Insider Selling: Appian Co. (NASDAQ:APPN) Major Shareholder Sells 34,943 Shares of Stock

Appian Co. (NASDAQ:APPN) major shareholder Abdiel Capital Advisors, Lp sold 34,943 shares of the business’s stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $28.08, for a total transaction of $981,199.44. Following the completion of the sale, the insider now directly owns 9,907,197 shares in the company, valued at $278,194,091.76. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Abdiel Capital Advisors, Lp also recently made the following trade(s):

• On Friday, April 11th, Abdiel Capital Advisors, Lp sold 29,971 shares of Appian stock. The shares were sold at an average price of $27.04, for a total value of $810,415.84.
• On Friday, April 4th, Abdiel Capital Advisors, Lp sold 78,528 shares of Appian stock. The stock was sold at an average price of $26.49, for a total value of $2,080,206.72.
• On Wednesday, April 2nd, Abdiel Capital Advisors, Lp sold 57,975 shares of Appian stock. The shares were sold at an average price of $29.52, for a total value of $1,711,422.00.

Appian Trading Down 0.8 %

Shares of APPN opened at $27.02 on Monday. The company’s fifty day simple moving average is $30.90 and its 200 day simple moving average is $33.74. Appian Co. has a 1-year low of $24.00 and a 1-year high of $43.33. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -21.44 and a beta of 1.78.

Appian (NASDAQ:APPN) last issued its earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share (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 firm had revenue of $166.70 million during the quarter, compared to the consensus estimate of $164.31 million. During the same period in the previous year, the company posted $0.06 earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, research analysts forecast that Appian Co. will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership bought a new stake in Appian in the 4th quarter valued at $4,918,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Appian by 184.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company’s stock valued at $6,637,000 after purchasing an additional 130,606 shares during the period. JPMorgan Chase & Co. raised its position in shares of Appian by 418.8% in the fourth quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company’s stock valued at $5,303,000 after purchasing an additional 129,800 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of Appian by 222.6% during the 4th quarter. Voloridge Investment Management LLC now owns 182,965 shares of the company’s stock worth $6,034,000 after buying an additional 126,256 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Appian during the 4th quarter worth about $4,046,000. 52.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on APPN. Scotiabank assumed coverage on shares of Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. KeyCorp reiterated a “sector weight” rating on shares of Appian in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $37.80.

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.