Apple‘s Chief Financial Officer Luca Maestri has sold shares worth $16.9 million as part of an arranged trading plan.

According to a filing with the US Securities and Exchange Commission (SEC), the transactions were executed in two tranches.

One transaction was for 66,390 shares, sold for $174.66 each, while the other was 30,345 shares fetching $175.60 apiece.

MacRumors reports that a total of 96,735 shares were sold by Maestri.

“The transactions were made pursuant to a predetermined trading plan adopted by Maestri in November 2020, in accordance with insider trading laws”, the report mentioned.

Maestri still holds around 110,000 shares of Apple stock following the sale, according to the US SEC filing.

Maestri joined Apple in 2013 and reports directly to CEO Tim Cook.

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Apple’s stock closed at $171.52 on Friday and is up nearly 32 percent since June.

Despite the global macro-economic environment, Apple saw a record June quarter with a 2 percent (year-over-year) revenue increase at $83 billion, riding on a 12 percent sales increase in services.

iPhone revenue was up from $39.5 billion to $40.7 billion in the April-June period — a 3 percent increase from the same time last year.

“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment,” said Maestri.

“We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” he had said.

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During the quarter, Apple generated nearly $23 billion in operating cash flow and returned over $28 billion to its shareholders.