Appian Corporation (NASDAQ:APPN) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its position in Appian Corporation by 26.7%, owning 254,912 shares after purchasing an additional 53,667 shares in Q1.
• Appian reported a 16.5% increase in revenue year-over-year for the quarter, though it missed EPS estimates by a small margin.
• Several hedge funds significantly increased their positions in Appian during the fourth quarter, indicating strong institutional interest in the stock.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Appian Corporation (NASDAQ:APPN - Free Report) by 26.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 254,912 shares of the company's stock after acquiring an additional 53,667 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.34% of Appian worth $7,344,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of APPN. Point72 Hong Kong Ltd acquired a new position in Appian in the 4th quarter valued at $35,000. Concord Wealth Partners raised its holdings in 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 acquiring an additional 461 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Appian by 27.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company's stock valued at $76,000 after acquiring an additional 500 shares during the last quarter. Headlands Technologies LLC raised its holdings in Appian by 2,052.0% in the 1st quarter. Headlands Technologies LLC now owns 4,218 shares of the company's stock valued at $122,000 after acquiring an additional 4,022 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Appian by 1,244.8% in the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock valued at $125,000 after acquiring an additional 3,498 shares during the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $31.45, for a total value of $328,652.50. Following the completion of the sale, the insider directly owned 7,736,491 shares in the company, valued at approximately $243,312,641.95. This represents a 0.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 1,878,575 shares of company stock valued at $60,068,617. 43.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on APPN shares. Morgan Stanley boosted their price target on Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. DA Davidson assumed coverage on Appian in a report on Friday, August 8th. They issued a "neutral" rating and a $30.00 price target for the company. Citigroup upped their price objective on Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Barclays upped their price objective on Appian from $28.00 to $33.00 and gave the stock an "underweight" rating in a report on Friday, May 9th. Finally, Scotiabank dropped their price objective on Appian from $37.00 to $34.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $33.40.

Appian Stock Up 5.4%

Shares of APPN stock traded up $1.51 on Wednesday, reaching $29.71. 1,858,232 shares of the stock were exchanged, compared to its average volume of 1,187,473. The stock has a market cap of $2.21 billion, a P/E ratio of -129.17 and a beta of 1.75. The firm has a 50 day moving average of $29.52 and a two-hundred day moving average of $30.55. Appian Corporation has a 1-year low of $24.00 and a 1-year high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.01). The firm had revenue of $170.64 million during the quarter, compared to analyst estimates of $160.01 million. During the same period last year, the firm posted ($0.26) EPS. The firm's revenue was up 16.5% on a year-over-year basis. On average, equities research analysts predict that Appian Corporation will post -0.28 EPS for the current fiscal year.

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.