Three senior officers sold a total of 61,632 shares near Apple’s all-time high
Apple (AAPL) set a new record last Friday, closing at $270.83 a share. Two trading days later, it closed at $262.04, down $7.46 in one day, and it fell another $6.59 to $256.41 in mid-morning trading Wednesday.
Among the people lucky — or prescient — enough to sell before the stock dropped were three senior Apple officers: Scott Forstall, senior VP for iPhone software; Mark Papermaster, senior VP devices; and Betsy Rafael, VP, controller and chief accounting officer.
According to SEC Form 4s filed Tuesday, the trio sold a total of 61,632 preferentially owned shares between Friday and Monday at prices ranging from $267.01 to $271.43 a share. Total proceeds: $16.5 million.
Papermaster, the veteran IBM (IBM) executive who replaced Tony Fadell as head of the iPod/iPhone division (see here), sold his shares as part of a Rule 10b5-1 trading plan.
But Forstall and Rafael’s could have unloaded their Apple stock whenever they wanted, and they chose well. Forstall was the big winner, clearing more than $12 million. Rafael’s timing was particularly good. She sold 2,136 shares at $270.8775 on Friday, raking in nearly $580,000 in one trade.
Below the fold: The trades.
| Executive | Date | Shares | Price | Net |
| Scott Forstall | 04/23/10 | 35,012 | $267.01 | $9,348,554.12 |
| 04/23/10 | 10,100 | $268.44 | $2,711,244.00 | |
| $12,059,798.12 | ||||
| Mark Papermaster | 04/24/10 | 8,384 | $270.83 | $2,270,638.72 |
| 04/26/10 | 1,500 | $268.70 | $403,050.00 | |
| 04/26/10 | 4,500 | $270.12 | $1,215,540.00 | |
| $3,889,228.72 | ||||
| Betsy Rafael | 04/23/10 | 2,136 | $270.88 | $578,594.34 |
| Total | 61,632 | $16,527,621.18 |
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See also:
- Apple officers sell off 1 million shares
- IBM settles; Papermaster to join Apple in April
- The Papermaster chronicles
[Follow Philip Elmer-DeWitt on Twitter @philiped]