Insider Selling: Appian Co. (NASDAQ:APPN) Major Shareholder Sells 164,000 Shares of Stock

Appian Co. (NASDAQ:APPN) major shareholder Abdiel Capital Advisors, Lp sold 164,000 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $32.66, for a total transaction of $5,356,240.00. Following the sale, the insider now owns 9,350,401 shares in the company, valued at approximately $305,384,096.66. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Thursday, May 15th, Abdiel Capital Advisors, Lp sold 100,665 shares of Appian stock. The shares were sold at an average price of $32.67, for a total transaction of $3,288,725.55.
• On Thursday, May 8th, Abdiel Capital Advisors, Lp sold 140,050 shares of Appian stock. The stock was sold at an average price of $31.96, for a total value of $4,475,998.00.
• On Wednesday, April 16th, Abdiel Capital Advisors, Lp sold 5,103 shares of Appian stock. The stock was sold at an average price of $27.02, for a total value of $137,883.06.
• On Monday, April 14th, Abdiel Capital Advisors, Lp sold 33,000 shares of Appian stock. The stock was sold at an average price of $27.11, for a total value of $894,630.00.
• On Friday, April 11th, Abdiel Capital Advisors, Lp sold 29,971 shares of Appian stock. The stock was sold at an average price of $27.04, for a total value of $810,415.84.
• On Wednesday, April 9th, Abdiel Capital Advisors, Lp sold 34,943 shares of Appian stock. The stock was sold at an average price of $28.08, for a total value of $981,199.44.
• On Friday, April 4th, Abdiel Capital Advisors, Lp sold 78,528 shares of Appian stock. The stock was sold at an average price of $26.49, for a total value of $2,080,206.72.
• On Wednesday, April 2nd, Abdiel Capital Advisors, Lp sold 57,975 shares of Appian stock. The stock was sold at an average price of $29.52, for a total value of $1,711,422.00.

Appian Stock Down 0.9%

NASDAQ APPN opened at $32.24 on Tuesday. Appian Co. has a 52 week low of $24.00 and a 52 week high of $43.33. The firm has a market capitalization of $2.39 billion, a P/E ratio of -25.59 and a beta of 1.83. The company has a 50-day moving average price of $29.59 and a 200-day moving average price of $33.27.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.03 by $0.10. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The firm had revenue of $166.43 million during the quarter, compared to analyst estimates of $163.27 million. During the same quarter in the prior year, the firm earned ($0.24) EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Appian Co. will post -0.28 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Barclays boosted their target price on Appian from $28.00 to $33.00 and gave the stock an “underweight” rating in a research report on Friday, May 9th. Citigroup boosted their target price on Appian from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Scotiabank decreased their target price on Appian from $37.00 to $34.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. DA Davidson boosted their target price on Appian from $28.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, Morgan Stanley boosted their target price on Appian from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.29.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in APPN. Jones Financial Companies Lllp grew its stake in shares of Appian by 347,121.5% during the 1st quarter. Jones Financial Companies Lllp now owns 1,579,858 shares of the company’s stock valued at $45,516,000 after acquiring an additional 1,579,403 shares during the period. Hawk Ridge Capital Management LP bought a new position in shares of Appian during the 1st quarter valued at approximately $7,557,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Appian during the 1st quarter valued at approximately $7,166,000. AQR Capital Management LLC grew its stake in shares of Appian by 368.8% during the 1st quarter. AQR Capital Management LLC now owns 199,869 shares of the company’s stock valued at $5,758,000 after acquiring an additional 157,233 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Appian during the 4th quarter valued at approximately $4,918,000. 52.70% of the stock is currently owned by institutional investors.

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.