U.S. Securities and Exchange Commission filings show that last week, two top Apple Inc. (NASDAQ:AAPL) officials sold off millions of dollars’ worth of their company’s stock. The two officials are Bruce Sewell, the company’s general counsel, and board member Arthur Levinson.
On Thursday, Sewell sold over 2,400 shares of Apple stock at almost $549 a share, and an additional 2,700 shares for close to $550 a share. The total value of Apple stock Sewell sold was over $2.8 million. SEC filings show that Sewell sold more than 5,000 additional shares of Apple Inc. (NASDAQ:AAPL) stock Nov. 1 as well. They were worth $600 a share on that date and brought in over $3 million for Sewell at their sale.
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Levinson also sold 7,500 shares of his Apple Inc. (NASDAQ:AAPL) stock on Thursday at almost $561 a share. The value of his shares was over $4.2 million.
Apple’s stock has been in the news frequently this month, and it’s been anything but good news. The stock has been dropping amidst a number of problems, including: pressure from a poor macro environment, weak consumer spending, relatively higher pricing of the iPad Mini, a loss of share in the tablet market, a change-up in management, and a drop in profit margins. Today the company’s stock is trading at $542.83, down from Friday’s trades, which were close to $560 a share.
ValueWalk has been following Apple Inc. (NASDAQ:AAPL)’s stock closely all month long. On Nov. 7 we reported that bond guru Jeff Gundlach told CNBC that he predicts Apple’s stock will plummet to $425 a share by next year. Gundlach cited the main reason for the tech giant’s plummeting stock as the death of company’s co-founder Steve Jobs.
A day after that story, we reported that shares of Apple Inc. (NASDAQ:AAPL) had dropped over 20 percent from their $705 peak on Sept. 19. Well-known Oppenheimer analyst Ittai Kidron believes the downward trend of Apple shares means that this is the time to purchase the stock, even though it faces so many challenges. Oppenheimer analysts predict that Apple Inc. (NASDAQ:AAPL) will begin the New Year with a refreshed portfolio and that the stock will begin to show an upward trend soon.