King Luther Capital Management Corp Raises Stock Position in Appian Co. (NASDAQ:APPN)

King Luther Capital Management Corp lifted its stake in shares of Appian Co. (NASDAQ:APPN) by 41.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,161 shares of the company’s stock after purchasing an additional 41,922 shares during the period. King Luther Capital Management Corp owned about 0.20% of Appian worth $4,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Appian in the third quarter valued at approximately $29,000. Neo Ivy Capital Management purchased a new position in Appian in the 2nd quarter valued at $65,000. Canada Pension Plan Investment Board acquired a new stake in Appian during the 2nd quarter worth $96,000. nVerses Capital LLC purchased a new stake in shares of Appian during the second quarter worth $105,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Appian in the second quarter valued at about $121,000. Institutional investors and hedge funds own 52.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on APPN. DA Davidson reissued a “neutral” rating and set a $33.00 price objective on shares of Appian in a research note on Monday, October 14th. Barclays raised their price objective on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a research report on Friday, November 8th. KeyCorp downgraded shares of Appian from an “overweight” rating to a “sector weight” rating in a research note on Friday, August 2nd. William Blair cut shares of Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group reduced their price target 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $40.20.

Insider Activity at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp purchased 23,126 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was bought at an average price of $31.24 per share, for a total transaction of $722,456.24. Following the completion of the purchase, the insider now directly owns 9,882,783 shares of the company’s stock, valued at $308,738,140.92. The trade was a 0.23 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders acquired 154,633 shares of company stock worth $4,924,046. Corporate insiders own 44.00% of the company’s stock.

Appian Stock Performance

Appian stock opened at $38.56 on Friday. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of -31.61 and a beta of 1.57. The company’s 50 day simple moving average is $34.69 and its 200-day simple moving average is $32.41. Appian Co. has a 1 year low of $26.28 and a 1 year high of $43.33.

Appian Company Profile

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.