Appian (NASDAQ:APPN) Sets New 12-Month Low After Insider Selling

Appian Co. (NASDAQ:APPN)’s share price hit a new 52-week low during trading on Friday following insider selling activity. The company traded as low as $26.12 and last traded at $26.34, with a volume of 102193 shares. The stock had previously closed at $27.95.

Specifically, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $26.49, for a total value of $2,080,206.72. Following the transaction, the insider now directly owns 9,942,140 shares in the company, valued at $263,367,288.60. The trade was a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of Appian stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the sale, the insider now directly owns 10,121,563 shares of the company’s stock, valued at $298,788,539.76. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several brokerages have issued reports on APPN. Scotiabank initiated coverage on shares of Appian in a research report on Monday, January 6th. They set a “sector perform” rating and a $37.00 price objective for the company. KeyCorp reissued a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $37.80.

Appian Trading Down 5.5 %

The stock’s 50-day simple moving average is $32.07 and its 200-day simple moving average is $34.07. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -20.95 and a beta of 1.78.

Appian (NASDAQ:APPN) last issued its quarterly 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). The company had revenue of $166.70 million for the quarter, compared to analyst estimates of $164.31 million. Appian had a negative return on equity of 532.05% and a negative net margin of 14.95%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 EPS. On average, equities research analysts forecast that Appian Co. will post -0.28 earnings per share for the current year.

Institutional Investors Weigh In On Appian

Several institutional investors and hedge funds have recently bought and sold shares of APPN. Point72 Hong Kong Ltd acquired a new position in shares of Appian in the 4th quarter valued at approximately $35,000. Canada Pension Plan Investment Board increased its stake in Appian by 27.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock valued at $76,000 after acquiring an additional 500 shares during the last quarter. Russell Investments Group Ltd. raised its position in Appian by 1,244.8% during the fourth quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company’s stock valued at $125,000 after purchasing an additional 3,498 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Appian during the fourth quarter worth $181,000. Finally, FMR LLC boosted its holdings in shares of Appian by 199.4% in the 3rd quarter. FMR LLC now owns 5,935 shares of the company’s stock valued at $203,000 after purchasing an additional 3,953 shares in the last quarter. Institutional investors own 52.70% 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.