American Software (AMSWA) was the stock pick of the week from Smart Insider after Chairman James Miller bought $2.7 million worth of stock in June at an average price of $8.97 per share, more than tripling his holding.

This marks Miller's first stock purchase despite a long history with the company as a non-executive board member since 2002 and also represents "his largest buy" across his other designations, including his current position as Executive Chairman at Ameris and his previous role as Chair and Chief Executive Officer of Fidelity Southern, Smart Insider said in a note to clients.

"The purchase may have been influenced by his recent move to chair, replacing the co-founder and Executive Chairman James C. Edenfield, but this is nevertheless a very unusual buy," according to the note.

In addition, Matthew Mckenna, a non-executive board member since 2017, bought $43,000 worth of shares on June 26, Smart Insider said, adding that the purchase is "less unusual" but "supports a positive ranking."

Smart Insider ranked the stock as a "strong positive signal.