In this article, we will take a detailed look at 10 Technology Stocks with Insider Buying in 2024.
Tracking insider buying activity can provide valuable insights into potential investment opportunities. Corporate insiders, such as named executive officers, directors, and other key personnel, possess a deeper understanding of their companies than the average investor. Their knowledge extends beyond quarterly earnings reports and public filings, allowing them to assess long-term growth prospects, operational trends, and industry shifts well before these factors are reflected in stock prices. When insiders buy shares of their own company, it often signals confidence in the firm’s future. Unlike institutional investors or analysts who often react to short-term market fluctuations, insiders usually have a vested interest in sustained growth, making their purchases a compelling indicator of potential upside. Furthermore, while analysts and investors valuing a business often rely on a set of assumptions, many of which are imprecise, insiders leverage confidential information extracted from their relationships and correspondence with clients and suppliers to get precise outlooks on the evolution of demand and other industry trends.
Empirical studies on the subject tend to agree that insider buying can be a reliable predictor of subsequent stock price returns, but there are some caveats. Research has shown that stocks with significant insider purchases tend to outperform the broader market in the subsequent periods, as insiders have access to material, non-public information that allows them to make more informed investment decisions than the public. Studies by academics and analysts indicate that insider purchases, particularly by top executives and directors, correlate with future price appreciation, especially when conducted in clusters or during periods of market uncertainty. This suggests that investors should not overreact to individual transactions made by an insider, as those can be motivated by purposes unrelated to the general direction of the business – for example, a newly promoted executive officer could be suddenly buying the company’s stock simply to comply with the company’s internal guidelines on insider ownership. What one should be looking for is clusters of insiders buying significant amounts worth of stock, at specific periods, such as material developments in the business or industry. Insiders are often active buyers of their own company’s stock during times of rapid decline in the stock price due to such factors as overreaction to some negative short-term developments in the business, like for example missing quarterly earnings. Insiders, with their greater visibility into the future, have a better understanding of the magnitude of risk, and can thus exploit opportunities arising from the fears of less informed investors.
Studies also show that peak buying and selling from insiders occurs at extreme points of the market – for instance, record valuations and market capitalizations tend to coincide with accelerated insider selling, while troughs in the market and peak investor fears usually coincide with insiders starting to buy. With the US stock market currently being near peak valuations, insider buying has been largely muted, especially in expensive sectors like technology. Our research suggests that all of the top 50 largest technology companies in the US exhibit negative overall insider transactions, meaning that selling dominates over buying. In this context, finding technology stocks in which insiders actively buy shares could offer unique insights and positive signals for the company’s future. In this view, we will take a look at some of the tech stocks with insider buying.
An executive overlooking a modern technology facility, emphasizing the cutting-edge solutions the company provides.
Our Methodology
We used Insider Monkey’s insider trading stock screener to find technology stocks with at least two insiders buying shares worth at least $100,000 during 2024. We believe that multiple insiders buying significant amounts of stock represents a higher chance that insiders have high confidence in the company. For all the companies we also include the number of hedge funds that own it and include in the article the top 10 names with the largest hedge fund ownership, according to Insider Monkey’s database of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Telos Corporation (NASDAQ:TLS)
Number of Hedge Fund Holders: 8
Telos Corporation (NASDAQ:TLS) is a cybersecurity and IT solutions provider specializing in secure communications, cloud security, and risk management for government agencies, defense, and commercial enterprises. The company’s solutions help organizations protect critical infrastructure, ensure regulatory compliance, and enhance operational resilience in an evolving cyber threat landscape. With expertise in identity management, zero-trust security, and cloud-based risk assessments, TLS supports mission-critical operations for US federal agencies and Fortune 500 companies. TLS is one of the tech stocks with insider buying.
The share price of Telos Corporation (NASDAQ:TLS) has been rangebound during 2024, while the company posted strong results in the latest 3Q 2024 – TLS delivered revenue near the top end of guidance and exceeded adjusted EBITDA guidance for the quarter. The company achieved significant progress on two major programs: the Defense Manpower Data Center contract worth up to $485 million was resolved in their favor and is now generating revenue, while the TSA PreCheck program expanded from 83 to 173 enrollment locations. Looking ahead to 2025, management expects revenues to return to growth, with additional uplift from the aforementioned programs. Telos Corporation (NASDAQ:TLS) has also taken strategic actions to reduce costs and reallocate resources by discontinuing selected solutions that were not generating acceptable returns. With that in mind, it is of no surprise that insiders see opportunities with their own company and bought significant amounts of shares in 2024.
