Quest Software Inc. President David Doyle plans to sell $57.5 million worth of the Irvine database software maker's shares, which have doubled in value over the last two months.
Doyle disclosed the planned sale of 1.9 million founder's shares in a filing with the Securities and Exchange Commission. The sale would be his largest ever, according to data compiled by the Washington Service, which tracks trading by company insiders. He last filed to sell 200,000 shares in May.
Doyle, the second-largest shareholder behind Chairman Vincent Smith, helped start Quest Software in 1987 and was the primary designer of the company's products.
Doyle has contracts to sell the shares at a predetermined price, company spokeswoman Alison Strong said. The sale, which amounts to about 14% of his holdings, is part of his tax planning and asset diversification, Strong said. He still holds 11.2 million shares, or 12.7% of the company, she said.
His filing listed May 29 as the expected sale date. Insiders record actual sales in later filings.
Quest fell $1.35 to close Monday at $30.25 on Nasdaq.