Rhumbline Advisers Lowers Stake in Appian Co. (NASDAQ:APPN)

Rhumbline Advisers lessened its stake in Appian Co. (NASDAQ:APPN) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,560 shares of the company’s stock after selling 1,557 shares during the period. Rhumbline Advisers owned 0.07% of Appian worth $1,898,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Appian by 0.6% during 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 purchasing an additional 491 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of 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 during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Appian in the third quarter worth $29,000. Creative Planning raised its holdings in shares of Appian by 22.3% during the third quarter. Creative Planning now owns 8,197 shares of the company’s stock worth $280,000 after purchasing an additional 1,493 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in Appian by 9.7% during the third quarter. Chicago Partners Investment Group LLC now owns 26,314 shares of the company’s stock valued at $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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. KeyCorp reissued a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. Barclays boosted their target price on shares of Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, Scotiabank started coverage on Appian in a research note on Monday, January 6th. They issued a “sector perform” rating and a $37.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $40.17.

Insider Activity

In related news, Director Albert G.W. Biddle III sold 990 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $33.21, for a total value of $32,877.90. Following the sale, the director now owns 29,348 shares of the company’s stock, valued at $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 is available through this hyperlink. Insiders own 44.00% of the company’s stock.

Appian Price Performance

Shares of APPN stock opened at $31.45 on Tuesday. The company has a market capitalization of $2.69 billion, a PE ratio of -24.96 and a beta of 1.64. Appian Co. has a 12 month low of $26.28 and a 12 month high of $43.33. The firm’s 50-day moving average is $33.76 and its two-hundred day moving average is $34.33.

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

Appian Profile

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.