Abdiel Capital Advisors LP Increases Stake in Appian Co. (NASDAQ:APPN)

Abdiel Capital Advisors LP lifted its stake in Appian Co. (NASDAQ:APPN - Free Report) by 0.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,179,538 shares of the company's stock after acquiring an additional 10,265 shares during the quarter. Appian makes up 20.7% of Abdiel Capital Advisors LP's portfolio, making the stock its 2nd biggest holding. Abdiel Capital Advisors LP owned 11.92% of Appian worth $335,721,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of APPN. Arrowstreet Capital Limited Partnership bought a new position in shares of Appian in the fourth quarter valued at approximately $4,918,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Appian by 184.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company's stock worth $6,637,000 after acquiring an additional 130,606 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Appian by 418.8% during the fourth quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company's stock valued at $5,303,000 after acquiring an additional 129,800 shares during the period. Norges Bank acquired a new stake in shares of Appian in the fourth quarter valued at about $4,046,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Appian during the 4th quarter worth about $2,806,000. 52.70% of the stock is currently owned by hedge funds and other institutional investors.

Appian Stock Up 0.9 %

APPN traded up $0.28 during midday trading on Thursday, reaching $31.33. 531,072 shares of the company's stock were exchanged, compared to its average volume of 554,391. The business has a 50-day simple moving average of $29.58 and a two-hundred day simple moving average of $33.32. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -24.87 and a beta of 1.78. Appian Co. has a one year low of $24.00 and a one year high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $166.70 million during the quarter, compared to analyst estimates of $164.31 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. Appian's quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.06 EPS. As a group, research analysts anticipate that Appian Co. will post -0.28 EPS for the current fiscal year.

Insider Activity at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $29.52, for a total value of $1,711,422.00. Following the completion of the sale, the insider now owns 10,121,563 shares in the company, valued at approximately $298,788,539.76. This trade represents a 0.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Albert G.W. Biddle III sold 990 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $33.21, for a total transaction of $32,877.90. Following the completion of the transaction, the director now directly owns 29,348 shares of the company's stock, valued at approximately $974,647.08. This represents a 3.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 240,510 shares of company stock valued at $6,648,635 in the last ninety days. Insiders own 44.00% of the company's stock.

Wall Street Analysts Forecast Growth

APPN has been the topic of several recent analyst reports. KeyCorp reaffirmed a "sector weight" rating on shares of Appian in a research report on Tuesday, January 14th. Citigroup decreased their price target on shares of Appian from $53.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Barclays cut their price objective on shares of Appian from $37.00 to $28.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. DA Davidson decreased their target price on Appian from $40.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley cut their price target on Appian from $35.00 to $27.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Appian presently has a consensus rating of "Hold" and a consensus target price of $34.14.

Appian Profile

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.