archie c black ceo at sps commerce nasdaqspsc made a large buy and sell of company shares on november 11 according to a new sec filing what happened a form 4 filing from the us securities and exchange commission states that archie c black exercised options to purchase 51052 sps commerce shares at a price of 2785 per share for a total of 1421798 on november 11 they then sold their shares on multiple transactions in the open market they sold at prices ranging from 13959 to 14359 to raise a total of 7181702 from the stock sale following the transaction black still owns 65801 shares of sps commerce worth 9682946 sps commerce shares are trading up 04 at 14716 at the time of this writing on monday morning now trade stocks online commission free with charles schwab a trusted and complete investment firm insider transactions shouldnt be used primarily to make an investing decision however an insider transaction can be an important factor in the investing decision in legal terms an insider refers to any shareholder who owns at least 10 of a company this can include executives in the csuite and large hedge funds these insiders are required to let the public know of their transactions via a form 4 filing which must be filed within two business days of the transaction when a company insider makes a new purchase that is an indication that they expect the stock to rise insider sells on the other hand can be made for a variety of reasons and may not necessarily mean that the seller thinks the stock will go down investors prefer focusing on transactions that take place in the open market indicated in table i of the form 4 filing a p in box 3 indicates a purchase while s indicates a sale transaction code c indicates the conversion of an option and transaction code a indicates the insider may have been forced to sell shares in order to receive compensation that had been promised upon being hired by the company check out the full list of sps commerces insider trades this article was generated by benzingas automated content engine and reviewed by an editor