Shares of Appian (NASDAQ: APPN) have dipped today, down by 6% as of 11:30 a.m. EST, after Abdiel Capital disclosed additional sales as it trims its position. The hedge fund is Appian's largest shareholder.
In fresh Form 4 regulatory filings, Abdiel Capital reported that it sold nearly 135,000 shares of Appian last week on Jan. 28. That was a particularly volatile trading day, and the prices ranged from $215.44 to $243.45, which largely mirrors that day's trading range. Abdiel Capital now holds approximately 5.28 million shares, or roughly 14% of Class A shares outstanding.
Image source: Getty Images.
Source Fool.com