Connor Clark & Lunn Investment Management Ltd. Purchases 53,667 Shares of Appian Corporation (NASDAQ:APPN)

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 stake in Appian Corporation (NASDAQ:APPN - Free Report) by 26.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 254,912 shares of the company's stock after purchasing an additional 53,667 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.34% of Appian worth $7,344,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in Appian in the 4th quarter valued at $35,000. Canada Pension Plan Investment Board boosted 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 purchasing an additional 500 shares during the period. Concord Wealth Partners boosted 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 purchasing an additional 461 shares during the period. Russell Investments Group Ltd. boosted 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 purchasing an additional 3,498 shares during the period. Finally, Headlands Technologies LLC raised its stake in shares of 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 buying an additional 4,022 shares in the last quarter. 52.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

APPN has been the subject of a number of recent research reports. Barclays increased 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. Citigroup increased their price objective on shares of Appian from $40.00 to $41.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley increased their price objective on shares of Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Zacks Research upgraded shares of Appian to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Scotiabank dropped their price objective on shares of Appian from $37.00 to $34.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Appian presently has an average rating of "Hold" and a consensus price target of $33.40.

Appian Trading Down 0.3%

Shares of Appian stock traded down $0.10 during mid-day trading on Friday, reaching $29.63. 745,575 shares of the stock were exchanged, compared to its average volume of 1,254,015. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -128.82 and a beta of 1.75. The firm has a 50-day simple moving average of $29.42 and a 200 day simple moving average of $30.47. Appian Corporation has a fifty-two week low of $24.00 and a fifty-two week high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last issued 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 business had revenue of $170.64 million for the quarter, compared to analysts' expectations of $160.01 million. During the same quarter in the prior year, the company posted ($0.26) earnings per share. The firm's revenue was up 16.5% on a year-over-year basis. On average, research analysts predict that Appian Corporation will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $31.45, for a total transaction of $328,652.50. Following the sale, the insider owned 7,736,491 shares of the company's stock, valued at $243,312,641.95. This represents a 0.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 1,613,910 shares of company stock worth $51,423,651. 43.00% of the stock is owned by corporate insiders.

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.