Appian (NASDAQ:APPN) Hits New 52-Week Low Following Insider Selling

Shares of Appian Co. (NASDAQ:APPN) hit a new 52-week low during trading on Friday after an insider sold shares in the company. The stock traded as low as $26.12 and last traded at $26.34, with a volume of 102193 shares trading hands. The stock had previously closed at $27.95.

Specifically, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of Appian stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $26.49, for a total transaction of $2,080,206.72. Following the sale, the insider now directly owns 9,942,140 shares of the company’s stock, valued at approximately $263,367,288.60. The trade was a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the completion of the sale, the insider now owns 10,121,563 shares in the company, valued at $298,788,539.76. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Scotiabank started coverage on shares of Appian in a report on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. KeyCorp reaffirmed a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.80.

Appian Stock Down 5.5 %

The company has a market cap of $1.95 billion, a P/E ratio of -20.95 and a beta of 1.78. The firm’s 50 day moving average is $32.07 and its two-hundred day moving average is $34.07.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The company had revenue of $166.70 million during the quarter, compared to the consensus estimate of $164.31 million. During the same quarter last year, the firm posted $0.06 EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis. As a group, research analysts forecast that Appian Co. will post -0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in Appian by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,847 shares of the company’s stock worth $11,432,000 after buying an additional 3,817 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Appian by 3.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 21,688 shares of the company’s stock worth $740,000 after acquiring an additional 686 shares in the last quarter. FMR LLC boosted its position in shares of Appian by 199.4% during the 3rd quarter. FMR LLC now owns 5,935 shares of the company’s stock valued at $203,000 after purchasing an additional 3,953 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Appian by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,242 shares of the company’s stock valued at $2,739,000 after buying an additional 491 shares in the last quarter. Finally, Benjamin Edwards Inc. bought a new stake in Appian in the 3rd quarter valued at about $427,000. Institutional investors and hedge funds own 52.70% of the company’s stock.

About Appian

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.