Teacher Retirement System of Texas Makes New Investment in Appian Corporation (NASDAQ:APPN)

Teacher Retirement System of Texas purchased a new position in Appian Corporation (NASDAQ:APPN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,932 shares of the company's stock, valued at approximately $373,000.

Other hedge funds have also modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in shares of Appian during the fourth quarter worth about $35,000. Canada Pension Plan Investment Board grew its stake in Appian by 27.8% in the fourth 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 in the last quarter. Russell Investments Group Ltd. grew its stake in Appian by 1,244.8% in the fourth 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 in the last quarter. KLP Kapitalforvaltning AS bought a new position in Appian in the fourth quarter valued at approximately $181,000. Finally, Magnetar Financial LLC bought a new position in Appian in the fourth quarter valued at approximately $249,000. 52.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of Appian stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $31.45, for a total transaction 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. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 2,018,625 shares of company stock worth $64,544,615. Company insiders own 44.00% of the company's stock.

Appian Trading Up 0.5%

Shares of APPN traded up $0.14 during mid-day trading on Monday, reaching $28.95. The company's stock had a trading volume of 399,641 shares, compared to its average volume of 566,124. 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 $2.15 billion, a P/E ratio of -34.88 and a beta of 1.72. The business has a 50-day simple moving average of $30.61 and a two-hundred day simple moving average of $31.13.

Appian (NASDAQ:APPN - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $166.43 million for the quarter, compared to analyst estimates of $163.27 million. The business's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.24) earnings per share. Research analysts anticipate that Appian Corporation will post -0.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on APPN shares. Citigroup raised their price target on Appian from $40.00 to $41.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. 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. Barclays raised 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. Morgan Stanley raised their price target on Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Finally, DA Davidson raised Appian to a "hold" rating in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $36.29.

Appian 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.