Apple CEO Tim Cook recently sold $50 million in Apple stocks, following an accumulation of shares just one day prior. Cook acquired 477,301 Apple shares on October 1 through vested restricted stock units. 24 hours later, he sold 223,986 shares for $50.3 million, an average of $224.46 per share.
This APPL sale was part of Cook’s rule 10b5-1 trading plan. The instructions of the plan were set on May 21, with the sale executed yesterday. A rule 10b5-1 trading plan, like the one used by Cook, ensures that stock trades are executed automatically when preset conditions, such as price or volume, are met. This plan is designed to prevent insiders from gaining an unfair advantage through material nonpublic information.
Apple recently launched the iPhone 16 globally with strong sales, as several retailers sold out their stocks instantly. Shares in APPL performed well following the phone launch as it does with every launch, slightly surpassing expectations. However, share prices have remained stagnant for the last three months.
Other Apple Shareholders Execute APPL Sales As Part of Trading Plan
Additionally, several key AAPL executives have recently sold shares. COO Jeff Williams sold 59,370 shares, generating $13.5 million. Meanwhile, Deirdre O’Brien, SVP of Retail, sold 61,019 shares worth $13.8 million. Similarly, Katherine Adams, Apple’s General Counsel and SVP of Legal and Global Security, sold 61,019 shares.
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Overall, analysts are still conservative on current APPL prices, despite the company’s shareholders’ sell-offs. Price analysts expect shares to remain steady, with a slight growth of 8% in 2025. According to a price prediction from TipRanks, AAPL shares could surge to an average price range of $248 in the next 12 months of 2025. That’s an uptick and return on investment (ROI) of approximately 9.5% from its current price of $227.
The company’s upcoming Q3 earnings report could signal a shift in share prices for better or worse. It’s not likely that the Apple CEO’s latest trading plan will change prices per share, but a positive Q3 report could cause stocks to rise a few points. The earnings date for Apple APPL will be on October 31, 2024.