Voya Investment Management LLC Lowers Stake in Appian Co. (NASDAQ:APPN)

Voya Investment Management LLC trimmed its position in Appian Co. (NASDAQ:APPN) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,180 shares of the company’s stock after selling 963 shares during the quarter. Voya Investment Management LLC’s holdings in Appian were worth $402,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board increased its position in Appian by 27.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock worth $76,000 after purchasing an additional 500 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Appian by 1,244.8% in the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company’s stock valued at $125,000 after acquiring an additional 3,498 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Appian during the 4th quarter valued at $181,000. Entropy Technologies LP purchased a new stake in Appian during the 4th quarter worth $208,000. Finally, Magnetar Financial LLC acquired a new stake in Appian in the 4th quarter valued at $249,000. 52.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

APPN has been the topic of a number of recent research reports. Barclays boosted their price objective on Appian from $28.00 to $33.00 and gave the stock an “underweight” rating in a research note on Friday. KeyCorp reissued a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. Morgan Stanley increased their price objective on shares of Appian from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday. DA Davidson lifted their price objective on shares of Appian from $28.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Scotiabank decreased their target price on shares of Appian from $37.00 to $34.00 and set a “sector perform” rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $36.14.

Appian Trading Down 1.1 %

APPN stock opened at $31.69 on Friday. The company has a market capitalization of $2.35 billion, a P/E ratio of -25.15 and a beta of 1.83. The firm has a 50 day simple moving average of $29.40 and a 200-day simple moving average of $33.34. Appian Co. has a twelve month low of $24.00 and a twelve month high of $43.33.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, May 8th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.12. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. During the same period in the prior year, the company posted ($0.24) earnings per share. Appian’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts predict that Appian Co. will post -0.28 EPS for the current year.

Insider Buying and Selling at Appian

In other news, Director Albert G.W. Biddle III sold 990 shares of Appian stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $33.21, for a total value of $32,877.90. Following the completion of the transaction, the director now directly owns 29,348 shares of the company’s stock, valued at approximately $974,647.08. The trade was a 3.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 240,510 shares of company stock worth $6,648,635 over the last quarter. 43.00% of the stock is owned by corporate insiders.

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.