Short Interest in Appian Co. (NASDAQ:APPN) Drops By 11.4%

Appian Co. (NASDAQ:APPN) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 2,030,000 shares, a decline of 11.4% from the November 15th total of 2,290,000 shares. Based on an average daily volume of 485,700 shares, the short-interest ratio is presently 4.2 days. Approximately 5.3% of the company’s stock are short sold.

Appian Trading Down 4.3 %

Appian stock traded down $1.65 during trading hours on Friday, reaching $36.82. 307,115 shares of the company were exchanged, compared to its average volume of 542,136. The stock has a 50-day moving average of $36.14 and a 200 day moving average of $33.08. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of -30.18 and a beta of 1.57. Appian has a 12 month low of $26.28 and a 12 month high of $43.33.

Insiders Place Their Bets

In related news, major shareholder Abdiel Capital Advisors, Lp bought 10,265 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was bought at an average cost of $33.75 per share, for a total transaction of $346,443.75. Following the completion of the purchase, the insider now directly owns 10,179,538 shares in the company, valued at approximately $343,559,407.50. The trade was a 0.10 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Mccarthy sold 700 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $38.78, for a total value of $27,146.00. Following the sale, the director now owns 7,966 shares in the company, valued at $308,921.48. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 48,770 shares of company stock worth $1,625,495 in the last quarter. 44.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Appian

Institutional investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new position in Appian in the second quarter valued at about $65,000. Bank of New York Mellon Corp increased its holdings in Appian by 10.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 143,983 shares of the company’s stock valued at $4,443,000 after purchasing an additional 13,046 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Appian by 36.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,280 shares of the company’s stock valued at $348,000 after purchasing an additional 2,993 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in Appian by 3.0% in the second quarter. Crossmark Global Holdings Inc. now owns 9,693 shares of the company’s stock worth $299,000 after purchasing an additional 280 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Appian during the second quarter worth $105,000. 52.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on APPN. Barclays raised their price objective 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. DA Davidson reaffirmed a “neutral” rating and issued a $33.00 price target on shares of Appian in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $40.80.

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.