This Fund Sold $38 Million in Appian Stock Last Quarter. Shares Have Fallen Over 25% This Year

On February 17, 2026, Abdiel Capital Advisors disclosed in an SEC filing that it sold 1,075,738 shares of Appian (APPN 4.02%), an estimated $38.32 million trade based on quarterly average pricing.

What happened

According to an SEC filing dated February 17, 2026, Abdiel Capital Advisors sold 1,075,738 shares of Appian during the fourth quarter of 2025. The estimated transaction value was $38.32 million, calculated using the average closing price for the quarter. Meanwhile, the quarter-end value of the Appian position declined by $31.68 million, reflecting both the share sale and stock price changes.

What else to know

• Abdiel reduced its Appian stake to 12.4% of reportable AUM, with the position now valued at $8.80 million as of December 31, 2025.
• Top holdings after the filing:
  • NYSE: HCA: $31.39 million (44.2% of AUM)
  • NASDAQ: GLBE: $14.03 million (19.8% of AUM)
  • NASDAQ: AFRM: $10.72 million (15.1% of AUM)
  • NASDAQ: APPN: $8.80 million (12.4% of AUM)
  • NYSE: CPNG: $4.27 million (6.0% of AUM)
• As of February 17, 2026, Appian shares were priced at $23.04, down 28.1% over the past year and underperforming the S&P 500 by 39.1 percentage points.

Company overview

Company snapshot

• Appian offers a low-code automation platform enabling rapid development of forms, workflows, data structures, reports, and user interfaces, supplemented by professional and customer support services.
• The firm serves a diversified customer base across sectors such as financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation.
• Headquartered in McLean, Virginia, and founded in 1999, it operates in the technology sector with a focus on software infrastructure.

Appian is a technology company specializing in low-code automation solutions that streamline and accelerate enterprise software development. Its scalable platform and cross-industry client base position the company to address complex workflow and process automation needs. Appian’s recurring revenue model and focus on digital transformation provide a competitive edge in the evolving software infrastructure market.

What this transaction means for investors

Shares of Appian have had a tough 2026, falling more than 25% since quarter’s end and reversing gains to now be down about 20% this past year. Of course, Abdiel sold before this, last quarter, but the timing is still interesting.

That said, when a concentrated investor meaningfully reduces exposure to a high-growth software name, it forces a closer look at durability versus narrative. Appian just delivered full-year revenue of $726.9 million, up 18%, with cloud subscriptions climbing 19% to $437.4 million. More notably, GAAP net income flipped to a $1.2 million profit from a $92.3 million loss the year prior. Meanwhile, adjusted EBITDA surged to $76.8 million from $20.3 million.

Cash generation improved as well, with $62.9 million in operating cash flow for 2025 and $187.2 million in total cash and investments on the balance sheet. Management is guiding to $801 million to $817 million in 2026 revenue and up to $99 million in adjusted EBITDA.

In a portfolio led by HCA at 44% of assets and other growth names like Global-E and Affirm, Appian remains a double-digit allocation, so that shows Abdiel still sees some potential. Ultimately, the reduction looks more like risk management after volatility than abandonment of the thesis.