Summit Global Investments Takes $256,000 Position in Appian Co. (NASDAQ:APPN)

Summit Global Investments acquired a new position in shares of Appian Co. (NASDAQ:APPN) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,763 shares of the company’s stock, valued at approximately $256,000.

Several other large investors have also recently bought and sold shares of APPN. Intech Investment Management LLC acquired a new stake in shares of Appian during the 3rd quarter valued at approximately $393,000. Charles Schwab Investment Management Inc. increased its stake in Appian by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,847 shares of the company’s stock valued at $11,432,000 after purchasing an additional 3,817 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Appian by 3.3% during the third quarter. The Manufacturers Life Insurance Company now owns 21,688 shares of the company’s stock worth $740,000 after purchasing an additional 686 shares during the last quarter. FMR LLC boosted its position in Appian by 199.4% during the third quarter. FMR LLC now owns 5,935 shares of the company’s stock worth $203,000 after purchasing an additional 3,953 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Appian by 282.8% in the third quarter. BNP Paribas Financial Markets now owns 134,274 shares of the company’s stock valued at $4,584,000 after purchasing an additional 99,198 shares during the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Insider Activity

In related news, Director Albert G.W. Biddle III sold 990 shares of the business’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 completion of the sale, the director now directly owns 29,348 shares in the company, valued at approximately $974,647.08. The trade was a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 44.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on APPN. Scotiabank assumed coverage on Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. KeyCorp restated a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. Finally, Barclays increased their price target on shares of Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $37.80.

Appian Trading Up 0.9 %

Appian stock opened at $31.96 on Wednesday. The stock has a market cap of $2.37 billion, a PE ratio of -25.37 and a beta of 1.65. The stock has a 50-day moving average price of $32.74 and a 200 day moving average price of $34.25. Appian Co. has a 52 week low of $26.28 and a 52 week high of $43.33.

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

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.