RALEIGH — An executive vice president of Raleigh-based Red Hat Inc. sold $2.3 million worth of the software company’s stock this week.
Arun Oberoi, who leads Red Hat’s global sales and services organization, sold a total of 15,000 shares priced at $153.58 per share, according to a Form 4 filed with the Securities and Exchange Commission.
Oberoi, formerly CEO of two high-growth start-up technology companies, now directly owns 74,457 shares in the company’s common stock worth more than $11.7 million.
Red Hat provides open-source software for operating systems, cloud storage and other mobile and computer functions. Its best-known and most-used product is Linux, which translates requests from all other software on a computer to the computer’s hardware.
On March 26, the company reported net loss of $12.5 million for fourth quarter fiscal year 2018, compared to a profit of $65.8 million in the fourth quarter of fiscal year 2017. The loss primarily resulted from a 19.3 percent increase in operating expenses.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
