Bank of America Corp DE Sells 69,535 Shares of Appian Co. (NASDAQ:APPN)

Bank of America Corp DE lowered its position in shares of Appian Co. (NASDAQ:APPN - Free Report) by 63.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,543 shares of the company's stock after selling 69,535 shares during the quarter. Bank of America Corp DE's holdings in Appian were worth $1,337,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Benjamin Edwards Inc. boosted its holdings in Appian by 16.0% in the 4th quarter. Benjamin Edwards Inc. now owns 14,500 shares of the company's stock valued at $478,000 after purchasing an additional 2,000 shares during the period. Ameriprise Financial Inc. bought a new position in shares of Appian during the fourth quarter valued at about $268,000. Algert Global LLC raised its stake in Appian by 28.6% in the fourth quarter. Algert Global LLC now owns 64,394 shares of the company's stock worth $2,124,000 after buying an additional 14,319 shares in the last quarter. PDT Partners LLC bought a new position in Appian in the fourth quarter worth about $1,447,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Appian during the fourth quarter valued at approximately $320,000. Hedge funds and other institutional investors own 52.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on APPN shares. DA Davidson increased their price target on shares of Appian from $28.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Scotiabank reduced 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. 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 lifted their price target on shares of Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, Barclays boosted their price target on shares of Appian from $28.00 to $33.00 and gave the company an "underweight" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $36.29.

Appian Trading Up 0.5%

NASDAQ:APPN opened at $31.80 on Friday. The company's 50-day moving average price is $29.90 and its 200-day moving average price is $32.66. Appian Co. has a twelve month low of $24.00 and a twelve month high of $43.33. The company has a market cap of $2.35 billion, a P/E ratio of -25.24 and a beta of 1.83.

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

Insider Buying and Selling at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $26.49, for a total value of $2,080,206.72. Following the transaction, the insider now directly owns 9,942,140 shares of the company's stock, valued at approximately $263,367,288.60. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 1,564,245 shares of company stock worth $48,922,874 over the last 90 days. Corporate insiders own 43.00% of the company's stock.

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.

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