A ServiceNow Inc. executive has cashed out of some of his holdings amid a rally that has lifted the company’s shares about 40% so far this year.
Chirantan “CJ” Desai, ServiceNow’s president and chief operating officer, dumped 13,000 shares of ServiceNow
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last Thursday at an average price of $538.155, according to a filing with the Securities and Exchange Commission made public Tuesday. He pocketed about $7 million from the transaction.
Desai still owns 40,558 shares of the enterprise cloud-computing company, according to Tuesday’s filing.
ServiceNow did not respond to a MarketWatch request for comment on the stock sale.
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Other ServiceNow executives sold much smaller amounts of shares, also last Thursday, according to recent filings. Chief Commercial Officer Paul Smith dumped 467 shares for just under $250,000, while Chief People Officer Jacqueline Canney sold 375 shares for just under $200,000.
Those sales are all drops in the bucket compared to ServiceNow Chief Executive Bill McDermott’s move to dump $25 million in stock back in February. ServiceNow said at the time that McDermott sold that stock to make a property purchase, though one expert on insider selling told MarketWatch at the time that the sale looked “opportunistic” given the run-up in ServiceNow shares and McDermott’s lack of selling activity in the previous two years or so.
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ServiceNow shares ended Wednesday’s session down 0.8%.
This story originally appeared on Marketwatch
