Activision Blizzard Inc. (ATVI) and Two Other Companies Witness Top Executives Sell Shares

Fidelity National Information Services (NYSE:FIS) had one member of its Board of Directors sell shares this past week. Director Richard N. Massey unloaded 45,000 shares on Wednesday at prices varying from $62.34 to $62.52 per share, trimming his direct ownership stake to 107,242 shares. The company’s President and Chief Executive Officer also sold sizable blocks of shares last week, but those sales were associated with freshly-exercised stock options.

Fidelity National Information Services is a provider of payment processing and banking technology to the financial sector. Shares of FIS are down by 8% in the past 12 months, partly owing to concerns over the possibility that banks might reduce spending, which would in turn lead to lower demand for the company’s technology and services. Nonetheless, some believe that the high importance of the company’s technology to the financial sector reduces the odds of it seeing downward pressure in demand for its services. In November 2015, Fidelity National Information Services completed its previously-announced acquisition of software and technology services company SunGard. The acquisition is anticipated to increase the company’s existing portfolio of solutions by adding services such as trading, securities operations, investment portfolio administration, investment asset accounting, and risk and compliance requirements management. Moreover, the freshly-completed acquisition allows the company to offer software and technology services to domestic governments, non-profits, utilities, and educational institutions. According to a recent report by Reuters, FIS is planning on selling SunGard’s business that involves serving the public sector and education markets, which points to the fact that the company is more inclined to focus on its core competence. Shares of FIS are currently trading at a forward P/E ratio of 14.5, slightly below the ratio of 15.3 for the Information Technology industry. Scott Ferguson’s Sachem Head Capital owns 3.84 million shares of Fidelity National Information Services (NYSE:FIS) as of December 31.

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