(Bloomberg) -- SAP SE's biggest one-day loss in 24 years turns out to have been a buying opportunity for the German business-software maker's leadership.
Regulatory filings from Monday and Tuesday show that six company directors took to the market to buy stock at about 100 euros a share -- around its current price but a 20% discount to Friday's closing level.
Among those making purchases were Chief Executive Officer Christian Klein and Chief Financial Officer Luka Mucic, while the biggest chunk came from SAP chairman and co-founder Hasso Plattner, who alone bought shares valued at about 249 million euros ($295 million). That added to a stake of some 7.2 billion euros he already holds in the company.
Even two labor representatives on SAP's supervisory board, Ralf Zeiger and Lars Lamade, saw the decline as a chance to buy. The Walldorf, Germany-based software producer declined to comment.
SAP shares slumped 22% Monday -- their sharpest drop since October 1996 -- after the company cut its revenue forecast for this year as the coronavirus pandemic weighs on demand. They partly recovered Tuesday with a gain of about 2.6%. Analysts were particularly disappointed by SAP pushing its mid-term goals deadline out to 2025 from 2023. Brokers lowering their stock recommendations included Jyske Bank A/S, Bankhaus Metzler, Evercore ISI International Ltd., Exane BNP Paribas and JPMorgan Chase & Co.
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