Ariba President Kevin Costello filed his third stock sales plan in a year Tuesday, according to a filing Thursday with the SEC.
The plan was written to comply with Rule 10b5-1 that allows executives to detail future stock transactions at a time when an executive is not in possession of “material nonpublic information.” The plan is in addition to plans he established Dec. 7 and Aug. 2 last year. Details of how many shares he can sell and under what conditions were not made available.
Since setting the plans up, Costello has sold 127,405 shares worth $1.35 million, getting an average of $10.59 per share.
Insiders at Ariba, which sells spending contract management software, have sold $430,310 of company shares so far this quarter. That’s 76 percent of the average sales for the quarter over the last five years, according to trading data compiled by Thomson Reuters.
Ariba shares are up 47 percent so far this year, after hitting a 52-week high of $17.25 a week ago.