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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
NOW,
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.
See also: ServiceNow, Nvidia team up on generative AI
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%.
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