Medallia board member Douglas Leone earlier this week bought $11.23M of shares, SunTrust analyst Terry Tillman tells investors in a research note, citing filings last night with the SEC. The analyst notes that the transactions represent direct ownership by Leone, and that in addition to the purchases he has a significant indirect stake in the company through his role at Sequoia Capital. Since Medallia's Q2 report on September 5, the shares have declined 28% "despite reporting strong quarterly results," Tillman writes. The analyst is "encouraged" by a large insider share repurchase and the establishment of a direct position by an experienced board member. He believes Medallia's fundamentals "remain strong" and keeps a Buy rating on the shares with a $47 price target. The stock in early trading is up 13%, or $3.48, to $29.82.