Acorn Financial Advisory Services Inc. ADV Sells 4,202 Shares of Appian Co. (NASDAQ:APPN)

Acorn Financial Advisory Services Inc. ADV reduced its position in shares of Appian Co. (NASDAQ:APPN) by 13.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 27,452 shares of the company’s stock after selling 4,202 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Appian were worth $937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APPN. Chicago Partners Investment Group LLC increased its holdings in Appian by 9.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 26,314 shares of the company’s stock valued at $898,000 after purchasing an additional 2,337 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Appian in the 3rd quarter valued at about $29,000. Creative Planning boosted its stake in Appian by 22.3% during the 3rd quarter. Creative Planning now owns 8,197 shares of the company’s stock worth $280,000 after acquiring an additional 1,493 shares during the last quarter. SG Americas Securities LLC acquired a new position in Appian during the third quarter valued at approximately $398,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in Appian by 35.8% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,126 shares of the company’s stock valued at $127,000 after purchasing an additional 1,088 shares in the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on APPN shares. Barclays raised their price objective on Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a research note on Friday. KeyCorp lowered Appian from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 2nd. The Goldman Sachs Group reduced their price objective on Appian from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. DA Davidson reissued a “neutral” rating and issued a $33.00 target price on shares of Appian in a research report on Monday, October 14th. Finally, William Blair downgraded Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Appian currently has a consensus rating of “Hold” and an average price target of $40.20.

Insider Buying and Selling

In other Appian news, major shareholder Abdiel Capital Advisors, Lp bought 53,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was purchased at an average cost of $27.92 per share, for a total transaction of $1,479,760.00. Following the completion of the purchase, the insider now directly owns 8,433,847 shares of the company’s stock, valued at approximately $235,473,008.24. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have purchased 819,276 shares of company stock worth $24,988,101. Company insiders own 44.00% of the company’s stock.

Appian Stock Performance

NASDAQ:APPN traded down $0.78 during mid-day trading on Friday, reaching $40.78. 503,206 shares of the company’s stock were exchanged, compared to its average volume of 551,419. Appian Co. has a one year low of $26.28 and a one year high of $43.33. The business’s fifty day simple moving average is $33.35 and its two-hundred day simple moving average is $32.24. The firm has a market capitalization of $2.95 billion, a PE ratio of -27.37 and a beta of 1.57.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.24. The company had revenue of $154.05 million during the quarter, compared to the consensus estimate of $150.94 million. Appian had a negative net margin of 18.80% and a negative return on equity of 532.05%. As a group, equities research analysts forecast that Appian Co. will post -1.08 EPS for the current year.

Appian 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.