Appian Co. (NASDAQ:APPN) Stake Cut by Point72 Asset Management L.P.

Point72 Asset Management L.P. reduced its holdings in Appian Co. (NASDAQ:APPN) by 63.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,519 shares of the company’s stock after selling 19,981 shares during the period. Point72 Asset Management L.P.’s holdings in Appian were worth $355,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of APPN. Neo Ivy Capital Management purchased a new stake in Appian in the 2nd quarter worth about $65,000. Concord Wealth Partners purchased a new stake in shares of Appian during the 1st quarter worth about $85,000. Canada Pension Plan Investment Board purchased a new stake in shares of Appian during the 2nd quarter worth about $96,000. nVerses Capital LLC purchased a new stake in shares of Appian during the 2nd quarter worth about $105,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Appian during the 2nd quarter worth about $121,000. 52.70% of the stock is owned by hedge funds and other institutional investors.

Appian Stock Performance

APPN opened at $33.83 on Friday. The firm has a market capitalization of $2.44 billion, a P/E ratio of -23.01 and a beta of 1.57. The stock’s 50 day moving average price is $31.92 and its two-hundred day moving average price is $32.90. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 2.68. Appian Co. has a 12-month low of $26.28 and a 12-month high of $44.44.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The firm had revenue of $146.50 million for the quarter, compared to analyst estimates of $142.87 million. During the same quarter last year, the firm posted ($0.55) EPS. The company’s revenue was up 14.7% on a year-over-year basis. On average, equities analysts forecast that Appian Co. will post -1.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Abdiel Capital Advisors, Lp acquired 1,486 shares of Appian stock in a transaction on Monday, September 16th. The stock was bought at an average price of $32.98 per share, for a total transaction of $49,008.28. Following the transaction, the insider now owns 10,088,411 shares of the company’s stock, valued at $332,715,794.78. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders bought 1,947,619 shares of company stock worth $63,162,789. 44.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on APPN shares. William Blair downgraded Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. DA Davidson lowered Appian from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 31st. Barclays lowered their price objective on Appian from $32.00 to $29.00 and set an “underweight” rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group lowered their price objective on Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, KeyCorp lowered Appian from an “overweight” rating to a “sector weight” rating in a report on Friday, August 2nd. One investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.20.

Appian Company 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.