Corebridge Financial Inc. Decreases Stock Holdings in Appian Co. (NASDAQ:APPN)

Corebridge Financial Inc. lowered its position in Appian Co. (NASDAQ:APPN) by 7.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,025 shares of the company’s stock after selling 1,512 shares during the period. Corebridge Financial Inc.’s holdings in Appian were worth $660,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its position in shares of Appian by 5.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company’s stock worth $270,000 after purchasing an additional 400 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Appian by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 80,242 shares of the company’s stock valued at $2,739,000 after buying an additional 491 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Appian by 3.3% in the third quarter. The Manufacturers Life Insurance Company now owns 21,688 shares of the company’s stock worth $740,000 after acquiring an additional 686 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of Appian by 14.7% during the fourth quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company’s stock worth $284,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Appian by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 334,847 shares of the company’s stock valued at $11,432,000 after acquiring an additional 3,817 shares in the last quarter. 52.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on APPN. Scotiabank began coverage on shares of Appian in a research note on Monday, January 6th. They issued a “sector perform” rating and a $37.00 target price for the company. KeyCorp reissued a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.80.

Insider Activity

In related news, Director Albert G.W. Biddle III sold 990 shares of Appian stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $33.21, for a total transaction of $32,877.90. Following the completion of the transaction, the director now directly owns 29,348 shares in the company, valued at approximately $974,647.08. This trade represents a 3.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $26.49, for a total value of $2,080,206.72. Following the completion of the sale, the insider now owns 9,942,140 shares in the company, valued at approximately $263,367,288.60. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 137,493 shares of company stock valued at $3,824,507 in the last quarter. 44.00% of the stock is currently owned by company insiders.

Appian Trading Down 5.5 %

Shares of NASDAQ:APPN opened at $26.40 on Monday. Appian Co. has a twelve month low of $25.77 and a twelve month high of $43.33. The company has a market cap of $1.95 billion, a PE ratio of -20.95 and a beta of 1.78. The company’s 50 day moving average is $32.07 and its 200 day moving average is $34.07.

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

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.