9. Clarivate Plc (NYSE:CLVT)
Number of Hedge Fund Holders: 20
Clarivate Plc (NYSE:CLVT) is a global information services and analytics company specializing in intellectual property, scientific research, and innovation management. Its data-driven solutions help businesses, universities, and government institutions make informed decisions in areas such as patents, trademarks, clinical trials, and academic research. With a portfolio that includes Web of Science, Derwent, and Cortellis, the company enables organizations to accelerate innovation, protect intellectual property, and navigate complex regulatory landscapes.
After a difficult year with the stock price down more than 45%, Clarivate Plc (NYSE:CLVT) is implementing a Value Creation Plan focused on improving execution and accelerating revenue growth through revenue optimization, sales execution enhancement, and innovation acceleration. The company is strategically transitioning from transactional to subscription-based revenue models, which is expected by management to increase recurring revenue mix from 80% to 87% and improve profit margins by approximately 150 basis points. CLVT has retained financial advisers to evaluate strategic alternatives, including potential divestitures of business units or entire segments. For 2025, management has guided towards a solid $2.34 billion revenue target and adjusted EBITDA ranging from $940 million to $1 billion. Clarivate Plc (NYSE:CLVT) is actively implementing cost actions of $100 million while maintaining a focus on product innovation across all segments, particularly in AI-enabled solutions. With that in mind, it appears that at least 2 insiders saw an opportunity to acquire shares at depressed prices.
8. Appian Corporation (NASDAQ:APPN)
Number of Hedge Fund Holders: 26
Appian Corporation (NASDAQ:APPN) is a leading provider of low-code automation software that helps enterprises streamline business processes, enhance workflow efficiency, and accelerate digital transformation. Its platform integrates AI, robotic process automation, and data management to enable organizations to build scalable applications with minimal coding. Serving industries such as finance, healthcare, and government, APPN empowers businesses to optimize operations and improve customer experiences.
Despite a rangebound share price in the last twelve months, Appian Corporation (NASDAQ:APPN) delivered strong financial results in the latest 4Q 2024 with Cloud subscription revenue growing 19% and total revenue increasing 15%. The company achieved its best non-GAAP gross margin of 80% since IPO and reported positive adjusted EBITDA. APPN maintained strong customer relationships with a cloud subscription revenue retention rate of 116% and demonstrated success in its tiered pricing strategy, with almost half of new customers buying above the base tier. Appian Corporation (NASDAQ:APPN)’s strategic focus on AI implementation within processes and its position as a process automation leader is evidenced by its significant scale, processing 10-20 billion transactions per day on AWS Cloud alone. It appears that the strong double-digit growth trajectory of the company coupled with tremendous progress on the AI front is recognized by insiders as at least two of them bought more than $100,000 worth of APPN stock in 2024, which makes it one of the tech stocks with insider buying.
7. Wolfspeed Inc. (NYSE:WOLF)
Number of Hedge Fund Holders: 27
Wolfspeed Inc. (NYSE:WOLF) is a leader in silicon carbide semiconductor technology, driving advancements in power electronics and radio frequency applications. The company’s high-efficiency chips enable next-generation solutions in electric vehicles, renewable energy, telecommunications, and industrial power systems. With the increasing demand for energy-efficient and high-performance semiconductors, WOLF is expanding its manufacturing capacity and investing in innovation to accelerate the adoption of wide-bandgap materials.
The share price of Wolfspeed Inc. (NYSE:WOLF) experienced a major decline of more than 70% in the last twelve months, as the company was hit by a pronounced decline in the industrial and energy sectors, which in turn resulted in a headwind for profitability due to lower fab utilization rates. Despite these challenges, two insiders bought significant amounts of shares in late November 2024 as the stock price reached new lows. Two weeks later, the company announced ambitious plans during a Technology & AI conference – WOLF is undergoing a strategic transformation, simplifying its manufacturing footprint and transitioning to 200mm production to drive significant cost advantages. Wolfspeed Inc. (NYSE:WOLF) is also focused on capitalizing on the growing electric vehicles market, with a diverse set of design-ins coming into production, while also expanding its presence in industrial and energy applications. The WOLF’s $2.5 billion CHIPS funding package and its focus on improving cash flow and capital efficiency position the company well for long-term growth and profitability. Given the ambitious targets, it is of no surprise that insiders saw an opportunity with the stock as it has been trading near all-time lows.
6. NCR Voyix Corporation (NYSE:VYX)
Number of Hedge Fund Holders: 32
NCR Voyix Corporation (NYSE:VYX) ranks sixth on our list of tech stocks with insider buying. It is a leading provider of digital commerce solutions, specializing in retail, hospitality, and financial technology. The company delivers cloud-based software, self-service kiosks, and payment processing solutions that help businesses enhance customer experience and streamline operations. With a strong focus on innovation, VYX enables seamless omnichannel transactions across physical and digital touchpoints.
