Appian Co. (NASDAQ:APPN) Short Interest Down 7.3% in November

Appian Co. (NASDAQ:APPN) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 2,290,000 shares, a decrease of 7.3% from the October 31st total of 2,470,000 shares. Based on an average daily volume of 479,700 shares, the days-to-cover ratio is currently 4.8 days. Currently, 6.0% of the shares of the company are short sold.

Insider Activity

In related news, major shareholder Abdiel Capital Advisors, Lp acquired 23,053 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average price of $30.22 per share, with a total value 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 $303,289,310.12. This represents a 0.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased a total of 121,107 shares of company stock valued at $3,871,494 in the last 90 days. 44.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Appian

A number of institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Appian during the third quarter valued at about $29,000. Neo Ivy Capital Management acquired a new position in Appian in the second quarter valued at approximately $65,000. Canada Pension Plan Investment Board purchased a new stake in shares of Appian during the 2nd quarter worth approximately $96,000. nVerses Capital LLC acquired a new stake in Appian during the 2nd quarter worth $105,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Appian in the second quarter valued at $121,000. 52.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. DA Davidson restated a “neutral” rating and issued a $33.00 target price on shares of Appian in a report on Monday, October 14th. Barclays upped their price objective on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $40.20.

Appian Price Performance

Appian stock traded up $0.99 during midday trading on Monday, reaching $38.84. The company had a trading volume of 118,488 shares, compared to its average volume of 546,451. Appian has a 12-month low of $26.28 and a 12-month high of $43.33. The company has a market capitalization of $3.32 billion, a P/E ratio of -31.02 and a beta of 1.57. The firm’s fifty day simple moving average is $35.11 and its 200-day simple moving average is $32.59.

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.