In the software and programming complex, insiders have bought a decent amount of stock in Ebix ( EBIX), an international supplier of software and e-commerce solutions to the insurance industry. This is yet another name whose insiders are doing some buying after a big decline. This stock is off by just 10% so far in 2011, so insiders are buying into a modest amount of weakness. Ebix has a market cap of $761.97 million and an enterprise value of $713.64 million. This stock trades at a cheap valuation, with a trailing price-to-earnings of 12.14 and a forward price-to-earnings of 12.55. Its estimated growth rate for this year is 13.2%, and for next year it's pegged at -2.3%. This is not a cash-rich company; the total cash position on its balance sheet is $15.60 million, and its total debt is $27.23 million. A director just bought 24,500 shares, or $494,900 worth of stock, at $20.20 per share. From a technical standpoint, EBIX is currently trading above both its 50-day and 200-day moving averages, which is bullish. This stock hit a recent low in October at $12.99 a share, and since then it has soared and uptrended strong to its current price of over $21 a share. During that uptrend, shares of EBIX have been consistently making higher lows and higher highs, which is bullish price action. The stock is now setting up for a big breakout if it can manage to clear some near-term overhead resistance. If you're bullish on EBIX, you can look to be a buyer once the stock takes out $21.89 a share on high-volume. Look for volume on any move above that level that registers near or above its three-month average of 467,158 shares. A high-volume move above that level should setup EBIX to trade back towards $25 a share, or possibly even higher. Use a mental stop a few percentage points below the breakout point if we see that move in the near future. To see more stocks with notable insider buying, including Incyte ( INCY), Primo Water ( PRMW) and Inergy ( NRGY), check out the Stocks With Big Insider Buying portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.