King Luther Capital Management Corp Has $2.98 Million Stock Holdings 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 decreased its position in Appian Corporation (NASDAQ:APPN - Free Report) by 17.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 103,549 shares of the company's stock after selling 22,500 shares during the period. King Luther Capital Management Corp owned approximately 0.14% of Appian worth $2,983,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of APPN. Point72 Hong Kong Ltd bought a new position in Appian in the 4th quarter worth about $35,000. Concord Wealth Partners lifted its stake in shares of Appian by 21.7% in the 1st quarter. Concord Wealth Partners now owns 2,581 shares of the company's stock worth $74,000 after acquiring an additional 461 shares during the period. Canada Pension Plan Investment Board lifted its stake 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 worth $76,000 after acquiring an additional 500 shares during the period. Headlands Technologies LLC lifted 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 worth $122,000 after acquiring an additional 4,022 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Appian by 1,244.8% in the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock worth $125,000 after acquiring an additional 3,498 shares during the period. Institutional investors own 52.70% of the company's stock.

Appian Trading Down 0.3%

APPN stock traded down $0.10 on Friday, hitting $29.63. 745,575 shares of the company's stock traded hands, compared to its average volume of 1,254,015. Appian Corporation has a 1-year low of $24.00 and a 1-year high of $43.33. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -128.82 and a beta of 1.75. The stock has a fifty day moving average of $29.42 and a 200-day moving average of $30.47.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Scotiabank reduced their price target 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. Morgan Stanley upped their price target 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 assumed coverage on shares of Appian in a research note on Friday, August 8th. They issued a "neutral" rating and a $30.00 price target for the company. Zacks Research raised shares of Appian to a "strong-buy" rating in a research note on Monday, August 11th. Finally, Citigroup upped 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. One analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $33.40.

Insider Activity at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $31.45, for a total value of $328,652.50. Following the completion of the sale, the insider 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 1,613,910 shares of company stock valued at $51,423,651. 43.00% of the stock is currently 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.