For savvy investors, an inside glimpse of how a company is doing is gold. Recently, there was a bright glimmer into the status of Appian, a software company that provides a business automation platform. Abdiel Capital Advisors, an Appian insider and 10%+ company owner, recently purchased APPN stock worth $18.1 million.
How much company stock did the investment firm buy? They scooped up 545,121 shares on July 10 and 12 at prices ranging between $32.56 and $ 33.75 per share. A previous purchase was $18.9 million worth of stock between July 5 and 9. Abdiel Capital Advisors now holds 14.09 million shares valued at $474 million. The investment group has had a 64% success rate in the past year, raking in an average of 5.1% return per transaction.
Insider sentiment for AAPN is positive, with $37.4 million in insider purchases over the last three months.
Surviving The Fallout
The insider may know something that Wall Street doesn’t. The company’s last earnings data missed analyst estimates, with reported EPS of -$0.24 compared to the estimate of -$0.15. However, revenue was up 10.8% YoY. Overall, analysts give AAPN a Moderate Buy rating. The average price target is $37.50, which indicates 11.47% upside potential. The stock experienced an 11.5% decline in the past three months, falling from a high of $41.12 in April to a low of $26.81 in June, but since then, it has been on an upturn.
Neither Julie Stoller nor Stocks.News have positions in this company.
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Contributing Writer
As a professional writer since 2012, Julie Stoller has covered many industries, from healthcare and technology to consumer products and industrials. She has written about IPOs, spinoffs, ETFs, stock splits, commodities, legislative actions impacting investors, and macroeconomic issues. While keeping up with the latest meme stocks and trends, Julie's special interests are discovering ...