Micron Technology NASDAQ:MU Chief Executive Sanjay Mehrotra sold about $37.3 million worth of company shares last week under a prearranged trading plan.
The filing showed Mehrotra disposed of more than 40,000 shares on July 24 through a Rule 10b5-1 trading plan, which allows corporate executives to schedule stock sales in advance. The disclosure did not indicate any discretionary open-market transaction.
Micron shares have faced pressure in recent weeks following a rally in memory-chip stocks earlier this year. The stock has fallen about 34% since reaching its high on June 25 and declined for a third straight session on Tuesday, touching its lowest level in roughly two months amid a broader pullback across the semiconductor sector.
Regulatory filings also show Mehrotra has not reported any open-market purchases of Micron stock during the past six months. His recent transactions include additional share sales in late June and July. Despite recent volatility, Micron's market capitalization has remained near the $1 trillion mark, fluctuating between $926 billion and $1.02 trillion, and finished Tuesday at approximately $1.02 trillion.