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Executives Sell Off Apple as Investors (and a Billionaire) Buy In

  +Follow August 19, 2013 10:40AM
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Apple, Inc. (AAPL) has come a long way since hitting a 52-weeek low of $388.87 a share on June 29 amid a massive sell-off. The stock has surged over the last month, and from Aug. 12 to Aug. 17 gained over 10 percent. Apple has been propelled both by impressive iPhone sales in the second quarter of 2013 and influential investor Carl Icahn sinking a reported $1.5 billion into the company, calling the tech giant “extremely undervalued.”

Yet at the same time Icahn is doubling down on the company, major executives at Apple are cashing out. According to a filing with the Securities and Exchange Commission, between Aug. 16 and Aug. 18, Senior Vice Presidents Dan Riccio and Phil Scheller respectively sold $1.9 million and $18.6 million worth of shares of the company.

They're not the only ones either. On July 29, Apple directors Bill Campbell and Millard Drexler cashed out for a combined $13.8 million, and on June 24, Senior Vice Presidents Bruce Sewell and Jeff Williams cashed out for around $15 million apiece.

It should be noted though, that these executives made clear their intentions to sell months prior, while Apple’s stock was lagging. The SEC requires higher-up execs to notify of intention to sell far in advance in order to preclude the possibility of insider trading. Also, the combined value of these stock sales is dwarfed by Icahn’s recent investment. Since he first tweeted his buy-in on Aug. 13, Icahn's investment has gained an estimated $150 million in value. 

While Icahn’s stake in the company is sizable, it still equals less than a percent of the company’s present value. Apple is flying so high they have comfortably regained their position as the most valuable company in the world. The company is now worth $466.33 billion, more than $70 billion ahead of the number two company ExxonMobil Corporation (XOM) . Apple surpassed Exxon on Aug. 1.

Though Apple is still down 18.58 percent on the year, they’re up 1.93 percent on the day to hit $511.99 a share.   

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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The Stock Professor
5 Aug 15 00:33:14
Review: Stand-alone gadgets trump all-in-one devices: [AP] - When Apple announced new iPo... http://t.co/JlB3BJUH2E $AAPL $GOOG $PCLN $K
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RT @ArjunKharpal: Apple's market cap accounts for 13% of the Nasdaq 100, this is what it could do to the index: http://t.co/J8oB85a7WK $AAPL
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RT @MarketWatch: What’s next for Apple after dropping below 200-day moving average? VIDEO: http://t.co/rpJrZBF5p4 $AAPL http://t.co/ui43Ksa…
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Interactive Chart -> http://t.co/HTQ3Mz6Pqc $AAPL Research and Development is Rising. http://t.co/1cWDRaboMt
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RT @MarketWatch: What’s next for Apple after dropping below 200-day moving average? VIDEO: http://t.co/rpJrZBF5p4 $AAPL http://t.co/ui43Ksa…
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tony.
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Mohamud
5 Aug 15 00:18:07
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tony.
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RT @stock_forums: $ASAB Investor Opinions Updated Wednesday, August 5, 2015 02:41:24 AM $GNPT $AAPL $EPGL $TPAC http://t.co/JGFXmMHfnz
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MasterChartsTrading
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  +Follow August 19, 2013 10:40AM
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