Summit Global Investments Invests $256,000 in Appian Co. (NASDAQ:APPN)

Summit Global Investments acquired a new stake in Appian Co. (NASDAQ:APPN) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 7,763 shares of the company’s stock, valued at approximately $256,000.

A number of other institutional investors have also modified their holdings of the company. FMR LLC lifted its position in Appian by 199.4% during the third quarter. FMR LLC now owns 5,935 shares of the company’s stock valued at $203,000 after buying an additional 3,953 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Appian during the 4th quarter valued at $208,000. Magnetar Financial LLC purchased a new stake in Appian during the 4th quarter worth $249,000. Oppenheimer & Co. Inc. increased its holdings in Appian by 5.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company’s stock valued at $270,000 after purchasing an additional 400 shares in the last quarter. Finally, Arete Wealth Advisors LLC purchased a new position in Appian in the third quarter valued at about $291,000. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Appian Stock Up 0.9 %

APPN stock opened at $31.96 on Wednesday. The company has a market capitalization of $2.37 billion, a PE ratio of -25.37 and a beta of 1.65. The stock’s 50 day moving average is $32.74 and its two-hundred day moving average is $34.25. Appian Co. has a 52-week low of $26.28 and a 52-week high of $43.33.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $166.70 million during the quarter, compared to analyst estimates of $164.31 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The company’s revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 earnings per share. As a group, sell-side analysts anticipate that Appian Co. will post -0.28 EPS for the current year.

Insider Transactions at Appian

In related news, Director Albert G.W. Biddle III sold 990 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $33.21, for a total transaction of $32,877.90. Following the sale, the director now directly owns 29,348 shares of the company’s stock, valued at approximately $974,647.08. This represents a 3.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 44.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Scotiabank assumed coverage on Appian in a research report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 target price for the company. KeyCorp reaffirmed a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. Finally, Barclays boosted their target price on shares of Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.80.

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.