Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Appian Co. (NASDAQ:APPN)

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Appian Co. (NASDAQ:APPN) by 184.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 201,245 shares of the company’s stock after buying an additional 130,606 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Appian were worth $6,637,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Abdiel Capital Advisors LP lifted its holdings in shares of Appian by 72.6% in the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock worth $347,179,000 after acquiring an additional 4,278,969 shares during the last quarter. BNP Paribas Financial Markets raised its position in Appian by 282.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 134,274 shares of the company’s stock worth $4,584,000 after purchasing an additional 99,198 shares during the period. Barclays PLC lifted its stake in Appian by 285.9% in the third quarter. Barclays PLC now owns 71,771 shares of the company’s stock worth $2,451,000 after purchasing an additional 53,172 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Appian during the fourth quarter valued at approximately $1,688,000. Finally, King Luther Capital Management Corp grew its stake in shares of Appian by 41.4% during the third quarter. King Luther Capital Management Corp now owns 143,161 shares of the company’s stock valued at $4,888,000 after buying an additional 41,922 shares during the last quarter. Institutional investors own 52.70% of the company’s stock.

Insiders Place Their Bets

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of Appian stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $33.21, for a total value of $32,877.90. Following the transaction, the director now owns 29,348 shares in the company, valued at $974,647.08. The trade was a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on APPN. Scotiabank began coverage on Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. Barclays lifted their target price on Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Finally, KeyCorp restated a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $40.17.

Appian Price Performance

APPN stock opened at $30.18 on Friday. Appian Co. has a 1-year low of $26.28 and a 1-year high of $43.33. The business has a 50-day moving average price of $33.25 and a 200 day moving average price of $34.28. The company has a market capitalization of $2.23 billion, a P/E ratio of -23.95 and a beta of 1.65.

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

Appian Profile

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.