Apple's Financial Chief Luca Maestri Sells Apple Shares Worth Over $16 Million
Apple's chief financial officer Luca Maestri sold 96,735 shares of Apple stock valued at around $16.9 million in two transactions completed on Wednesday, according to a filing with the U.S. Securities and Exchange Commission (SEC) released today.
The transactions were made pursuant to a predetermined trading plan adopted by Maestri in November 2021 and modified in February 2022, in accordance with insider trading laws. Maestri still holds around 110,000 shares of Apple stock following the sale, according to the SEC filing.
Maestri joined Apple in 2013 and is part of the company's senior executive team, reporting directly to CEO Tim Cook. As chief financial officer, he oversees Apple's accounting, financial planning and analysis, treasury, investor relations, internal auditing, real estate, business support, and tax functions, according to Apple.
Apple's stock closed at $171.52 today and is up nearly 32% since mid-June. Last month, Apple reported a new June quarter record with $83 billion revenue, driven by sales of iPhones and the company's growing portfolio of services.
This story has been updated to reflect an amendment made to the SEC filing. The original form indicated that Maestri's predetermined trading plan was adopted in November 2020, but the amended form indicates the plan was adopted in November 2021.
Top Rated Comments
This is (one of many reasons) why company executives utilize plans like this to sell their shares (to avoid the appearance that they are selling based on any insider knowledge and such). It‘s called “Rule 10b5-1”.
(Note: I own no stock in Apple. No financial interest at all.)
Just FYI, AAPL is up nearly 32% since mid-June.