Mirae Asset Global Investments Co. Ltd. Raises Holdings in Appian Co. (NASDAQ:APPN)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Appian Co. (NASDAQ:APPN) by 28.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 463,008 shares of the company’s stock after purchasing an additional 102,973 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.63% of Appian worth $22,039,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Arizona State Retirement System increased its holdings in Appian by 2.9% during the 1st quarter. Arizona State Retirement System now owns 10,110 shares of the company’s stock worth $449,000 after purchasing an additional 288 shares during the period. Credit Suisse AG increased its holdings in Appian by 0.5% during the 1st quarter. Credit Suisse AG now owns 61,045 shares of the company’s stock worth $2,709,000 after purchasing an additional 289 shares during the period. PNC Financial Services Group Inc. increased its holdings in Appian by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the company’s stock worth $153,000 after purchasing an additional 305 shares during the period. Royal Bank of Canada increased its holdings in Appian by 10.5% during the 3rd quarter. Royal Bank of Canada now owns 3,718 shares of the company’s stock worth $152,000 after purchasing an additional 352 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Appian by 6.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,073 shares of the company’s stock worth $314,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 41.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on APPN. DA Davidson raised Appian from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $55.00 in a research report on Tuesday, November 7th. Truist Financial upped their price objective on Appian from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 7th. The Goldman Sachs Group lowered their price objective on Appian from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Barclays decreased their target price on Appian from $41.00 to $35.00 and set an “underweight” rating for the company in a research report on Thursday, October 12th. Finally, Citigroup decreased their target price on Appian from $56.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Appian has an average rating of “Hold” and a consensus target price of $47.00.

Appian Stock Performance

Shares of APPN stock opened at $37.60 on Tuesday. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -20.22 and a beta of 1.60. The stock has a 50 day simple moving average of $41.55 and a 200-day simple moving average of $44.83. Appian Co. has a 12-month low of $29.80 and a 12-month high of $54.26. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 2.09.

Insider Transactions at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 2,010,510 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $37.85, for a total transaction of $76,097,803.50. Following the completion of the transaction, the insider now directly owns 7,361,444 shares of the company’s stock, valued at approximately $278,630,655.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, major shareholder Abdiel Capital Advisors, Lp sold 2,010,510 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $37.85, for a total value of $76,097,803.50. Following the completion of the transaction, the insider now directly owns 7,361,444 shares of the company’s stock, valued at approximately $278,630,655.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Matheos sold 13,068 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $50.15, for a total value of $655,360.20. The disclosure for this sale can be found here. In the last three months, insiders sold 2,808,078 shares of company stock valued at $109,558,059. Corporate insiders own 43.60% of the company’s stock.

Appian Company Profile

Appian Corporation provides low-code process automation platform in the United States and internationally. The company's platform offers workflow, artificial intelligence, robotic process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize end-to-end processes and complex business operations.