Abdiel Capital Advisors, LP, a more than 10% owner of Appian Corp. (APPN) continues to amass shares of the software technology company. Appian provides business process management solutions that automate and enhance productivity.
Abdiel Capital is an investment management firm that makes long-term, value investments in companies having a recurring revenue business model. Accordingly, Abdiel has been consistently building its stake in Appian, making it one of the top three holdings of the investment firm.
A Closer Look at the Insider’s Transactions
As per the Form 4 filing with the SEC, Abdiel Capital made multiple purchases of APPN shares between July 19 and July 23. In all, Abdiel purchased 190,000 Appian shares at average prices ranging from $34.69 to $36.03 per share.
It is worth noting that following the latest Informative buy trade, Abdiel Capital now owns APPN shares worth roughly $536.79 million. This is the insider’s fourth major share purchase in July alone, implying confidence in Appian’s business potential.
Appian stock currently has a Positive Insider Confidence Signal on TipRanks based on $54.7 million worth of Informative Buy transactions undertaken in the last three months.
It is important to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Appian a Good Stock to Buy Now?
On TipRanks, APPN stock has a Moderate Buy consensus rating based on five Buys, three Holds, and one Sell rating. The average Appian price target of $37.50 implies 5.3% upside potential from current levels.
