Facebook Inc (NASDAQ:FB) executives continue to sell shares of the company as the stock has gained about 172% in the last 12 months. In the last three months, a whopping 58 sell transactions have taken place, all by the company’s senior executives. The latest insider to sell Facebook shares is its chief product officer Chris Cox.
Mr. Cox revealed in his Form 4 filing with the Securities and Exchange Commission that he offloaded 4,483 class-A shares of the company in an open market transaction dated June 23. He sold the stock at an average price of $64.30 for a total value of $288,256.90. Chris Cox still owns 574,851 class-A Facebook shares. It’s not his first sell transaction this month.
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Chris Cox sold 4,892 shares on June 16 at $64 apiece. He unloaded another 9,375 class-A shares of Facebook on the same day at $64.17 per share. He had sold 5,435 shares on June 9 at $62.76. Cox’s first sell transaction this month took place on June 2 when he sold 5,936 shares of the company. Among other Facebook executives, chief operating officer Sheryl Sandberg sold a whopping 283,334 shares on June 18 at $64.47 apiece. She still directly owns 7,588,872 Facebook shares.
While executives cash in on rising stock, Facebook CEO focuses on charity
Michael Schroepfer, chief technology officer at Facebook, sold 29,784 shares in an open market transaction on June 17. He offloaded them at an average price of $64.07 per share, raising about $1,908,260.88. Schroepfer still owns 191,451 shares of the social networking giant. Facebook VP David Fischer has sold 18,000 shares on June 11 at $65.32 and another 18,000 shares on June 12 at $65.83.
While these executives are selling shares to cash in on the rising stock, Facebook founder and his wife Priscilla Chan are giving away money for philanthropic activities. Late last month, Zuckerberg pledged to donate $120 million to San Francisco Bay Area schools over the next five years. Facebook CEO told the Associated Press that the first $5 million of that will be spent on training of principals, improving the classroom technology and helping children prepare for high school.
On Wednesday, Barclays initiated coverage of Facebook with Overweight rating and $78 price target.