Cisco Systems, Inc. (NASDAQ:CSCO) executive Jeffery S. Sharritts, who serves as the company's EVP & Chief Customer & Partner Officer, has recently sold a portion of his stock holdings in the company. The transactions, which took place on March 13 and March 14, involved the sale of a total of 2,666 shares of Cisco common stock, resulting in proceeds exceeding $133,000.
The sales were executed at prices ranging from $49.91 to $50.27 per share, with a weighted average sales price of $50.0091 for the larger transaction on March 13. The March 14 sale saw shares sold at a price of $50.27 each. Following these transactions, Sharritts retains ownership of 245,657 shares in the tech giant.
Investors often monitor the buying and selling activity of company insiders as it can provide insights into the executive's view of the company's current valuation and future prospects. The sales by Sharritts were conducted in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 plan, which he had adopted on June 13, 2023. These plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of trading on nonpublic information.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides transparency into the trading activities of company executives and other insiders. It's worth noting that Sharritts' remaining stake in the company includes 6,458 dividend equivalents accrued on unvested restricted stock units, which economically equate to one share of Cisco common stock each.
Cisco Systems, Inc. continues to be a key player in the computer communications equipment sector, and the trading activities of its executives are closely watched by investors seeking to understand market trends and company health.
InvestingPro Insights
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