Apple’s CFO and Senior Vice President Luca Maestri has sold more than $28 million of his shares in Apple’s stock, according to new SEC filings. According to the filings, the transaction was made on October 9th to Apple for a total of 243,431 shares, averaging $116.89 each totaling $28,454,649.59.
After the transition, Luca who started his role as Apple’s CFO in 2014 owns 110,272 Apple shares which would be worth around $13 million under AAPL’s average price on October 14th. It isn’t entirely unusual for executives and stockholders to sell their shares, however, the timing and magnitude of this case are surely interesting.
Analysts are believing that the iPhone 12 will yield Apple a “supercycle” of upgrades as customers look to purchase the new devices thanks to the introduction of 5G. Staggered shipments of the iPhone 12 lineup which consists of 4 distinct models will however mean that Apple misses out on peak season demand ahead of the holidays. You can learn more about the iPhone 12 here.