form 4 also indicates that he disclaims beneficial ownership of the shares held by Caraluna 1 Trust and Caraluna 2 Trust.
Market context and valuation notes
At the time of the filing, Natera shares were trading at $195.29. The stock had gained about 4% over the prior week but remained down nearly 15% year-to-date. The company carries a market capitalization of $27.81 billion.
Analysis from InvestingPro referenced in the filing characterizes Natera as trading above its Fair Value and lists the company among those classified as Most Overvalued under that framework. The filing also notes that more detailed valuation and growth analysis for Natera is available through a Pro Research Report on InvestingPro covering this name among 1,400+ U.S. equities.
Analyst coverage and price targets
The filing summarizes analyst sentiment as generally bullish, with published price targets spanning from $190 to $300 per share. Two specific broker actions were highlighted: Morgan Stanley adjusted its price target to $250 from $265 while maintaining an Overweight rating after updating its model following Natera's fourth-quarter 2025 results. Canaccord Genuity reiterated a Buy rating and kept a $285 price target, citing strong fourth-quarter performance that exceeded the company's own preannouncement and noting higher test volumes across all business lines, with particular strength in Signatera testing.
Operational and clinical developments cited
The filing also references recent company disclosures about scientific and product advances. Natera announced the publication of two studies in Nature Communications that evaluated its Signatera circulating tumor DNA assay in anal squamous cell carcinoma and in locally advanced rectal cancer. According to the company, patients testing negative with Signatera demonstrated 100% one-year overall survival and progression-free survival in those studies.
Separately, Natera launched Zenith genomics, a new whole genome sequencing test intended to aid diagnosis of rare genetic conditions. The company developed the test in partnership with MyOme and positioned Zenith genomics as an enhanced approach to rare disease detection using whole genome sequencing technology.
Takeaways
The Form 4 filing documents an insider sale executed through pre-arranged plans and leaves Sheena with substantial direct holdings while disclaiming beneficial ownership of trust-held shares. The sales coincided with a period where the stock's short-term performance improved but remained lower on the year, and where external analysis flagged the stock as trading above its Fair Value. At the same time, company-published clinical results and a new whole genome sequencing product rollout were highlighted, and analysts adjusted targets in response to recent quarterly results.
Investors and market observers will note the combination of insider liquidity, valuation commentary, analyst target dispersion, and clinical/product developments when assessing near-term signals from Natera's filings and public disclosures.