The share price of NCR Voyix Corporation (NYSE:VYX) went sideways during calendar 2024, as the company reported declining revenue due to sluggish hardware-related sales. Furthermore, some noise was added by the sale of the Digital Banking business on September 30 – VYX received $2.45 billion in gross proceeds, with $1.8 billion utilized to reduce indebtedness and approximately $100 million allocated for share repurchases. Despite a slow 2024, the company demonstrated progress in its platform strategy with approximately 70,000 sites on its cloud-native commerce platform, representing a 25% increase from the prior year. Looking ahead, management is implementing five key revenue growth actions, including restructured sales teams, enhanced solution investments, accelerated contract renewals, and strengthened senior organization to drive long-term growth in 2025 and beyond. The optimism for the future is clearly confirmed by at least 2 insiders buying a significant amount of stock in the last year.
5. Zeta Global Holdings Corp. (NYSE:ZETA)
Number of Hedge Fund Holders: 39
Zeta Global Holdings Corp. (NYSE:ZETA) is a data-driven marketing technology company that leverages AI and proprietary consumer data to help brands acquire, grow, and retain customers. Its cloud-based platform integrates predictive analytics, omnichannel engagement, and AI-driven automation to optimize marketing performance and personalize customer interactions. Serving industries such as retail, financial services, and healthcare, ZETA enables businesses to enhance customer engagement and maximize return on investment.
Zeta Global Holdings Corp. (NYSE:ZETA) had a stellar 2024 as the stock price is up more than 100% in the last twelve months. Throughout the year, the company was consistently delivering positive surprises and raising guidance, primarily due to the AI revolution accelerating the replacement cycle of marketing technology, with scaled customer count increasing to 468 and quarterly scaled customer ARPU growing 22% YoY. The company saw balanced growth across several industry verticals, with 6 out of their top 10 growing 25% or more while maintaining strong adjusted EBITDA margin expansion. In the second half of the year, Zeta Global Holdings Corp. (NYSE:ZETA) closed the acquisition of LiveIntent with the integration and synergy realization ahead of schedule. The deal creates unprecedented opportunities for disruptive technology like ZETA’s marketing platform, which is winning in the marketplace and winning big. The strong momentum and positive management outlook are further reinforced by 5 insiders acquiring more than $100,000 worth of shares each in November 2024.
4. Enphase Energy Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 39
Enphase Energy Inc. (NASDAQ:ENPH) is a global leader in solar energy technology, specializing in microinverter-based solar and battery storage solutions. Its advanced energy management platform enables homeowners and businesses to generate, store, and control their own clean energy with greater efficiency and reliability. The company’s innovative microinverter technology improves system performance, enhances safety, and simplifies installation compared to traditional solar inverters. It is among tech stocks with insider buying.
Enphase Energy Inc. (NASDAQ:ENPH) has had a volatile performance in the last years, exhibiting pronounced cyclicality. The stock price is down 45% in the last twelve months and reached a floor of around $60 – $65 per share as the entire industry was experiencing a strong downcycle after the 2022 peak. There are signs, however, that the market has bottomed and the future is more optimistic – the company is expanding its product portfolio with several new launches, including the IQ Battery 5P with FlexPhase for European markets, new IQ EV chargers, and the upcoming fourth-generation battery with 60% less wall space. Furthermore, Enphase Energy Inc. (NASDAQ:ENPH) has successfully diversified its manufacturing base with a global capacity of 7.25 million microinverters per quarter, including 5 million in the US. Looking ahead, management expects gradual revenue growth throughout 2025, supported by new product introductions and safe harbor ordering potential in the second half of 2025. With that being said, the insider buying activity in 2024 supports the positive outlook from management.
3. EchoStar Corporation (NASDAQ:SATS)
Number of Hedge Fund Holders: 46
EchoStar Corporation (NASDAQ:SATS) is a leading provider of satellite communications and broadband solutions, serving government, enterprise, and consumer markets worldwide. The company operates through its Hughes Network Systems division, delivering high-speed satellite internet, managed network services, and secure communications infrastructure. SATS’s advanced satellite technology supports critical applications in defense, aerospace, and remote connectivity, positioning it as a key player in global communications.
