Virginia-based cloud computing and enterprise software company Appian Corp. (NASDAQ: APPN) offers a platform as a service to build enterprise software applications. It caters to case management, business process management, and low-code development markets.
The company witnessed a lot of insider trading activity over the last month. New York-based investment firm Abdiel Capital Management, which owns more than a 10% stake in Appian, bought APPN stock worth around $64 million over this period.
On June 3, Abdiel Capital made an informative buy of $1.8 million worth of Appian’s shares. Also, last week, the top insider bought $3.8 million worth of Appian stock.
Details of the recent insider trading activity are shown in the chart below:
TipRanks’ Insider Trading Activity tool shows that Insider Confidence Signal is currently Positive for Appian, as corporate insiders have bought APPN shares worth $130.3 million in the last three months.
Stock Rating
Based on two Buys and one Sell, the stock has a Moderate Buy consensus rating. APPN’s average price target of $57 implies 16% upside potential from current levels. Shares have lost 48.1% over the past year.
Conclusion
Abdiel Capital’s purchase of Appian shares implies that the former expects the latter to benefit from the increased adoption of enterprise software solutions.
