RE: Ariba
Ariba Inc. (ARBA) helps manufacturers like DuPont and
distributors like FedEx streamline purchasing with
procurement software, but corporate insiders have been
doing far more selling than buying of their company's
stock.
A rash of insiders have filed Form 144 in recent days,
weeks and months, notably co-founder and Chief Financial
Officer Edward Kinsey. On June 6, he filed to sell 90,000
shares valued at $5.0 million, or $55 a share, through
Morgan Stanley Dean Witter, lead underwriter of Ariba's
IPO one year ago. May 30 he filed to sell 100,000 shares
for $7 million, and May 18 the Kinsey Family Foundation
filed to sell 14,000 shares for $1.1 million.
Marketing vice president David Rome filed to sell 150,000
shares for $10.5 million on May 30. Robert D. Lent, vice
president for corporate development, filed May 24 to sell
200,000 shares for $14.3 million.
The sales come long after Ariba's price peaked at $183.34
in early March, before the Nasdaq Stock Market plunged amid
the fallout over rising interest rates and concern about
soaring valuations. Back then insiders, who began to sell
immediately after the six-month lock-up on their shares
expired, were reaping far more from their sales: Rome, for
example, indicated in a February 1 filing he would sell
200,000 shares for $35 million.
Business-to-business is regarded as the hottest of the
Internet's hot spots, and Ariba as a leader in its niche.
The insider sales are tiny in comparison with the company's
235.8 million outstanding shares, but they make a dent in
the float -- more than two-thirds of Ariba's stock is owned
by insiders and institutions.
Recent Ariba filings:
Prakoon & Emily I. Chen Form 144
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Craig Federighi Form 144
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Stuart R. Gold Form 144
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Alan Hibdon Form 144
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Velvet Higley Form 144
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Joshy Joseph Form 144
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Edward Kinsey Forms 144
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Robert D. Lent Form 144
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Ramae Ogilvie Form 144
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Chester B. Petrow Form 144
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David Rome Form 144
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Form 8-K/A, March 8, 2000
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Form 10-Q, May 15, 2000
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NOTE: SEC regulations require corporate insiders -- defined
as officers, directors and persons or entities that own 10%
or more of any class of a company's shares -- to disclose
sales on Form 144. |
