This article first appeared on GuruFocus.
Several insiders at Nvidia (NASDAQ:NVDA) trimmed their holdings this week, with one transaction standing out for its size, according to a recent filing with the U.S. Securities and Exchange Commission.
Board director Mark Stevens sold 350,000 shares on Dec. 5 at an average price of about $182 per share, for proceeds of roughly $63.6 million. The sale was not conducted under a pre-arranged trading plan, unlike other recent insider transactions disclosed by the company.
Following the sale, Stevens continued to hold a substantial stake of about 34.7 million Nvidia shares, according to the filing. The shares are held directly and through family trusts, where Stevens serves as trustee.
Other Nvidia insiders also reported share sales during the week, most of which were carried out under Rule 10b5-1 trading plans. Such plans allow executives and directors to sell stock on a predetermined schedule.
Nvidia shares have seen heavy investor interest this year as demand for its artificial intelligence chips has surged. Insider sales are closely watched by markets, though they do not necessarily signal a change in executives’ views on the company’s outlook.