BlackRock Inc. raised its stake in shares of Appian Corp (NASDAQ:APPN) by 25.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 202,733 shares of the company’s stock after purchasing an additional 41,348 shares during the quarter. BlackRock Inc. owned 0.33% of Appian worth $7,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in the business. Northern Trust Corp increased its stake in shares of Appian by 66.2% in the first quarter. Northern Trust Corp now owns 38,595 shares of the company’s stock worth $972,000 after acquiring an additional 15,371 shares during the last quarter. UBS Group AG increased its stake in shares of Appian by 240.8% in the first quarter. UBS Group AG now owns 6,717 shares of the company’s stock worth $169,000 after acquiring an additional 4,746 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Appian by 2,038.9% in the second quarter. Bank of Montreal Can now owns 7,700 shares of the company’s stock worth $278,000 after acquiring an additional 7,340 shares during the last quarter. Bradley Foster & Sargent Inc. CT acquired a new position in shares of Appian in the second quarter worth $283,000. Finally, Commonwealth Equity Services LLC increased its stake in shares of Appian by 74.9% in the second quarter. Commonwealth Equity Services LLC now owns 15,265 shares of the company’s stock worth $552,000 after acquiring an additional 6,539 shares during the last quarter. Institutional investors and hedge funds own 17.43% of the company’s stock.
APPN has been the topic of a number of research reports. BidaskClub raised shares of Appian from a “hold” rating to a “buy” rating in a research note on Tuesday, August 14th. Barclays raised shares of Appian from an “underweight” rating to an “equal weight” rating and set a $29.00 target price on the stock in a research report on Monday, October 15th. Zacks Investment Research downgraded shares of Appian from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. Canaccord Genuity increased their target price 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, Morgan Stanley increased their target price on shares of Appian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Appian currently has an average rating of “Hold” and an average target price of $27.29.
In other Appian news, major shareholder Abdiel Capital Management, Llc purchased 54,043 shares of the stock in a transaction dated Friday, October 19th. The shares were bought at an average cost of $23.68 per share, with a total value of $1,279,738.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Charles Kramer sold 25,000 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $34.78, for a total value of $869,500.00. Following the completion of the sale, the insider now directly owns 4,000 shares in the company, valued at $139,120. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 1,080,167 shares of company stock worth $28,442,017 and have sold 283,500 shares worth $9,515,435. Corporate insiders own 64.00% of the company’s stock.
Appian stock opened at $26.56 on Wednesday. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -43.54 and a beta of 1.81. Appian Corp has a one year low of $19.62 and a one year high of $43.61.
Appian (NASDAQ:APPN) last posted its earnings results on Thursday, November 1st. The company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.05. The firm had revenue of $54.95 million for the quarter, compared to the consensus estimate of $49.73 million. Appian had a negative net margin of 19.54% and a negative return on equity of 109.53%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) earnings per share. Equities analysts anticipate that Appian Corp will post -0.75 EPS for the current fiscal year.
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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