Intech Investment Management LLC Acquires New Shares in Appian Co. (NASDAQ:APPN)

Intech Investment Management LLC bought a new position in Appian Co. (NASDAQ:APPN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 11,503 shares of the company’s stock, valued at approximately $393,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. King Luther Capital Management Corp boosted its position in shares of Appian by 41.4% in the third quarter. King Luther Capital Management Corp now owns 143,161 shares of the company’s stock valued at $4,888,000 after acquiring an additional 41,922 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Appian by 88.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock worth $2,412,000 after purchasing an additional 33,232 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Appian in the 3rd quarter valued at $266,000. GSA Capital Partners LLP grew its position in shares of Appian by 354.7% during the 3rd quarter. GSA Capital Partners LLP now owns 57,630 shares of the company’s stock valued at $1,967,000 after purchasing an additional 44,957 shares in the last quarter. Finally, Chicago Partners Investment Group LLC increased its holdings in shares of Appian by 9.7% in the third quarter. Chicago Partners Investment Group LLC now owns 26,314 shares of the company’s stock worth $898,000 after purchasing an additional 2,337 shares during the period. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Appian Stock Performance

Shares of NASDAQ:APPN opened at $38.61 on Wednesday. The firm has a market capitalization of $3.30 billion, a PE ratio of -31.65 and a beta of 1.57. Appian Co. has a 52-week low of $26.28 and a 52-week high of $43.33. The firm has a fifty day moving average of $35.35 and a 200 day moving average of $32.66.

Insider Transactions at Appian

In other Appian news, Director William D. Mccarthy sold 700 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares of the company’s stock, valued at $308,921.48. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Abdiel Capital Advisors, Lp acquired 23,053 shares of Appian stock in a transaction dated Monday, September 9th. The shares were bought at an average cost of $30.22 per share, for a total transaction of $696,661.66. Following the completion of the purchase, the insider now directly owns 10,036,046 shares of the company’s stock, valued at approximately $303,289,310.12. The trade was a 0.23 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 121,107 shares of company stock worth $3,871,494. 44.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on APPN shares. DA Davidson reissued a “neutral” rating and set a $33.00 price objective on shares of Appian in a research note on Monday, October 14th. Barclays raised their price target on Appian from $29.00 to $34.00 and gave the company an “underweight” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Appian has an average rating of “Hold” and a consensus target price of $40.20.

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.