The founder and CEO of WiseTech Global Ltd (ASX: WTC), Richard White, has just sold around $5 million in shares of the S&P/ASX 200 Index (ASX: XJO) company.
According to a WiseTech announcement to the ASX, the executive made sales between 27 February 2023 to 2 March 2023.
WiseTech share price falls after sale
In late morning trade, the ASX tech share is down by 0.81%.
The company informed the market that White sold 83,209 WiseTech shares for an average price of $62.01. That represents a sale value of around $5.16 million.
For many executives, that could present as a worrisome move.
However, White is one of Australia's wealthiest individuals and still owns a vast amount of WiseTech shares, so this sale only represents a small amount of his holding.
He still owns 280,354 WiseTech shares directly and 121,042,366 shares indirectly. This means he owns $7.6 billion worth of shares in the ASX 200 company. In other words, it was a tiny portion of his shares.
Also, it's worth noting that the current WiseTech share price is around $62.49 at the current time, while White's sales were for an average price of $62. He has seemingly left some money on the table.
This isn't the first time White has sold shares. He also sold 67,906 shares in early December for $57.13 per share.
Does this mean it's time to worry?
The fact that the WiseTech share price keeps rising could suggest the market isn't overly worried.
Certainly, if I had that much of my wealth in one place, I'd want to make sure my wealth was diversified.
The WiseTech share price is up by more than 40% over the past year, despite the succession of interest rate rises.
Investors seem to like the progress the ASX 200 share is making with its market position and financials.
In the first half of FY23, the ASX tech share saw total revenue growth of 35% to $378.2 million. This helped underlying net profit after tax (NPAT) jumped by 40% to $108.5 million, while free cash flow jumped 53% to $137.8 million.
In FY23, the business is expecting revenue to grow by between 26% to 30%, while it expects to achieve underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of between $380 million to $412 million, representing growth of 19% to 29%.
WiseTech share price snapshot
Since the start of 2023, the company has risen by more than 25%.
