Stanley Laman Group Ltd. Lowers Stock Position in Appian Co. (NASDAQ:APPN)

Stanley Laman Group Ltd. cut its position in shares of Appian Co. (NASDAQ:APPN) by 11.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 174,875 shares of the company’s stock after selling 23,354 shares during the quarter. Appian comprises 0.8% of Stanley Laman Group Ltd.’s portfolio, making the stock its 24th biggest position. Stanley Laman Group Ltd. owned about 0.24% of Appian worth $5,970,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Appian during the 3rd quarter worth about $29,000. Neo Ivy Capital Management purchased a new stake in Appian during the second quarter worth approximately $65,000. Concord Wealth Partners purchased a new position in shares of Appian in the 1st quarter valued at $85,000. Canada Pension Plan Investment Board acquired a new position in shares of Appian during the 2nd quarter valued at $96,000. Finally, nVerses Capital LLC purchased a new stake in Appian during the 2nd quarter worth $105,000. 52.70% of the stock is currently owned by hedge funds and other institutional investors.

Appian Price Performance

NASDAQ APPN opened at $31.07 on Wednesday. The company’s fifty day moving average price is $32.13 and its two-hundred day moving average price is $32.30. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -21.14 and a beta of 1.57. Appian Co. has a 12 month low of $26.28 and a 12 month high of $42.99.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The business had revenue of $146.50 million during the quarter, compared to the consensus estimate of $142.87 million. During the same period last year, the firm earned ($0.55) earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, analysts anticipate that Appian Co. will post -1.07 EPS for the current year.

Insider Activity at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp acquired 150,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was purchased at an average price of $37.76 per share, with a total value of $5,664,000.00. Following the completion of the acquisition, the insider now directly owns 7,805,847 shares in the company, valued at $294,748,782.72. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have bought 1,376,776 shares of company stock valued at $43,560,901. Corporate insiders own 44.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on APPN shares. The Goldman Sachs Group dropped their target price on Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. DA Davidson reissued a “neutral” rating and set a $33.00 target price on shares of Appian in a research report on Monday, October 14th. William Blair downgraded shares of Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. KeyCorp downgraded shares of Appian from an “overweight” rating to a “sector weight” rating in a research note on Friday, August 2nd. Finally, Barclays cut their price objective on shares of Appian from $32.00 to $29.00 and set an “underweight” rating on the stock in a report on Monday, August 5th. 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $39.20.

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.