AppleInsider directs us to a recent SEC filing from Apple which ntoes that two members of Apple's Board of Directors - Millard Drexler and William Campbell - recently sold shares of Apple stock which amounted to over $19 million.
The SEC filings, published on Wednesday, note Monday as the execution date for both Drexler and Campbell's trades, which were together worth $19.03 million. Drexler's selloff accounted for a bulk of the combined assets, with the current CEO of J. Crew Group gaining over $14.6 million after trading a total of 32,562 AAPL shares at prices ranging from about $448 to $449. As noted by the SEC, the transactions were executed in multiple trades, with reported prices reflecting the weighted average sale price. As for Campbell, the current Chairman of the Board at Intuit sold exactly 10,000 shares in two separate batches for a total of $4.4 million. The Apple board director executed his trades at average weighted prices ranging from $440 to $441.
While some pundits like to read into the sale of Apple stock by employees and board members as reason for concern, company employees routinely sell shares when options vest or simply because they'd like to cash out sooner rather than later. As for Apple shares, the stock continues to do well in the wake of Apple's earnings report last week. Though profits quarter over quarter declined, iPhone sales far exceeded what analysts were expecting. At the close of trading on Wednesday, shares of Apple were trading at $452.
Wednesday's trades comes less than one week following a selloff worth nearly $16.4 million by the company's chief financial officer Peter Oppenheimer.