Abdiel Capital Management, Llc acquires 6,636 shares of Appian Co. (NASDAQ: APPN)

Appian Co. (NASDAQ:APPN – Get Rating) principal shareholder Abdiel Capital Management, Llc acquired 6,636 shares of the company in a transaction dated Friday, June 3. The shares were acquired at an average cost of $48.86 per share, for a total transaction of $324,234.96. Following the transaction, the insider now owns 8,223,566 shares of the company, valued at $401,803,434.76. The purchase was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Large shareholders who own at least 10% of a company’s stock are required to disclose their sales and purchases to the SEC.

Abdiel Capital Management, Llc also recently completed the following transactions:

  • On Tuesday, May 31, Abdiel Capital Management, Llc acquired 40,000 shares of Appian. The shares were acquired at an average cost of $47.76 per share, for a total transaction of $1,910,400.00.
  • On Thursday, May 26, Abdiel Capital Management, Llc acquired 18,576 shares of Appian. The shares were acquired at an average cost of $45.89 per share, for a total transaction of $852,452.64.
  • On Tuesday, May 24, Abdiel Capital Management, Llc purchased 103,390 shares of Appian. The shares were purchased at an average cost of $41.38 per share, for a total transaction of $4,278,278.20.
  • On Thursday, May 19, Abdiel Capital Management, Llc purchased 39,966 shares of Appian. The shares were purchased at an average cost of $49.16 per share, for a total transaction of $1,964,728.56.
  • On Tuesday, May 17, Abdiel Capital Management, Llc purchased 50,000 shares of Appian. The shares were purchased at an average cost of $51.67 per share, for a total transaction of $2,583,500.00.
  • On Friday, May 6, Abdiel Capital Management, Llc purchased 250,000 shares of Appian. The shares were purchased at an average cost of $46.26 per share, for a total transaction of $11,565,000.00.
  • On Monday, May 9, Abdiel Capital Management, Llc purchased 58,462 shares of Appian. The shares were purchased at an average cost of $44.69 per share, for a total transaction of $2,612,666.78.
  • On Wednesday, May 4, Abdiel Capital Management, Llc purchased 77,000 shares of Appian. The shares were purchased at an average cost of $46.67 per share, for a total transaction of $3,593,590.00.
  • On Monday, May 2, Abdiel Capital Management, Llc purchased 32,500 shares of Appian. The shares were purchased at an average cost of $49.83 per share, for a total transaction of $1,619,475.00.
  • On Thursday, April 7, Abdiel Capital Management, Llc purchased 22,500 shares of Appian. The shares were purchased at an average cost of $55.97 per share, for a total transaction of $1,259,325.00.

APPN shares traded at $2.98 on Friday, hitting $49.16. The company’s stock had a trading volume of 379,697 shares, compared to an average volume of 629,579. The stock’s 50-day moving average is $52.46 and its 200-day moving average is 58, $53. Appian Co. has a fifty-two week low of $40.63 and a fifty-two week high of $149.82. The company has a market capitalization of $3.56 billion, a PE ratio of -35.62 and a beta of 1.77.

Appian (NASDAQ:APPN – Get Rating) last released its quarterly results on Thursday, May 5. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.07. Appian had a negative net margin of 24.88% and a negative return on equity of 28.38%. The company posted revenue of $114.27 million for the quarter, versus a consensus estimate of $107.19 million. In the same period a year earlier, the company posted ($0.17) earnings per share. Appian’s revenue increased 28.6% compared to the same quarter last year. On average, sell-side analysts expect Appian Co. to post -1.04 earnings per share for the current year.

Several research companies have commented on the APPN. Barclays lowered its price target on Appian shares from $47.00 to $42.00 and set an “underweight” rating on the stock in a Tuesday, April 19 report. Goldman Sachs Group began covering Appian shares in a report on Wednesday, April 27. They issued a “buy” rating and a price target of $70.00 on the stock. Zacks Investment Research downgraded Appian’s shares from a “buy” rating to a “hold” rating in a Monday, May 16, report. Truist Financial cut its price target on Appian shares from $100.00 to $65.00 in a Friday, February 18 report. Finally, Morgan Stanley reiterated a “hold” rating and issued a $60.00 price target on Appian shares in a Friday, Feb. 18 report. One equity research analyst has assigned the stock a sell rating, two have assigned a hold rating and three have assigned the company’s stock a buy rating. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.83.

Hedge funds have recently increased or reduced their holdings in the stock. Morgan Stanley increased its stake in Appian by 23.2% during the second quarter. Morgan Stanley now owns 595,919 shares of the company worth $82,087,000 after buying an additional 112,399 shares last quarter. Goldman Sachs Group Inc. increased its stake in Appian by 57.1% during the third quarter. Goldman Sachs Group Inc. now owns 108,485 shares of the company worth $10,036,000 after buying an additional 39,448 shares last quarter. US Bancorp DE increased its stake in Appian by 40.1% during the third quarter. US Bancorp DE now owns 4,632 shares of the company worth $429,000 after buying 1,325 more shares last quarter. Macquarie Group Ltd. increased its stake in Appian by 70.9% during the third quarter. Macquarie Group Ltd. now owns 909 shares of the company worth $84,000 after purchasing 377 additional shares in the last quarter. Finally, Rockefeller Capital Management LP increased its stake in Appian by 22.0% during the third quarter. Rockefeller Capital Management LP now owns 1,518 shares of the company worth $140,000 after buying 274 more shares last quarter. Institutional investors and hedge funds own 80.47% of the company’s shares.

About Appian (Get a rating)

Appian Corporation provides a low-code automation platform in the United States and internationally. The company’s platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that must be coded manually. The company also offers professional services and customer support.

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