Abdiel Trims Appian Position by 4% in July 2025 Insider Filing

Rhea-AI Filing Summary

Appian Corp. (APPN) filed a Form 4 showing that Abdiel Capital Advisors–controlled funds—identified as >10 % beneficial owners—executed open-market sales of 290,685 Class A shares across 17-21 Jul 2025. Weighted-average prices ranged from $28.49 to $29.03, generating roughly $8.4 million in gross proceeds. The largest block, 192,481 shares, was sold on 18 Jul at $28.81.

Following the transactions, Abdiel’s aggregated indirect ownership declined from about 6.81 million to 6.52 million shares, a reduction of ~4.3 %, yet the group remains above the 10 % threshold. No derivative activity was reported.

Key points

• Reporting entities: Abdiel Qualified Master Fund LP, Abdiel Capital LP, Abdiel Partners LLC; investment manager Abdiel Capital Advisors LP; Colin T. Moran signs for all entities.
• Footnotes disclose that prices are weighted averages within stated bands; detailed trade data available on request.
• Filing contains no commentary on rationale; it is strictly a compliance disclosure of insider selling.

Positive

• None.

Negative

• Large insider sale: Abdiel Capital and affiliates cut their APPN holdings by ~290 k shares (-4.3 %), potentially signalling reduced confidence.

Insights

Securities Analyst

TL;DR: 10 % holder sold ~291 k APPN shares (-4 %), modestly negative signal; stake still significant.

The Abdiel group trimmed its position by 290,685 shares over three sessions, realising about $8.4 m at just under $29 per share. While the sale equals only ~4 % of their stake, insider disposals by a controlling shareholder often raise sentiment concerns, especially when clustered. After the trades, Abdiel still controls >6.5 m shares, so its strategic influence remains intact. No derivatives were exercised or created, indicating the move is a straightforward reduction rather than portfolio rebalancing via options. Lack of explanatory commentary leaves investors without context, but the pattern warrants monitoring in case further reductions follow.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPIAN CORP [ APPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/17/2025		S		42,941	D	$28.51(1)	6,764,872	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/17/2025		S		2,059	D	$28.51(1)	6,762,813	I	By Abdiel Capital, LP(2)
Class A Common Stock	07/17/2025		S		629	D	$28.8	6,762,184	I	By Abdiel Partners, LLC(2)
Class A Common Stock	07/18/2025		S		192,481	D	$28.81(3)	6,569,703	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/18/2025		S		9,237	D	$28.81(3)	6,560,466	I	By Abdiel Capital, LP(2)
Class A Common Stock	07/18/2025		S		641	D	$28.49	6,559,825	I	By Abdiel Partners, LLC(2)
Class A Common Stock	07/21/2025		S		40,743	D	$29.03(4)	6,519,082	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/21/2025		S		1,954	D	$29.03(4)	6,517,128	I	By Abdiel Capital, LP(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Qualified Master Fund LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Capital LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Partners, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Capital Management, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Moran Colin T.

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.40 to $29.15. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The share numbers in Column 5 represent the aggregated holdings of Abdiel Qualified Master Fund, LP ("AQMF"), Abdiel Capital, LP ("ACLP") and Abdiel Partners, LLC ("APLLC"). Abdiel Capital Advisors, LP serves as the investment manager of AQMF, ACLP and APLLC. Abdiel Capital Management, LLC is the general partner of AQMF and ACLP. Colin T. Moran is the managing member of Abdiel Capital Management, LLC and Abdiel Capital Partners, LLC, which is the general partner of Abdiel Capital Advisors, LP and the managing member of APLLC. By virtue of the foregoing relationships, Mr. Moran and Abdiel Capital Advisers LP may be deemed to beneficially own the securities held by AQMF, ACLP and APLLC, and Abdiel Capital Management LLC may be deemed to beneficially own the securities held by AQMF and ACLP. Each Reporting Person disclaims beneficial ownership of such securities, except to the extent of its or his pecuniary interest therein.

3. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.40 to $29.03. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.81 to $29.56. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, general partner of Abdiel Capital Advisors, LP	07/21/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Qualified Master Fund, LP	07/21/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Capital, LP	07/21/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, managing member of Abdiel Partners, LLC	07/21/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC	07/21/2025
	By: /s/ Colin T. Moran, individually	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Appian (APPN) shares did Abdiel Capital sell in July 2025?

The Form 4 reports sales of 290,685 Class A shares between 17 and 21 July 2025.

What prices did Abdiel receive for the APPN shares?

Weighted-average sale prices ranged from $28.49 to $29.03 per share.

What is Abdiel Capital's remaining stake in Appian after the transactions?

Aggregated indirect ownership stands at approximately 6.52 million Class A shares.

Does Abdiel Capital remain a 10 % owner of APPN?

Yes. Even after the sale, Abdiel’s 6.52 m-share holding keeps it above the 10 % ownership threshold.

Were any derivative securities involved in these transactions?

No. The filing shows no derivative securities acquired or disposed of.