Qualified Master Fund L. Abdiel Purchases 166,910 Shares of Appian Corp (APPN) Stock

Appian Corp (NASDAQ:APPN) major shareholder Qualified Master Fund L. Abdiel purchased 166,910 shares of the firm’s stock in a transaction dated Wednesday, October 10th. The shares were bought at an average cost of $25.67 per share, with a total value of $4,284,579.70. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Shares of NASDAQ:APPN opened at $25.51 on Friday. The company has a market capitalization of $2.10 billion, a P/E ratio of -41.82 and a beta of 0.58. Appian Corp has a 52 week low of $19.62 and a 52 week high of $43.61.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Thursday, August 2nd. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $59.88 million during the quarter, compared to the consensus estimate of $50.31 million. Appian had a negative net margin of 16.28% and a negative return on equity of 81.10%. Appian’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. On average, analysts forecast that Appian Corp will post -0.75 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of APPN. UBS Group AG grew its holdings in Appian by 240.8% in the first quarter. UBS Group AG now owns 6,717 shares of the company’s stock worth $169,000 after purchasing an additional 4,746 shares during the last quarter. California Public Employees Retirement System purchased a new position in Appian in the second quarter worth $207,000. Commonwealth Equity Services LLC purchased a new position in Appian in the first quarter worth $219,000. Point72 Asset Management L.P. purchased a new position in Appian in the second quarter worth $264,000. Finally, Tocqueville Asset Management L.P. purchased a new position in Appian in the second quarter worth $273,000. 16.75% of the stock is owned by institutional investors.

APPN has been the subject of several research analyst reports. BidaskClub downgraded shares of Appian from a “buy” rating to a “hold” rating in a research note on Friday, July 6th. Morgan Stanley boosted their price objective on shares of Appian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Friday, August 3rd. Barclays reissued a “sell” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Appian in a research note on Sunday, August 5th. Zacks Investment Research downgraded shares of Appian from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. Finally, SunTrust Banks downgraded shares of Appian from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $27.29.

Appian Company Profile

Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.

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