Appian Co. (NASDAQ:APPN – Get Rating) was the recipient of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 3,340,000 shares, a decline of 8.5% from the February 13th total of 3,650,000 shares. Based on an average trading volume of 441,300 shares, the short-interest ratio is currently 7.6 days.
Insider Activity at Appian
In related news, major shareholder Abdiel Capital Management, Llc acquired 175,000 shares of the firm’s stock in a transaction on Wednesday, January 11th. The stock was bought at an average cost of $31.98 per share, with a total value of $5,596,500.00. Following the transaction, the insider now owns 8,992,518 shares of the company’s stock, valued at $287,580,725.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Abdiel Capital Management, Llc acquired 175,000 shares of the business’s stock in a transaction on Wednesday, January 11th. The stock was bought at an average price of $31.98 per share, for a total transaction of $5,596,500.00. Following the transaction, the insider now owns 8,992,518 shares in the company, valued at $287,580,725.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Abdiel Capital Advisors, Lp bought 38,000 shares of Appian stock in a transaction dated Monday, January 23rd. The stock was purchased at an average price of $39.95 per share, with a total value of $1,518,100.00. Following the purchase, the insider now directly owns 9,598,028 shares in the company, valued at approximately $383,441,218.60. The disclosure for this purchase can be found here. Insiders have purchased 735,916 shares of company stock worth $28,256,946 in the last quarter. Company insiders own 43.50% of the company’s stock.
Institutional Trading of Appian
Institutional investors and hedge funds have recently made changes to their positions in the stock. Abdiel Capital Advisors LP increased its position in Appian by 5.9% during the 4th quarter. Abdiel Capital Advisors LP now owns 8,817,518 shares of the company’s stock worth $287,098,000 after purchasing an additional 489,400 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Appian by 3.7% during the third quarter. Vanguard Group Inc. now owns 3,856,902 shares of the company’s stock worth $157,477,000 after buying an additional 138,431 shares in the last quarter. First Trust Advisors LP raised its position in shares of Appian by 5.0% in the fourth quarter. First Trust Advisors LP now owns 1,077,502 shares of the company’s stock valued at $35,155,000 after buying an additional 51,013 shares during the last quarter. State Street Corp lifted its stake in shares of Appian by 0.9% during the second quarter. State Street Corp now owns 819,791 shares of the company’s stock valued at $38,825,000 after buying an additional 7,151 shares during the period. Finally, Geode Capital Management LLC boosted its position in Appian by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 767,062 shares of the company’s stock worth $24,975,000 after acquiring an additional 31,912 shares during the last quarter. 50.89% of the stock is currently owned by hedge funds and other institutional investors.
Appian Price Performance
Appian (NASDAQ:APPN – Get Rating) last released its quarterly earnings results on Thursday, February 16th. The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.10. Appian had a negative net margin of 32.25% and a negative return on equity of 66.82%. The business had revenue of $125.79 million for the quarter, compared to analyst estimates of $122.35 million. As a group, research analysts forecast that Appian will post -1.54 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages have recently issued reports on APPN. Truist Financial increased their target price on Appian from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, February 17th. Sumitomo Mitsui Financial Group downgraded Appian from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $37.00 to $23.00 in a report on Monday, January 9th. Morgan Stanley upped their price target on shares of Appian from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, February 17th. Barclays raised their price objective on shares of Appian from $25.00 to $30.00 in a research note on Friday, February 17th. Finally, KeyCorp upped their target price on shares of Appian from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, February 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.89.
Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measure business processes. The firm’s products include BPM software, case management, mobile application development, and platform-as-a-service. The company was founded by Matt Calkins, Robert C. Kramer, Marc Wilson, and Michael Beckley in 1999 and is headquartered in McLean, VA.
- Get a free copy of the StockNews.com research report on Appian (APPN)
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