Apple Inc. (NASDAQ:AAPL)’s insiders continue to be bearish about their own company’s stock. Eddy Cue, Senior Vice President of Internet Software and Services, is the latest Apple Inc. (NASDAQ:AAPL) insider to sell off his company stock. His most recent Securities and Exchange Commission filing shows that he sold off 15,000 shares of Apple Inc. (NASDAQ:AAPL) on Friday. That amounted to about $8.8 million.
Just before Cue’s sell-off of company stock, came Apple veteran Bob Mansfield’s sell-off, which amounted to about $20 million. And in May, now-former, Apple iOS chief Scott Forstall sold more than 65,000 shares of his company stock, which was about 95 percent of his stake in his company. His sell-off amounted to $38.7 million.
Cue now owns only 285 shares outside of his restricted shares of the stock. Cue’s restricted shares come from his September promotion and a bonus he received last month. The first portion of those units will vest next August, and the rest of the vestments will be staggered through September 2016, if he stays with the company. Depending on what Apple’s stock does in the coming year, those restricted shares could end up being worth a lot more than the shares he sold on Friday. But then again, if the stock continues to drop, they could be worth even less. Only time and the markets will tell.
As ValueWalk reported last week, Cue recently got saddled with trying to fix Apple’s disastrous mapping software. Forstall left in October after the rapidly rising number of complaints about iOS 6’s mapping software
This morning, shares of Apple Inc. (NASDAQ:AAPL) are continuing to trend downward. In pre-market trading, shares were selling for around $570 each, a 1 percent drop since the markets closed yesterday. Monday and Tuesday saw shares of the company plummet significantly, falling from just over $590 per share on Monday down to the $570 range by the time the markets closed Tuesday afternoon.