Summit Global Investments Buys New Position in Appian Co. (NASDAQ:APPN)

Summit Global Investments purchased a new position in Appian Co. (NASDAQ:APPN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,224 shares of the company’s stock, valued at approximately $310,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of APPN. Headlands Technologies LLC purchased a new stake in shares of Appian during the fourth quarter valued at approximately $47,000. Atria Wealth Solutions Inc. bought a new position in shares of Appian during the third quarter valued at about $213,000. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Appian by 16.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,933 shares of the company’s stock worth $225,000 after purchasing an additional 695 shares during the period. Victory Capital Management Inc. grew its stake in shares of Appian by 22.9% in the fourth quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock worth $207,000 after purchasing an additional 1,027 shares during the last quarter. Finally, Rathbones Group PLC bought a new position in Appian in the 3rd quarter valued at approximately $283,000. 52.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

APPN has been the subject of several recent analyst reports. KeyCorp decreased their price target on Appian from $50.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday. William Blair restated an “outperform” rating on shares of Appian in a research note on Wednesday, March 20th. Barclays dropped their price target on shares of Appian from $36.00 to $32.00 and set an “underweight” rating on the stock in a report on Friday. Citigroup boosted their price objective on shares of Appian from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, March 22nd. Finally, DA Davidson cut their target price on shares of Appian from $55.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.43.

Appian Stock Up 3.1 %

Shares of APPN stock opened at $31.98 on Monday. The company has a 50 day simple moving average of $36.71 and a two-hundred day simple moving average of $36.41. The stock has a market cap of $2.35 billion, a P/E ratio of -21.75 and a beta of 1.46. Appian Co. has a 12 month low of $28.22 and a 12 month high of $54.26. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.68.

Appian (NASDAQ:APPN) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.09). The company had revenue of $149.80 million during the quarter, compared to analysts’ expectations of $149.78 million. Appian had a negative return on equity of 146.23% and a negative net margin of 19.20%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.42) earnings per share. On average, research analysts expect that Appian Co. will post -0.9 earnings per share for the current year.

Insider Activity

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.44, for a total value of $12,976,000.00. Following the completion of the transaction, the insider now directly owns 5,890,304 shares in the company, valued at $191,081,461.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 43.60% 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.