Millennium Management LLC Purchases 56,420 Shares of Appian Co. (NASDAQ:APPN)

Millennium Management LLC lifted its position in shares of Appian Co. (NASDAQ:APPN - Free Report) by 28.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,706 shares of the company's stock after buying an additional 56,420 shares during the quarter. Millennium Management LLC owned approximately 0.30% of Appian worth $8,400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APPN. Canada Pension Plan Investment Board lifted its position in Appian by 27.8% during 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 in the last quarter. Russell Investments Group Ltd. increased its holdings 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 valued at $125,000 after acquiring an additional 3,498 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Appian in the 4th quarter valued at approximately $181,000. Entropy Technologies LP bought a new stake in shares of Appian in the 4th quarter valued at approximately $208,000. Finally, Magnetar Financial LLC bought a new stake in shares of Appian in the 4th quarter valued at approximately $249,000. Institutional investors and hedge funds own 52.70% of the company's stock.

Appian Price Performance

Shares of APPN stock traded down $0.26 on Wednesday, reaching $31.23. 483,009 shares of the company were exchanged, compared to its average volume of 560,096. The company has a 50-day moving average of $29.78 and a 200-day moving average of $32.96. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -24.79 and a beta of 1.83. Appian Co. has a one year low of $24.00 and a one year high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.10. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The firm had revenue of $166.43 million for the quarter, compared to the consensus estimate of $163.27 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. The business's revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Appian Co. will post -0.28 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Abdiel Capital Advisors, Lp sold 1,400 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $32.01, for a total transaction of $44,814.00. Following the completion of the transaction, the insider now directly owns 9,199,001 shares of the company's stock, valued at approximately $294,460,022.01. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 795,635 shares of company stock valued at $24,611,535. 44.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on APPN shares. Citigroup increased their price target on Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Barclays increased their price target on Appian from $28.00 to $33.00 and gave the stock an "underweight" rating in a research note on Friday, May 9th. Scotiabank decreased their price target 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. DA Davidson upped their price objective on Appian from $28.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Morgan Stanley upped their price objective on Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Appian currently has a consensus rating of "Hold" and an average target price of $36.29.

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.