EchoStar Corporation (NASDAQ:SATS) has had a stellar 2024 and its share price is currently at a 52-week high, as the company has made significant progress on various lines of business and continues to build up on the positive momentum. SATS continues to grow its presence in the DoD 5G networking market with a recent award from the US Army for their 5G Open RAN initiative at Fort Bliss, Texas, which is aimed at exploring the advantages of near real-time control of the radio access network. ARPU improved both sequentially and on a YoY basis, as the company continues to focus on higher quality customers and improved customer experience and network optimization. On top of that, EchoStar Corporation (NASDAQ:SATS) completed significant financial restructuring transactions, including securing $2.5 billion in new financing, successfully executing a convertible notes exchange, and issuing $400 million in equity – these developments signal tremendous reinvestment opportunities with potential ROI above the already high costs of financing. Management believes there are upwards of tens of billions of dollars in asset value that is not accounted for in the current market cap – closing this gap could have a tremendous positive impact on the share price. This optimist stance is confirmed by several insiders buying more than $100,000 worth of shares each during 2024.
2. BILL Holdings Inc. (NYSE:BILL)
Number of Hedge Fund Holders: 64
BILL Holdings Inc. (NYSE:BILL) is a leading financial technology company that provides cloud-based software solutions for small and midsize businesses to automate accounts payable, accounts receivable, and expense management. Its platform streamlines financial operations by integrating with accounting software, enabling faster payments, improved cash flow management, and enhanced financial visibility. Serving a wide range of industries, BILL helps businesses digitize back-office functions, reducing manual processes and increasing efficiency. It is one of the tech stocks with insider buying.
The shares of BILL Holdings Inc. (NYSE:BILL) went sideways for most of 2024 as the company reported mixed results due to a challenging macroeconomic environment for small and medium-sized businesses. While revenue growth was positive at 22% in FY2024, guidance for FY2025 was slower, in the mid-teens only, and some headwinds from FX and declining stand-alone subscription revenue still persisted. Nevertheless, BILL recovered and delivered strong financial results in the latest quarter, with 16% YoY core revenue growth and significant margin expansion. The platform served more than 480,000 businesses, processing nearly $85 billion in payment volume across 30 million transactions.
BILL Holdings Inc. (NYSE:BILL) demonstrated progress in strategic initiatives, including expanding card adoption among AP and AR customers which more than tripled over the past 2 years, and advancing its invoice financing product which has served over 30,000 vendors with more than $800 million in advances. Looking ahead, management is focusing on penetrating the market opportunity with differentiated solutions while maintaining profitable growth, as evidenced by their reaffirmed core revenue guidance and enhanced profitability outlook. Over the long term, they also plan to implement several strategic initiatives to drive payment monetization expansion, including launching new products, enhancing payment experiences, working closely with suppliers and accountants, and pursuing an embedded solutions strategy. All in all, the optimistic outlook is further reinforced by significant insider buying in the last months.
1. Salesforce Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 162
Salesforce Inc. (NYSE:CRM) is a global leader in cloud-based customer relationship management software, providing businesses with AI-powered solutions for sales, marketing, customer service, and enterprise analytics. Its flagship platform, Customer 360, integrates data and automation to enhance customer engagement and operational efficiency. With a strong focus on AI, the company continues to expand its capabilities through innovations like Einstein AI and strategic acquisitions.
Salesforce Inc. (NYSE:CRM) experienced a modest 2024, with the share price increasing by only 6% in the last twelve months, significantly underperforming the broad market. However, there are some signs that the company’s performance is accelerating – a major highlight in the latest quarter was the launch of Agentforce, which secured over 200 deals in Q3 with a pipeline of thousands of potential transactions. Many Fortune 500 companies are now building their digital labor forces on the Salesforce platform with Agentforce. Thus, CRM significantly raised its FY2025 operating cash flow growth guidance from 24% to 26%, with free cash flow growth expected at 26% to 28%. Salesforce Inc. (NYSE:CRM)’s multi-cloud strategy continues to show strength, with the top 25 deals averaging more than 5 clouds each. Data Cloud momentum remains strong, being included in 8 of the top 10 deals, demonstrating its crucial role in AI transformation. Revenue attrition remained stable at slightly above 8%, while the company executed $1.2 billion in share repurchases and paid nearly $400 million in dividends in Q3.
Over the long term, management is focused on using innovative products like Agentforce to transform its front office software portfolio and create a future of work that blends human and AI agents. Salesforce Inc. (NYSE:CRM) sees strong customer demand and excitement around these innovations and is rapidly iterating on Agentforce and exploring emerging trends like spatial computing and business process automation to further enhance its offerings and deliver greater value to customers across industries and geographies. With that being said, it is of no surprise that 3 insiders saw an opportunity with CRM and acquired significant amounts worth of stock in 2024.
Overall Salesforce Inc. (NYSE:CRM) ranks first on our list of the 10 technology stocks with insider buying in 2024. While we acknowledge the potential of CRM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CRM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
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