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NEW YORK - The chief financial officer of Ariba Inc., which makes spending management software, sold 26,593 shares under a prearranged trading plan, according to a filing with the Securities and Exchange Commission Thursday.
| ARBA | 7.35 |  1.21 |
In a Form 4 filed with the SEC, James Frankola reported selling the shares on Thursday for $14.85 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 non-public 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.
Ariba is based in Sunnyvale, Calif.
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