Balyasny Asset Management L.P. Lowers Stock Position in Appian Co. (NASDAQ:APPN)

Balyasny Asset Management L.P. cut its position in Appian Co. (NASDAQ:APPN - Free Report) by 49.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,511 shares of the company's stock after selling 80,874 shares during the quarter. Balyasny Asset Management L.P. owned about 0.10% of Appian worth $2,721,000 as of its most recent SEC filing.

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

Appian Stock Performance

Shares of Appian stock traded up $0.16 on Thursday, hitting $33.13. The stock had a trading volume of 866,736 shares, compared to its average volume of 555,967. The stock has a 50 day moving average of $29.46 and a 200 day moving average of $33.34. The firm has a market capitalization of $2.45 billion, a P/E ratio of -26.29 and a beta of 1.83. Appian Co. has a twelve month low of $24.00 and a twelve month high of $43.33.

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

Insider Buying and Selling

In other news, Director Albert G.W. Biddle III sold 990 shares of the business's stock in a transaction that occurred on 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 sale, the director now owns 29,348 shares in the company, valued at $974,647.08. The trade was a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $29.52, for a total value of $1,711,422.00. Following the completion of the transaction, the insider now owns 10,121,563 shares in the company, valued at approximately $298,788,539.76. This represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 380,560 shares of company stock valued at $11,124,633 over the last ninety days. 43.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on APPN shares. Scotiabank lowered their price objective on Appian from $37.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley lifted their price objective on shares of Appian from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Citigroup raised their target price on shares of Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday. Barclays boosted their price target on Appian from $28.00 to $33.00 and gave the company an "underweight" rating in a research note on Friday, May 9th. Finally, DA Davidson raised their price objective on Appian from $28.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $36.29.

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.