Concur Technologies (CNQR) CFO Sells 78% of His Holdings
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After the close it was disclosed that Concur Technologies, Inc. (Nasdaq: CNQR) CFO, John Adair, sold 89,546 shares on 8/22 at $46-$46.65, bringing his stake to 25,962 shares.
An analyst at Wedbush Morgan said the insider sale, "gives us pause" on Concur Technologies. The firm noted that the sale represented 77.5% of CFO Adair's holdings. The firm also said, "we aren't encouraged by this large unscheduled insider selling" The firm also notes a recent 10K shares sale by the CEO Steve Singh. They said, given the insider selling, premium valuation and no significant near-term catalyst, they would advise investors to focus on more attractively valued subscription software stocks, including: Blackboard Inc. (Nasdaq: BBBB), SuccessFactors, Inc. (Nasdaq: SFSF) and Ultimate Software Group Inc. (Nasdaq: ULTI).
The Ultimate Software Group, Inc. engages in the design, marketing, implementation, and support of human resources, payroll, and talent management solutions in the United States.
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