Appian Co. (NASDAQ:APPN) Sees Large Drop in Short Interest

Appian Co. (NASDAQ:APPN) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,610,000 shares, a decrease of 24.3% from the September 15th total of 3,450,000 shares. Currently, 7.0% of the shares of the company are sold short. Based on an average daily trading volume, of 614,300 shares, the short-interest ratio is currently 4.2 days.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on APPN shares. DA Davidson cut shares of Appian from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group decreased their target price on shares of Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. William Blair downgraded shares of Appian from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. Barclays reduced their price target on Appian from $32.00 to $29.00 and set an “underweight” rating on the stock in a research report on Monday, August 5th. Finally, KeyCorp cut Appian from an “overweight” rating to a “sector weight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $39.20.

Insider Activity at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp acquired 40,000 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was purchased at an average cost of $35.16 per share, for a total transaction of $1,406,400.00. Following the completion of the transaction, the insider now directly owns 7,085,647 shares of the company’s stock, valued at approximately $249,131,348.52. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have purchased 1,761,776 shares of company stock worth $57,130,976. Insiders own 44.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Neo Ivy Capital Management bought a new position in shares of Appian in the second quarter worth about $65,000. Concord Wealth Partners bought a new position in Appian in the 1st quarter valued at approximately $85,000. Canada Pension Plan Investment Board acquired a new stake in Appian in the second quarter valued at approximately $96,000. nVerses Capital LLC bought a new stake in shares of Appian during the second quarter worth $105,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Appian during the second quarter worth $121,000. Institutional investors own 52.70% of the company’s stock.

Appian Trading Down 2.6 %

Shares of Appian stock opened at $31.31 on Friday. The company has a market cap of $2.26 billion, a PE ratio of -21.30 and a beta of 1.57. The company has a 50 day moving average of $31.72 and a 200-day moving average of $32.69. Appian has a 1-year low of $26.28 and a 1-year high of $44.28.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The firm had revenue of $146.50 million during the quarter, compared to analysts’ expectations of $142.87 million. During the same period in the prior year, the company earned ($0.55) earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. Research analysts forecast that Appian will post -1.07 earnings per share for the current year.

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.