Zurcher Kantonalbank Zurich Cantonalbank Acquires 4,490 Shares of Appian Co. (NASDAQ:APPN)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Appian Co. (NASDAQ:APPN) by 107.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,670 shares of the company’s stock after purchasing an additional 4,490 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Appian were worth $327,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Appian by 3.4% in the third quarter. Vanguard Group Inc. now owns 4,556,543 shares of the company’s stock worth $207,824,000 after buying an additional 147,785 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in Appian by 10.3% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 1,623,647 shares of the company’s stock worth $74,055,000 after acquiring an additional 151,734 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Appian by 1.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 466,062 shares of the company’s stock valued at $17,552,000 after purchasing an additional 4,543 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Appian during the third quarter valued at approximately $14,884,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Appian by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 319,750 shares of the company’s stock worth $14,584,000 after purchasing an additional 9,900 shares during the period. 52.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on APPN. Barclays decreased their price objective on shares of Appian from $36.00 to $32.00 and set an “underweight” rating on the stock in a research report on Friday. KeyCorp cut their target price on Appian from $50.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday. William Blair reissued an “outperform” rating on shares of Appian in a research note on Wednesday, March 20th. Citigroup upped their price target on Appian from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, March 22nd. Finally, DA Davidson reduced their price objective on shares of Appian from $55.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $46.43.

Appian Price Performance

Appian stock opened at $31.98 on Friday. Appian Co. has a 52-week low of $28.22 and a 52-week high of $54.26. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -21.75 and a beta of 1.46. The firm’s fifty day moving average is $36.71 and its 200 day moving average is $36.45. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.68.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.33. The business had revenue of $145.32 million for the quarter, compared to the consensus estimate of $140.41 million. Appian had a negative return on equity of 146.23% and a negative net margin of 19.20%. Sell-side analysts forecast that Appian Co. will post -0.9 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the transaction, the insider now directly owns 5,890,304 shares in the company, valued at approximately $191,081,461.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 43.60% of the company’s stock.

About Appian

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.