Ameriprise Financial Inc. Purchases New Position in Appian Co. (NASDAQ:APPN)

Ameriprise Financial Inc. acquired a new stake in Appian Co. (NASDAQ:APPN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,121 shares of the company's stock, valued at approximately $268,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board lifted its holdings in shares of 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 purchasing an additional 500 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Appian by 1,244.8% during the fourth quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock worth $125,000 after purchasing an additional 3,498 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Appian during the fourth quarter worth $181,000. Entropy Technologies LP acquired a new position in shares of Appian during the fourth quarter worth $208,000. Finally, Magnetar Financial LLC acquired a new position in shares of Appian during the fourth quarter worth $249,000. Institutional investors and hedge funds own 52.70% of the company's stock.

Insider Transactions at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 300,000 shares of Appian stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $31.83, for a total value of $9,549,000.00. Following the completion of the sale, the insider now directly owns 8,430,391 shares in the company, valued at $268,339,345.53. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 1,564,245 shares of company stock valued at $48,922,874. Company insiders own 43.00% of the company's stock.

Appian Stock Performance

Appian stock opened at $31.80 on Friday. Appian Co. has a fifty-two week low of $24.00 and a fifty-two week high of $43.33. The stock has a market cap of $2.35 billion, a PE ratio of -25.24 and a beta of 1.83. The firm's 50-day simple moving average is $29.90 and its 200 day simple moving average is $32.66.

Appian (NASDAQ:APPN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.10. The firm had revenue of $166.43 million for the quarter, compared to analysts' expectations 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 quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, analysts predict that Appian Co. will post -0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays lifted their price target on shares of Appian from $28.00 to $33.00 and gave the stock an "underweight" rating in a report on Friday, May 9th. Citigroup lifted their price target on shares of Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. DA Davidson lifted their price target on shares of Appian from $28.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Scotiabank cut their price target on shares of Appian from $37.00 to $34.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Morgan Stanley lifted their price target on shares of Appian from $27.00 to $29.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Appian presently has a consensus rating of "Hold" and a consensus price target of $36.29.

Appian Company 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.

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