Abdiel Capital Management, LLC, a more than 10% owner of Appian’s (NASDAQ:APPN) shares, bought 265,000 shares in multiple transactions from January 11 to January 13, at an average price of $32.96 per share. The total purchase consideration stands at $8.74 million.
Appian is a cloud computing company that helps organizations build automated workflows and applications.
The total value of APPN stock in Abdiel Capital’s portfolio currently stands at $644 million. According to TipRanks’ ratings, the investment firm’s performance track record shows a 44% success rate in 154 transactions over the past year, with an average return of 22.1% per transaction.
Overall, corporate insiders have a positive stance on Appian. They have bought APPN shares worth $29.6 million over the last three months.
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?
Last week, Barclays analyst Raimo Lenschow lowered APPN stock’s price target to $25 from $30, while maintaining a Sell rating on the stock. The analyst expects the first half of 2023 to remain difficult for the software industry.
On TipRanks, APPN stock has a Hold consensus rating based on four Buys, two Holds, and two Sells. The average price target of $41.57 implies 15% upside potential. The stock is down more than 12% over the past three months.
Supporting the insiders’ bullish stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 24.5k shares of Appian. Further, the stock’s beta of 0.78 indicates low exposure to the current market volatility.
