The chief financial officer of Netezza Corp., whose products enable companies to store and analyze large amounts of data, sold 75,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.
In a Form 4 filed with the SEC, Patrick J. Scannell Jr. reported he sold the shares Monday for $12.61 to $13.12 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Netezza is based in Marlborough, Mass.
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