Abdiel Capital Advisors, Lp Acquires 38,000 Shares of Appian Co. (NASDAQ:APPN) Stock

Appian Co. (NASDAQ:APPN – Get Rating) major shareholder Abdiel Capital Advisors, Lp purchased 38,000 shares of the business’s stock in a transaction dated Monday, January 23rd. The shares were purchased at an average cost of $39.95 per share, with a total value of $1,518,100.00. Following the completion of the purchase, the insider now directly owns 9,598,028 shares in the company, valued at $383,441,218.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Appian Stock Performance

Shares of NASDAQ APPN traded down $0.36 during mid-day trading on Tuesday, reaching $40.31. 458,442 shares of the company traded hands, compared to its average volume of 493,196. The stock has a market cap of $2.92 billion, a PE ratio of -20.46 and a beta of 1.58. The company’s fifty day moving average is $35.72 and its two-hundred day moving average is $42.54. Appian Co. has a fifty-two week low of $29.80 and a fifty-two week high of $66.91.

Appian (NASDAQ:APPN – Get Rating) last released its earnings results on Thursday, November 3rd. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.27). The business had revenue of $117.88 million during the quarter, compared to analyst estimates of $116.11 million. Appian had a negative net margin of 31.83% and a negative return on equity of 53.25%. The business’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same period last year, the business earned ($0.29) EPS. Research analysts forecast that Appian Co. will post -1.86 earnings per share for the current year.

Institutional Trading of Appian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its holdings in Appian by 2.9% in the 2nd quarter. Arizona State Retirement System now owns 9,383 shares of the company’s stock valued at $444,000 after buying an additional 265 shares during the last quarter. Strs Ohio grew its holdings in Appian by 6.0% in the 2nd quarter. Strs Ohio now owns 5,300 shares of the company’s stock valued at $251,000 after buying an additional 300 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Appian by 13.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the company’s stock valued at $153,000 after buying an additional 305 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Appian by 10.5% during the 3rd quarter. Royal Bank of Canada now owns 3,718 shares of the company’s stock worth $152,000 after purchasing an additional 352 shares in the last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of Appian by 44.1% during the 2nd quarter. Captrust Financial Advisors now owns 1,321 shares of the company’s stock worth $63,000 after purchasing an additional 404 shares in the last quarter. Institutional investors and hedge funds own 50.89% of the company’s stock.

Wall Street Analyst Weigh In

APPN has been the subject of a number of recent research reports. KeyCorp cut their price target on Appian from $55.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, January 18th. Barclays cut their price target on Appian from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Tuesday, January 10th. The Goldman Sachs Group cut their price target on Appian from $71.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, November 7th. Citigroup lowered their price objective on Appian from $55.00 to $46.00 in a report on Friday, October 21st. Finally, Truist Financial lowered their price objective on Appian from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Appian currently has a consensus rating of “Hold” and a consensus target price of $43.33.

Appian Company Profile

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Appian Corporation provides low-code automation platform in the United States and internationally. The company's platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that are needed to be manually coded. The company also offers professional and customer support services.