The Integrated Research Limited (ASX: IRI) share price has dropped 2.5% in trade today after the payments software specialist revealed that its founder Steve Killelea had sold 6.64 million of his shares in the company. In total the IT guru intends to sell down up to 10 million shares in a business that he still owns more than half of.
The sale was reportedly handled through a block trade at $3.30 per share by institutional brokers, with the share price falling to $3.20 in response to the news.
For the year ending June 30 2017, the company posted a net profit of $18.5 million on revenues of $91.2 million and has a long-term track record of profit growth. As a result the stock is up 237% over the past 5 years and today's price falls may represent an opportunity to investors focused on the long term.
