Acme Packet CEO unloads $4.7M in stock
Boston Business Journal - by Kyle Alspach
Date: Tuesday, March 29, 2011, 10:14am EDT - Last Modified: Tuesday, March 29, 2011, 10:17am EDT
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Andrew Ory, CEO of Acme Packet
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Acme Packet Inc. (Nasdaq: APKT) CEO Andrew Ory added to the recent string of big stock sales by top executives at the company, cashing out nearly $4.7 million worth of shares last Thursday, according to a regulatory filing.
The sale of 70,000 shares through a pre-arranged trading plan came as the stock price hovered in the range of $65 to $68 on that day. Shares in the Bedford, Mass.-based telecommunications equipment firm closed just shy of $70 on Monday.
Ory still owns 4.29 million shares in the company following the sale, according to the filing with the U.S. Securities and Exchange Commission.
In February, Ory also sold 70,000 shares and saw gross proceeds of $4.8 million, while a number of other Acme Packet executives and insiders have sold millions of dollars worth of shares in recent months and over the past year. The company’s proxy statement shows that four top executives at the company realized $17.1 million from exercising stock options in 2010.
Acme Packet owns a 62 percent share of its market, the session border controller market, according to Infonetics Research. The market is growing fast due to the widening use of internet protocol (IP) networks, which are increasingly taking the place of traditional telephone networks and being used to enable mobile technologies.
The company’s profit grew 155 percent in 2010, to $54.5 million, while revenue for the year was $231.2 million, up 63 percent over 2009.
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