Appian Corp (NASDAQ:APPN) major shareholder Qualified Master Fund L. Abdiel acquired 166,910 shares of the firm’s stock in a transaction on Wednesday, October 10th. The stock was purchased at an average price of $25.67 per share, with a total value of $4,284,579.70. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
APPN opened at $25.51 on Friday. Appian Corp has a twelve month low of $19.62 and a twelve month high of $43.61. The stock has a market cap of $2.10 billion, a P/E ratio of -41.82 and a beta of 0.58.
Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, August 2nd. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. Appian had a negative net margin of 16.28% and a negative return on equity of 81.10%. The firm had revenue of $59.88 million during the quarter, compared to the consensus estimate of $50.31 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The company’s revenue for the quarter was up 38.6% on a year-over-year basis. Analysts forecast that Appian Corp will post -0.75 earnings per share for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California Public Employees Retirement System acquired a new position in shares of Appian during the 2nd quarter worth about $207,000. Oakcliff Capital Partners LP acquired a new position in shares of Appian during the 2nd quarter worth about $8,434,000. Point72 Asset Management L.P. acquired a new position in shares of Appian during the 2nd quarter worth about $264,000. Raymond James & Associates acquired a new position in shares of Appian during the 2nd quarter worth about $498,000. Finally, Engle Capital Management L.P. raised its position in shares of Appian by 9.1% during the 2nd quarter. Engle Capital Management L.P. now owns 240,000 shares of the company’s stock worth $8,678,000 after purchasing an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 16.75% of the company’s stock.
A number of research analysts have weighed in on APPN shares. BidaskClub downgraded shares of Appian from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. Barclays upped their price objective on shares of Appian from $28.00 to $29.00 and gave the stock an “underweight” rating in a research report on Friday, September 7th. Morgan Stanley upped their price objective on shares of Appian from $24.00 to $26.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 27th. Canaccord Genuity upped their price objective on shares of Appian from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. Finally, SunTrust Banks downgraded shares of Appian from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Appian currently has an average rating of “Hold” and an average target price of $27.29.
Appian Company Profile
Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.
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