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Two members of Netflix (NFLX) board of directors have filed to sell a combined $18 million U.S. of company stock as the share price trades at a record high.
Board members Richard Barton and Timothy Haley are each in the process of selling company stock worth about $9 million U.S. each
The sales come as Netflix stock trades at $772.06 U.S. per share, near its all-time high of $773 U.S.
Shares of Netflix have been trending higher after the streaming company reported strong third-quarter financial results that surpassed expectations on Wall Street.
The stock sales by board members Barton and Haley are being made through Rule 10b5-1 plans that have been filed with the U.S. Securities and Exchange Commission (SEC).
Such plans execute trades automatically when preset parameters are reached such as the share price reaching a certain level or trading volumes hitting a specific threshold.
These plans are used to remove the appearance of conflict, or from allowing insiders at a company to benefit from non-public information.
Barton has been a Netflix director since 2002, the same year the company held its initial public offering (IPO). He is also a co-founder of online real-estate marketplace Zillow Group (Z).
Haley has been a Netflix board member since 1998 and is a managing director of privately held venture-capital firms Redpoint Ventures and Institutional Venture Partners.
Netflix stock has gained 90% over the last 12 months.
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