Major Shareholder Abdiel Capital Advisors, Lp Acquires 23,126 Shares of Appian Co. Stock

Major shareholder Abdiel Capital Advisors, Lp recently purchased 23,126 shares of Appian Co.’s stock, according to a document filed with the Securities & Exchange Commission. The transaction took place on Wednesday, August 28th, with an average cost of $31.24 per share, resulting in a total value of $722,456.24. Following the purchase, the insider now holds 9,882,783 shares of the company’s stock, valued at $308,738,140.92.

Appian Co., listed on NASDAQ as APPN, opened at $32.44 on Friday. The company has a 50-day simple moving average of $31.98 and a 200-day simple moving average of $33.32. Its market capitalization stands at $2.34 billion, with a price-to-earnings ratio of -22.07 and a beta of 1.47. Appian’s one-year low is $26.28, while its one-year high is $52.99. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.33, and a quick ratio of 1.33.

Institutional investors and hedge funds have also shown interest in Appian. Vanguard Group Inc. increased its stake by 8.4% in the first quarter, now owning 5,081,560 shares valued at $203,008,000. Hawk Ridge Capital Management LP boosted its stake by 14.5% in the fourth quarter, holding 1,859,877 shares worth $70,043,000. Baillie Gifford & Co. grew its holdings by 5.6% during the first quarter, now owning 1,756,419 shares valued at $70,169,000. First Trust Advisors LP increased its stake by 31.6% in the fourth quarter, holding 1,322,675 shares worth $49,812,000. CANADA LIFE ASSURANCE Co also raised its stake by 70.7% in the first quarter, now owning 474,100 shares valued at $18,922,000. In total, institutional investors and hedge funds own 52.70% of Appian’s stock.

Several research firms have provided their analysis on APPN. KeyCorp downgraded the stock from an “overweight” rating to a “sector weight” rating, while William Blair lowered it from “outperform” to “market perform.” Barclays decreased their price target from $32.00 to $29.00, assigning an “underweight” rating. The Goldman Sachs Group dropped their price objective from $47.00 to $41.00, maintaining a “buy” rating. Finally, DA Davidson downgraded Appian from a “strong-buy” rating to a “hold” rating. The average rating for the company, according to MarketBeat, is “Hold,” with an average target price of $39.20.

Appian Corporation is a software company that provides a low-code design platform globally. Its platform offers artificial intelligence, process automation, data fabric, and process mining, enabling organizations to design, automate, and optimize mission-critical business processes.