In morning trade the Xero Limited (ASX: XRO) share price has pushed higher despite a spot of weakness in the tech sector.
At the time of writing the business and accounting software provider’s shares are up almost 1% to $63.08.
Why is the Xero share price on the rise?
This sparked fears amongst investors that the tech share bull run could be running out of steam.
After all, if you thought that your shares were going to appreciate in value in the near term, you’d be unlikely to offload them.
However, one director that appears to believe that it isn’t too late to buy Xero shares is its non-executive director David Thodey AO.
According to a change of director’s interest notice, Mr Thodey bought 4,000 shares through an on-market trade on July 5.
Mr Thodey paid an average of $62.96 per share, which equates to a total consideration of $251,823.42.
This means the director made the purchase despite Xero’s shares trading just a fraction off their all-time high and 50% higher than where they started the year.
Who is David Thodey AO?
David Thodey AO is an experienced business leader with a career focused on global technology and telecommunications. He is the former CEO of both Telstra Corporation Ltd (ASX: TLS) and IBM Australia and New Zealand.
He joined Xero late last month as a non-executive director and appears to have been appointed to replace its outgoing U.S. based director, Bill Veghte, who will be retiring from the Xero board at its annual meeting next month after five years with the fast-growing company.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO, WiseTech Global, and Xero. The Motley Fool Australia has recommended MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.