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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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Results for aapl
Alex Berenson
31 Aug 15 11:55:28
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Ross Gerber
31 Aug 15 11:54:47
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StockBoardAsset
31 Aug 15 11:54:33
$AAPL .764 PT Achieved http://t.co/BaH0IcD5MR
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31 Aug 15 11:53:52
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31 Aug 15 11:52:12
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31 Aug 15 11:50:48
$AAPL $NDX $NQ_F $QQQ $TQQQ $NFLX $GOOG Another Massive Explosion Rocks China http://t.co/gDCOuWBHZA
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31 Aug 15 11:50:21
Apple And Cisco Ink Nebulous Enterprise Partnership:  Apple playing nicely with enterprise compan... http://t.co/KMAHm5Unwx #Apple $AAPL
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31 Aug 15 11:50:15
Apple and Cisco to join forces. Collaborate on corporate networks, @WebEx, video technology $AAPL $CSCO
Info CA
31 Aug 15 11:48:27
AAPL: Predictive Charts for $SPY, $GLD, $FXCM, $USO, $SCO, $CVX, $MU, $AAPL, $GOOG, $FB: How does artificial intellig http://t.co/dk8G0Lzpil
Larry (Lars) Chaffin
31 Aug 15 11:48:23
Did Apple get 80% list price? "@CNBCnow: Apple, Cisco announce partnership where Cisco will optimize networks for iOS users. • $AAPL $CSCO
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Larry (Lars) Chaffin
31 Aug 15 11:46:05
RT @plutonetworks: Move to android fast. "@CNBCnow: Apple, Cisco announce partnership where Cisco will optimize networks for iOS users. •…
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31 Aug 15 11:45:39
Former $AAPL Supplier $GTAT to Cut 40% of Workforce http://t.co/UJCNWcVA7n
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31 Aug 15 11:45:12
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31 Aug 15 11:44:46
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Spread The Trend
31 Aug 15 11:44:41
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The Stock Professor
31 Aug 15 11:44:22
Apple to bet on a new technology 'as profound' as smartphone?: http://t.co/Tti670PCPF $AAPL $GOOG $PCLN $K
investorsCloud
31 Aug 15 11:43:58
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FinBuzz
31 Aug 15 11:43:05
Screen through high rated articles at once for US Tech Kings $AAPL $GOOG $FB http://t.co/l3Lv2AAjzE http://t.co/PUbFTbHzVW
Thudder & Wicks
31 Aug 15 11:42:45
$AAPL Teams Up With $CSCO, Expanding Corporate-Sales Push http://t.co/tGIQkAyzUd
Options Answers
31 Aug 15 11:42:42
RT @goldluvr: $GOOG $GOOGL $AAPL So We’ve Got That Going For Us….. - Update from Option Millionaires - Stock Options Chatroom St... http://…
PrivateCapBlogger
31 Aug 15 11:42:08
The New Apple TV 4 Could Rival Xbox One And PlayStation 4 $AAPL http://t.co/IfM1Hmzoxs
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31 Aug 15 11:41:14
$AAPL - Apple, Cisco Unveil Business Partnership http://t.co/84F6MDKvXC
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31 Aug 15 11:41:07
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31 Aug 15 11:41:07
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Kevin Orukel
31 Aug 15 11:41:05
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plutonetworks
31 Aug 15 11:40:43
Move to android fast. "@CNBCnow: Apple, Cisco announce partnership where Cisco will optimize networks for iOS users. • $AAPL $CSCO"
Sleek Money
31 Aug 15 11:40:18
Analysts’ Updated EPS Estimates for August, 31st $AAPL, ABM, AGU, CAM, DGI, EXC, EXPD, FMX, GEF, HYGS http://t.co/JoV3ApfylJ
Ari Levy
31 Aug 15 11:40:10
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Jim Neal
31 Aug 15 11:39:48
Former Apple Supplier GT Advanced to Cut 40% of Workforce - WSJ $AAPL http://t.co/LdKaZ0Ki7x
US Banking News
31 Aug 15 11:39:40
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31 Aug 15 11:38:22
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31 Aug 15 11:38:18
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  +Follow August 19, 2013 10:40AM
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