BARTON RICHARD N

The Netflix ledger is machinery. Barton's 1,218 NFLX filings since August 2004 cumulate to just 6,000 shares bought against 347,166 sold. The recent rows all carry code A — acquisitions — landing on the first trading day of nearly every month: 51 shares at $1,218.98 in June 2025, 654 shares at $95.55 in April 2026, 842 shares at $74.19 in July 2026. The share counts jumped an order of magnitude while the per-share price fell in near-exact proportion, and the tell is what stayed constant: each grant is worth roughly $62,000. A screener flagging "insider acquired 842 NFLX shares" in July 2026 is looking at the same monthly director grant the record has carried for years, resized to a lower share price. Treating any single row here as a buy signal is a category error the value-constancy exposes.

The Zillow ledger is where intent shows. Barton co-founded the company, and this is the only series in his file with genuinely directional moves. In August 2025 he sold approximately 350,000 shares across two sessions at $84.06-$85.93. Six months later, in February 2026, come twin 300,000-share option exercises recorded at a $22.41 strike across Zillow's two share classes — exercised and, within this filing window, held rather than flipped. The lifetime asymmetry is stark all the same: 6.0 million shares sold under the pre-2015 Zillow Inc entity and another 2.4 million under Zillow Group, against 703,497 bought. The February exercises put a fresh 600,000-share block on the books barely two quarters after the August selling window — the next disposition rows, whenever they come, will say whether the exercise was accumulation or staging.