Fonville Wealth Management LLC Makes New $756,000 Investment in Appian Corporation (NASDAQ:APPN)

Fonville Wealth Management LLC bought a new position in Appian Corporation (NASDAQ:APPN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,233 shares of the company's stock, valued at approximately $756,000.

A number of other hedge funds also recently made changes to their positions in the stock. Penserra Capital Management LLC boosted its holdings in shares of Appian by 6.3% during the 1st quarter. Penserra Capital Management LLC now owns 16,646 shares of the company's stock valued at $479,000 after acquiring an additional 989 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Appian during the first quarter valued at about $373,000. Stanley Laman Group Ltd. grew its holdings in shares of Appian by 11.1% during the first quarter. Stanley Laman Group Ltd. now owns 158,675 shares of the company's stock worth $4,571,000 after purchasing an additional 15,815 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Appian by 165.5% during the first quarter. SG Americas Securities LLC now owns 15,809 shares of the company's stock worth $455,000 after purchasing an additional 9,855 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Appian by 4.4% in the first quarter. Rhumbline Advisers now owns 60,088 shares of the company's stock valued at $1,731,000 after buying an additional 2,528 shares during the period. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on APPN. Scotiabank reduced their target price 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 boosted 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. DA Davidson raised Appian to a "hold" rating in a research report on Monday, June 9th. Citigroup lifted their target price on Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, Barclays increased 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. 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $36.29.

Appian Price Performance

Shares of NASDAQ:APPN opened at $30.51 on Friday. Appian Corporation has a 1 year low of $24.00 and a 1 year high of $43.33. The business's 50-day moving average is $30.90 and its 200-day moving average is $31.36. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -36.76 and a beta of 1.72.

Appian (NASDAQ:APPN - Get Free Report) last issued 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 business had revenue of $166.43 million during the quarter, compared to analyst estimates of $163.27 million. Appian's quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.24) earnings per share. Analysts anticipate that Appian Corporation will post -0.28 EPS for the current year.

Insiders Place Their Bets

In other 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 2,056,728 shares of company stock valued at $65,577,128 over the last ninety days. Insiders own 43.00% of the company's stock.

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.

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