King Luther Capital Management Corp Trims Stock Position in Appian Corporation (NASDAQ:APPN)

Key Points

• King Luther Capital Management Corp has reduced its stake in Appian Corporation by 17.9%, now owning 103,549 shares valued at approximately $2.98 million.
• Appian Corporation reported a loss of $0.14 earnings per share for the last quarter, missing analyst expectations, but showed a 16.5% revenue growth year-over-year.
• Analysts have revised their price targets on Appian stock, with a consensus rating of "Hold" and an average target price of $33.40.

King Luther Capital Management Corp lowered its holdings in Appian Corporation (NASDAQ:APPN - Free Report) by 17.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,549 shares of the company's stock after selling 22,500 shares during the quarter. King Luther Capital Management Corp owned 0.14% of Appian worth $2,983,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APPN. Chicago Partners Investment Group LLC raised its holdings in shares of Appian by 1.2% in the 1st quarter. Chicago Partners Investment Group LLC now owns 31,495 shares of the company's stock valued at $958,000 after buying an additional 368 shares during the period. Concord Wealth Partners raised its holdings in shares of 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 buying an additional 461 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of 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 buying an additional 500 shares during the period. Penserra Capital Management LLC raised its holdings in shares of Appian by 6.3% in the 1st quarter. Penserra Capital Management LLC now owns 16,646 shares of the company's stock valued at $479,000 after buying an additional 989 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in Appian during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 52.70% of the company's stock.

Insider Buying and Selling at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $243,312,641.95. The trade was a 0.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders sold 1,878,575 shares of company stock valued at $60,068,617. 43.00% of the stock is currently owned by insiders.

Appian Stock Performance

Shares of NASDAQ:APPN traded up $1.51 on Wednesday, hitting $29.71. 1,858,232 shares of the company's stock were exchanged, compared to its average volume of 1,187,473. The firm's 50-day moving average is $29.52 and its 200 day moving average is $30.55. The company has a market capitalization of $2.21 billion, a PE ratio of -129.17 and a beta of 1.75. 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) earnings per share (EPS) for the quarter, missing the consensus estimate 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 in the prior year, the company posted ($0.26) earnings per share. The business's quarterly revenue was up 16.5% on a year-over-year basis. On average, analysts anticipate that Appian Corporation will post -0.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.