As part of a trading plan, Apple's Chief Financial Officer, Luca Maestri, sold shares worth $16.9 million.

Two separate transactions were reportedly completed, as stated in a filing with the US Securities and Exchange Commission (SEC).

In one deal, 66,390 shares were sold for $174.66 each, and in the other, 30,345 shares were sold for $175.60 each. MacRumors says that Maestri sold a total of 96,735 shares of stock.

"The trades were made according to a plan that Maestri approved in November 2020, which was in line with insider trading laws," the report said.

According to a US SEC filing, Maestri still owns about 110,000 shares of Apple stock after selling them.

Maestri started working for Apple in 2013 and reports to CEO Tim Cook. Apple's stock closed at $171.52 on Friday. Since June, it has gone up almost 32%.

Even though the global economy isn't doing so well, Apple had a record June quarter with sales up 2% year-over-year to $83 billion, thanks to a 12% increase in sales of services.

From April to June, iPhone sales went from $39.5 billion to $40.7 billion, which is a 3% increase from the same time last year.

"Our results for the June quarter continued to show that we can run our business well despite the tough operating environment," said Maestri.

"We made a record amount of money in the June quarter, and the number of active devices we had installed reached an all-time high in every region and product category," he had said.

During the quarter, Apple made almost $23 billion in operating cash flow and gave its shareholders more than $28 billion.