Insiders sell stock to diversify assets and is highly regulated and scrutinized. Insiders can only sell shares at certain times during the year, and when they do, they must acknowledge that they are not in possession of material, nonpublic information. Many insiders use planned selling programs as a means to ensure they do not violate insider-trading laws. Recently, various executives have taken part in insider selling activity for the stocks of GoPro Inc (NASDAQ:GPRO), Facebook Inc (NASDAQ:FB), and Sprint Corp (NYSE:S).
Let’s take a closer look:
On November 14, Chief Financial Officer Brian McGee sold 4,497 GoPro shares, valued at $46,409. McGee now holds 51,250 of the company’s shares that are valued at $528,900.
Brian served as our Vice President of Finance since September 2015, which included responsibility for financial planning, tax, treasury and risk management. From May 2011 to September 2015, Mr. McGee served in various positions at Qualcomm, most recently as the Vice President, Business Operations.
On November 14, Chief Product Officer Christopher K. Cox sold 71,944 shares, valued at nearly $8,368,18. Cox now holds 418,101 of the company’s shares that are valued at $48,499,716.
Cox received a bachelor’s degree in symbolic systems with a concentration in artificial intelligence from Stanford University, which he attended from 2001 to 2004. Cox dropped out of a graduate degree program at Stanford to join Facebook in 2005. He started as a software engineer and worked on first versions of many key Facebook products, including News Feed. As a 25-year-old engineer, he was promoted to Director of Human Resources and later to Vice President of Product before becoming Chief Product Officer.
On November 16, Chief Marketing Officer Sole-Rafols Roger sold 49,844 shares, valued at nearly $375,455. Roger now holds 1,466,397 of the company’s shares that are valued at just under $10,997,978.
Roger came to Sprint from TIM Brasil, where he was the company’s chief marketing officer. Under his leadership, TIM, Telecom Italia’s mobile carrier in Brazil, emerged as that country’s fastest-growing mobile operator by introducing new offers and services, providing innovative ways for customers to get new smartphones. Roger grew TIM to become the No. 1 seller of smartphones in Brazil with 40% market share and nearly 71 million customers.