Abdiel Capital Advisors, Lp Purchases 274,583 Shares of Appian Co. (NASDAQ:APPN) Stock

Appian Co. (NASDAQ:APPN) major shareholder Abdiel Capital Advisors, Lp purchased 274,583 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average cost of $30.05 per share, with a total value of $8,251,219.15. Following the transaction, the insider now directly owns 9,092,617 shares of the company’s stock, valued at approximately $273,233,140.85. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 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 Friday, August 16th, Abdiel Capital Advisors, Lp purchased 266,976 shares of Appian stock. The shares were bought at an average cost of $30.50 per share, with a total value of $8,142,768.00.
• On Monday, August 12th, Abdiel Capital Advisors, Lp purchased 53,000 shares of Appian stock. The shares were bought at an average cost of $27.92 per share, with a total value of $1,479,760.00.
• On Friday, August 9th, Abdiel Capital Advisors, Lp purchased 75,000 shares of Appian stock. The shares were bought at an average cost of $28.15 per share, with a total value of $2,111,250.00.
• On Wednesday, August 7th, Abdiel Capital Advisors, Lp purchased 150,000 shares of Appian stock. The shares were bought at an average cost of $27.11 per share, with a total value of $4,066,500.00.
• On Wednesday, July 31st, Abdiel Capital Advisors, Lp purchased 150,000 shares of Appian stock. The shares were bought at an average cost of $36.74 per share, with a total value of $5,511,000.00.
• On Monday, July 29th, Abdiel Capital Advisors, Lp purchased 150,000 shares of Appian stock. The shares were bought at an average cost of $37.76 per share, with a total value of $5,664,000.00.
• On Friday, July 26th, Abdiel Capital Advisors, Lp acquired 32,500 shares of Appian stock. The shares were acquired at an average price of $37.54 per share, with a total value of $1,220,050.00.
• On Wednesday, July 24th, Abdiel Capital Advisors, Lp acquired 82,500 shares of Appian stock. The shares were acquired at an average price of $35.44 per share, with a total value of $2,923,800.00.
• On Monday, July 22nd, Abdiel Capital Advisors, Lp acquired 62,500 shares of Appian stock. The shares were acquired at an average price of $34.91 per share, with a total value of $2,181,875.00.
• On Thursday, July 18th, Abdiel Capital Advisors, Lp acquired 200,000 shares of Appian stock. The shares were acquired at an average price of $35.29 per share, with a total value of $7,058,000.00.

Appian Stock Performance

Shares of NASDAQ:APPN traded up $0.17 on Friday, reaching $31.01. 837,833 shares of the company’s stock were exchanged, compared to its average volume of 587,255. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.68. Appian Co. has a fifty-two week low of $26.28 and a fifty-two week high of $52.99. The business’s 50-day moving average is $31.23 and its two-hundred day moving average is $33.41. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -21.10 and a beta of 1.47.

Appian (NASDAQ:APPN) last announced its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The firm had revenue of $146.50 million during the quarter, compared to analyst estimates of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 234.57%. Appian’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.55) EPS. As a group, equities research analysts forecast that Appian Co. will post -1.38 EPS for the current year.

Hedge Funds Weigh In On Appian

Several large investors have recently made changes to their positions in APPN. Arizona State Retirement System boosted its position in shares of Appian by 4.6% during the 4th quarter. Arizona State Retirement System now owns 9,308 shares of the company’s stock valued at $351,000 after purchasing an additional 411 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Appian by 107.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,670 shares of the company’s stock worth $327,000 after buying an additional 4,490 shares during the period. Stanley Laman Group Ltd. acquired a new position in shares of Appian in the fourth quarter worth about $7,955,000. Headlands Technologies LLC acquired a new position in shares of Appian in the fourth quarter worth about $47,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Appian by 22.9% in the fourth quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock worth $207,000 after buying an additional 1,027 shares during the period. Institutional investors own 52.70% of the company’s stock.

Analyst Upgrades and Downgrades

APPN has been the subject of several research reports. KeyCorp downgraded shares of Appian from an “overweight” rating to a “sector weight” rating in a research note on Friday, August 2nd. DA Davidson downgraded shares of Appian from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 31st. William Blair downgraded shares of Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Barclays decreased their target price on shares of Appian from $32.00 to $29.00 and set an “underweight” rating for the company in a research note on Monday, August 5th. Finally, The Goldman Sachs Group decreased their target price on shares of Appian from $47.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $39.20.

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.