Lord Abbett & CO. LLC Sells 419,514 Shares of Appian Co. (NASDAQ:APPN)

Lord Abbett & CO. LLC lessened its holdings in Appian Co. (NASDAQ:APPN) by 62.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 250,458 shares of the company’s stock after selling 419,514 shares during the period. Lord Abbett & CO. LLC’s holdings in Appian were worth $23,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. CIBC Asset Management Inc raised its holdings in Appian by 9.6% in the 3rd quarter. CIBC Asset Management Inc now owns 2,822 shares of the company’s stock worth $261,000 after purchasing an additional 248 shares during the period. Barclays PLC raised its stake in shares of Appian by 284.4% in the third quarter. Barclays PLC now owns 60,938 shares of the company’s stock worth $5,636,000 after buying an additional 45,085 shares during the period. Principal Financial Group Inc. raised its stake in shares of Appian by 31.3% in the third quarter. Principal Financial Group Inc. now owns 8,256 shares of the company’s stock worth $764,000 after buying an additional 1,967 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Appian by 2.8% during the third quarter. State Board of Administration of Florida Retirement System now owns 16,484 shares of the company’s stock valued at $1,525,000 after purchasing an additional 450 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Appian during the third quarter valued at approximately $212,000. 39.37% of the stock is currently owned by institutional investors.

Shares of APPN opened at $55.62 on Friday. The company’s fifty day moving average is $73.12 and its 200 day moving average is $95.73. Appian Co. has a fifty-two week low of $53.03 and a fifty-two week high of $260.00.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.22) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.03). Appian had a negative net margin of 20.00% and a negative return on equity of 21.63%. The business had revenue of $92.42 million during the quarter, compared to the consensus estimate of $91.06 million. During the same period in the previous year, the business posted ($0.05) EPS. The firm’s revenue was up 19.6% on a year-over-year basis. As a group, analysts anticipate that Appian Co. will post -1.06 EPS for the current year.

APPN has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Appian from a “hold” rating to a “sell” rating in a research report on Friday, November 12th. Barclays dropped their price objective on Appian from $90.00 to $47.00 and set an “underweight” rating for the company in a research note on Wednesday. Morgan Stanley raised Appian from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $95.00 to $87.00 in a research note on Friday, December 3rd. They noted that the move was a valuation call. Truist Securities lowered their price target on Appian from $116.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, December 17th. Finally, Truist raised shares of Appian from a “hold” rating to a “buy” rating and boosted their target price for the stock from $105.00 to $116.00 in a report on Monday, November 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $111.43.

In other news, General Counsel Christopher Winters sold 4,005 shares of Appian stock in a transaction on Monday, November 8th. The stock was sold at an average price of $96.85, for a total transaction of $387,884.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael G. Devine purchased 400 shares of the business’s stock in a transaction dated Friday, December 3rd. The stock was bought at an average price of $66.19 per share, for a total transaction of $26,476.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 12,120 shares of company stock valued at $1,173,619. Company insiders own 43.90% of the company’s stock.

Appian Company Profile

Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measures 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 Reston, VA.

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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