Abdiel Capital Advisors, Lp Sells 56,500 Shares of Appian Co. (NASDAQ:APPN) Stock

Appian Co. (NASDAQ:APPN - Get Free Report) major shareholder Abdiel Capital Advisors, Lp sold 56,500 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $32.05, for a total value of $1,810,825.00. Following the completion of the transaction, the insider now directly owns 7,796,941 shares in the company, valued at $249,891,959.05. This represents a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Abdiel Capital Advisors, Lp also recently made the following trade(s):

• On Wednesday, June 11th, Abdiel Capital Advisors, Lp sold 10,450 shares of Appian stock. The stock was sold at an average price of $31.45, for a total transaction of $328,652.50.
• On Tuesday, June 10th, Abdiel Capital Advisors, Lp sold 50,000 shares of Appian stock. The shares were sold at an average price of $31.59, for a total transaction of $1,579,500.00.
• On Friday, June 6th, Abdiel Capital Advisors, Lp sold 225,720 shares of Appian stock. The stock was sold at an average price of $32.21, for a total value of $7,270,441.20.
• On Thursday, June 5th, Abdiel Capital Advisors, Lp sold 225,615 shares of Appian stock. The stock was sold at an average price of $32.15, for a total value of $7,253,522.25.
• On Wednesday, June 4th, Abdiel Capital Advisors, Lp sold 125,615 shares of Appian stock. The shares were sold at an average price of $31.80, for a total transaction of $3,994,557.00.
• On Tuesday, June 3rd, Abdiel Capital Advisors, Lp sold 300,000 shares of Appian stock. The shares were sold at an average price of $31.83, for a total value of $9,549,000.00.
• On Monday, June 2nd, Abdiel Capital Advisors, Lp sold 37,437 shares of Appian stock. The stock was sold at an average price of $31.43, for a total value of $1,176,644.91.
• On Friday, May 30th, Abdiel Capital Advisors, Lp sold 300,000 shares of Appian stock. The shares were sold at an average price of $31.47, for a total transaction of $9,441,000.00.
• On Thursday, May 29th, Abdiel Capital Advisors, Lp sold 53,337 shares of Appian stock. The stock was sold at an average price of $31.45, for a total value of $1,677,448.65.
• On Wednesday, May 28th, Abdiel Capital Advisors, Lp sold 4,670 shares of Appian stock. The stock was sold at an average price of $31.51, for a total value of $147,151.70.

Appian Stock Performance

Shares of APPN stock traded down $0.57 on Thursday, hitting $30.52. The stock had a trading volume of 205,582 shares, compared to its average volume of 562,456. Appian Co. has a 52-week low of $24.00 and a 52-week high of $43.33. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -24.22 and a beta of 1.75. The stock's 50 day moving average is $30.18 and its 200-day moving average is $32.50.

Appian (NASDAQ:APPN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. Appian had a negative return on equity of 532.05% and a negative net margin of 14.95%. The company had revenue of $166.43 million during the quarter, compared to analyst estimates of $163.27 million. During the same quarter in the previous year, the firm posted ($0.24) EPS. The firm's quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts expect that Appian Co. will post -0.28 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APPN. DA Davidson upgraded shares of Appian to a "hold" rating in a research report on Monday. Citigroup increased their target price on Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Barclays upped their price objective on shares of Appian from $28.00 to $33.00 and gave the company an "underweight" rating in a research note on Friday, May 9th. Morgan Stanley boosted their target price on shares of Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Finally, Scotiabank dropped their price target on shares of Appian from $37.00 to $34.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Appian presently has an average rating of "Hold" and an average price target of $36.29.

Hedge Funds Weigh In On Appian

A number of institutional investors and hedge funds have recently bought and sold shares of APPN. Chicago Partners Investment Group LLC lifted its position in Appian by 1.2% in the first quarter. Chicago Partners Investment Group LLC now owns 31,495 shares of the company's stock worth $958,000 after purchasing an additional 368 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in Appian by 5.1% during the fourth quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company's stock valued at $270,000 after purchasing an additional 400 shares in the last quarter. Concord Wealth Partners grew its stake in shares of Appian by 21.7% in the 1st quarter. Concord Wealth Partners now owns 2,581 shares of the company's stock valued at $74,000 after purchasing an additional 461 shares during the period. Canada Pension Plan Investment Board grew its stake in Appian by 27.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company's stock worth $76,000 after buying an additional 500 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in Appian by 6.3% during the 1st quarter. Penserra Capital Management LLC now owns 16,646 shares of the company's stock worth $479,000 after buying an additional 989 shares in the last quarter. Institutional investors own 52.70% 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.