Apple Inc. (NASDAQ:AAPL)’s stock touching highs of $100 a share seems to have gotten the attention of a number of investors who have offloaded theirs stakes in the company. Joining the wave of investors offloading their stake in the company is H Eduardo Cue, Senior Vice President for internet software and internet services.
H Eduardo Cue is reported to have sold 261,935 shares of Apple Inc. (NASDAQ:AAPL) $27,970,743 in two separate transactions on 30th October’14. The transaction comes on the heels of him offloading a total of 172,100 shares for $12,400,000 for an average of $72 a share in August 26, 2013. Cue has been at Apple for 25 years and currently oversees the iTunes store, App store as well as iBookstore alongwith Apple’s iCloud services.
Chief financial officer, Luca Maestri, is also reported to have offloaded his entire direct stake in the company for $624,523. Following another transaction back in September 10, 2014 where he sold 12,300 shares for $1,200,000 at an average price of $99.79 a share.
Fiscal year 2014 has turned out to be Apple Inc. (NASDAQ:AAPL)’s best year in the recent past having reported record revenues and EPS, at the back of an impressive iPhone refresh cycle. Most importantly Apple is growing its operating cash flow meaningfully to the liking of many investors. IPhone 6 demand has especially been the most exciting heading into the close of the year with chief investment officer, David Rolfe, saying demand is especially growing in international emerging markets.
The growth in iPhone 6 demand according to Rolfe has mostly been driven by the fact that a lot of people’s first exposure to technology has to do with a smartphone and not a tablet or laptop. Apple has reportedly changed its iPhone 6 production strategies as it seeks to address the growing demand. Rolfe also manages RiverPark/Wedgewood Retail Fund that holds 1,279,000 shares in Apple Inc. (NASDAQ:AAPL).
Inside Traders Reports founder, Asif Suria, believes that the ongoing sell-off does not come as a surprise as most of the traders would wish to recoup their investments. Insiderinsights.com Jonathan Moreland argues that the ongoing insider trading should not be perceived as a sign of weakness especially on a stock like Apple Inc. (NASDAQ:AAPL) that has performed extremely well in the year.
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW