ComArch has reported that the chairman of the supervisory board, Elzbieta Filipiak, and CEO, Janusz Filipiak, sold 22,420 shares at an average price of PLN 223.66 per share. The total value of the transaction came in at PLN 5.0m.
Our view: We believe the news should have a negative trading impact. This year insiders have sold 144,786 shares for a total of PLN 31.2m. Additionally 134,786 shares worth PLN 28.9m were sold after the assimilation of stock option shares.