Insider Buying: Appian Co. (NASDAQ:APPN) Major Shareholder Purchases $2,181,875.00 in Stock

Appian Co. (NASDAQ:APPN) major shareholder Abdiel Capital Advisors, Lp acquired 62,500 shares of Appian stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average price of $34.91 per share, with a total value of $2,181,875.00. Following the completion of the purchase, the insider now directly owns 7,495,647 shares in the company, valued at approximately $261,673,036.77. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, July 18th, Abdiel Capital Advisors, Lp purchased 200,000 shares of Appian stock. The stock was purchased at an average cost of $35.29 per share, with a total value of $7,058,000.00.
• On Tuesday, July 16th, Abdiel Capital Advisors, Lp purchased 40,000 shares of Appian stock. The stock was purchased at an average cost of $35.16 per share, with a total value of $1,406,400.00.
• On Friday, July 12th, Abdiel Capital Advisors, Lp purchased 25,121 shares of Appian stock. The stock was purchased at an average cost of $33.35 per share, with a total value of $837,785.35.
• On Wednesday, July 10th, Abdiel Capital Advisors, Lp purchased 100,000 shares of Appian stock. The stock was purchased at an average cost of $32.91 per share, with a total value of $3,291,000.00.
• On Monday, July 8th, Abdiel Capital Advisors, Lp purchased 60,722 shares of Appian stock. The stock was purchased at an average cost of $31.34 per share, with a total value of $1,903,027.48.
• On Friday, July 5th, Abdiel Capital Advisors, Lp purchased 475,000 shares of Appian stock. The stock was purchased at an average cost of $30.94 per share, with a total value of $14,696,500.00.

Appian Stock Performance

NASDAQ APPN opened at $37.49 on Friday. Appian Co. has a 52-week low of $26.28 and a 52-week high of $52.99. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $2.71 billion, a P/E ratio of -25.50 and a beta of 1.48. The company has a fifty day moving average of $30.87 and a 200-day moving average of $33.69.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.09). The business had revenue of $149.80 million during the quarter, compared to the consensus estimate of $149.78 million. Appian had a negative return on equity of 204.82% and a negative net margin of 19.20%. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.42) earnings per share. As a group, equities research analysts predict that Appian Co. will post -1.38 EPS for the current fiscal year.

Institutional Trading of Appian

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Appian by 10.0% in the second quarter. Bank of New York Mellon Corp now owns 143,983 shares of the company’s stock worth $4,443,000 after purchasing an additional 13,046 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Appian in the second quarter worth $65,000. Price T Rowe Associates Inc. MD lifted its stake in Appian by 5.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 30,097 shares of the company’s stock worth $1,203,000 after purchasing an additional 1,494 shares during the last quarter. Boulder Hill Capital Management LP purchased a new position in shares of Appian in the first quarter valued at about $1,678,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Appian by 70.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company’s stock valued at $18,922,000 after acquiring an additional 196,435 shares during the period. 52.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on APPN shares. KeyCorp raised their price target on shares of Appian from $37.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays dropped their price objective on shares of Appian from $36.00 to $32.00 and set an “underweight” rating for the company in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

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.