Insider Buying: Appian Co. (NASDAQ:APPN) Major Shareholder Acquires 38,000 Shares of Stock

Posted by Faye Duncan on Jan 25th, 2023

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

Appian Stock Down 0.9 %

Shares of NASDAQ APPN traded down $0.36 during mid-day trading on Tuesday, hitting $40.31. 458,442 shares of the company traded hands, compared to its average volume of 493,196. Appian Co. has a 1 year low of $29.80 and a 1 year high of $66.91. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -20.46 and a beta of 1.58. The business has a 50 day moving average of $35.72 and a two-hundred day moving average of $42.54.

Appian (NASDAQ:APPN – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.27). Appian had a negative net margin of 31.83% and a negative return on equity of 53.25%. The company had revenue of $117.88 million for the quarter, compared to analysts’ expectations of $116.11 million. During the same period in the prior year, the company earned ($0.29) earnings per share. The company’s revenue for the quarter was up 27.5% on a year-over-year basis. As a group, research analysts anticipate that Appian Co. will post -1.86 EPS for the current year.

Analyst Ratings Changes

APPN has been the subject of several recent analyst reports. Truist Financial decreased their price target on Appian from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Friday. The Goldman Sachs Group decreased 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. Morgan Stanley decreased their target price on Appian from $54.00 to $42.00 and set an “equal weight” rating for the company in a research note on Friday, November 4th. Barclays decreased their target price on Appian from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Tuesday, January 10th. Finally, Citigroup decreased their target price on Appian from $55.00 to $46.00 in a research note on Friday, October 21st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Appian presently has an average rating of “Hold” and an average target price of $43.33.

Institutional Investors Weigh In On Appian

Several hedge funds have recently modified their holdings of APPN. Heritage Wealth Management LLC purchased a new stake in shares of Appian during the second quarter valued at $27,000. Parkwood LLC purchased a new stake in Appian in the 2nd quarter worth about $39,000. Evermay Wealth Management LLC purchased a new stake in Appian in the 4th quarter worth about $47,000. Captrust Financial Advisors lifted its stake in Appian by 44.1% in the 2nd quarter. Captrust Financial Advisors now owns 1,321 shares of the company’s stock worth $63,000 after acquiring an additional 404 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Appian in the 3rd quarter worth about $69,000. 50.89% of the stock is owned by hedge funds and other institutional investors.

About Appian

(Get Rating)

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.