JPMorgan Chase & Co. raised its holdings in shares of Appian Corp (NASDAQ:APPN) by 27.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 585,018 shares of the company’s stock after purchasing an additional 127,545 shares during the period. JPMorgan Chase & Co. owned 0.97% of Appian worth $14,673,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. LMR Partners LLP purchased a new stake in Appian in the second quarter worth approximately $201,000. New York State Common Retirement Fund purchased a new stake in Appian in the third quarter worth approximately $205,000. Tower Research Capital LLC TRC purchased a new stake in Appian in the second quarter worth approximately $238,000. Neuberger Berman Group LLC purchased a new stake in Appian in the second quarter worth approximately $292,000. Finally, Ameriprise Financial Inc. purchased a new stake in Appian in the second quarter worth approximately $323,000. 11.61% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Morgan Stanley downgraded shares of Appian from an “equal weight” rating to an “underweight” rating and set a $24.00 price target on the stock. in a research report on Thursday. SunTrust Banks downgraded shares of Appian from a “buy” rating to a “hold” rating and set a $28.00 price objective on the stock. in a research report on Monday. Barclays downgraded shares of Appian from an “equal weight” rating to an “underweight” rating and set a $26.00 price objective on the stock. in a research report on Monday. BidaskClub upgraded shares of Appian from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 6th. Finally, Zacks Investment Research upgraded shares of Appian from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $23.57.
Shares of Appian Corp (APPN) traded up $2.18 during trading hours on Thursday, hitting $36.75. 1,404,791 shares of the company’s stock were exchanged, compared to its average volume of 796,922. Appian Corp has a 1-year low of $14.60 and a 1-year high of $43.26.
In related news, major shareholder Qualified Master Fund L. Abdiel acquired 17,473 shares of the stock in a transaction on Friday, December 15th. The stock was bought at an average cost of $20.14 per share, with a total value of $351,906.22. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew W. Calkins sold 250,000 shares of the business’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $19.49, for a total transaction of $4,872,500.00. The disclosure for this sale can be found here. Over the last three months, insiders acquired 1,051,519 shares of company stock valued at $21,602,934 and sold 1,097,222 shares valued at $21,384,857.
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Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.
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