Summit Global Investments Takes $310,000 Position in Appian Co. (NASDAQ:APPN)

Summit Global Investments bought a new position in shares of Appian Co. (NASDAQ:APPN) in the 4th quarter, HoldingsChannel.com reports. The firm bought 8,224 shares of the company’s stock, valued at approximately $310,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in APPN. Headlands Technologies LLC acquired a new stake in Appian during the fourth quarter worth approximately $47,000. Atria Wealth Solutions Inc. acquired a new stake in Appian during the 3rd quarter worth $213,000. Raymond James Financial Services Advisors Inc. lifted its position in Appian by 16.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,933 shares of the company’s stock valued at $225,000 after acquiring an additional 695 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Appian by 22.9% in the fourth quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock valued at $207,000 after acquiring an additional 1,027 shares in the last quarter. Finally, Rathbones Group PLC purchased a new position in shares of Appian during the third quarter worth about $283,000. 52.70% of the stock is owned by institutional investors and hedge funds.

Appian Stock Up 3.1 %

Shares of Appian stock opened at $31.98 on Monday. Appian Co. has a one year low of $28.22 and a one year high of $54.26. The company has a market cap of $2.35 billion, a P/E ratio of -21.75 and a beta of 1.46. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a fifty day moving average of $36.71 and a two-hundred day moving average of $36.41.

Appian (NASDAQ:APPN) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.09). Appian had a negative net margin of 19.20% and a negative return on equity of 146.23%. The firm had revenue of $149.80 million during the quarter, compared to analyst estimates of $149.78 million. During the same quarter in the previous year, the business earned ($0.42) EPS. Appian’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts forecast that Appian Co. will post -0.9 earnings per share for the current year.

Insider Activity at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the transaction, the insider now directly owns 5,890,304 shares of the company’s stock, valued at approximately $191,081,461.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 43.60% of the company’s stock.

Analyst Upgrades and Downgrades

APPN has been the subject of several research reports. William Blair reissued an “outperform” rating on shares of Appian in a report on Wednesday, March 20th. DA Davidson decreased their price objective on Appian from $55.00 to $52.00 and set a “buy” rating for the company in a report on Monday, March 4th. Barclays cut their target price on shares of Appian from $36.00 to $32.00 and set an “underweight” rating on the stock in a report on Friday. Citigroup increased their price target on shares of Appian from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, March 22nd. Finally, KeyCorp dropped their price objective on shares of Appian from $50.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Appian presently has an average rating of “Moderate Buy” and an average price target of $46.43.

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.