Appian (NASDAQ:APPN) Sets New 52-Week Low After Insider Selling

Appian Co. (NASDAQ:APPN)’s share price hit a new 52-week low during trading on Friday after an insider sold shares in the company. 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 firm’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $26.49, for a total transaction of $2,080,206.72. Following the completion of the transaction, the insider now directly owns 9,942,140 shares of the company’s stock, valued at $263,367,288.60. This trade represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the completion of the transaction, the insider now owns 10,121,563 shares in the company, valued at approximately $298,788,539.76. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on APPN shares. KeyCorp restated a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. Scotiabank assumed coverage on shares of Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.80.

Appian Stock Performance

The company has a market capitalization of $1.95 billion, a PE ratio of -20.95 and a beta of 1.78. The business has a fifty day moving average price of $32.07 and a 200 day moving average price of $34.07.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The business had revenue of $166.70 million for the quarter, compared to analyst estimates of $164.31 million. During the same period last year, the firm earned $0.06 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. Research analysts forecast that Appian Co. will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new position in Appian during the 4th quarter worth approximately $35,000. Canada Pension Plan Investment Board boosted its stake in shares of 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 purchasing an additional 500 shares during the period. Russell Investments Group Ltd. grew its holdings in Appian by 1,244.8% during the 4th 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 acquired a new position in Appian in the 4th quarter worth $181,000. Finally, FMR LLC boosted its position in 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 buying an additional 3,953 shares during the last quarter. Institutional investors and hedge funds 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.