Advantage Alpha Capital Partners LP Sells 157,348 Shares of Appian Co. (NASDAQ:APPN)

Advantage Alpha Capital Partners LP lessened its position in Appian Co. (NASDAQ:APPN) by 64.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,587 shares of the company’s stock after selling 157,348 shares during the period. Advantage Alpha Capital Partners LP’s holdings in Appian were worth $2,956,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of APPN. The Manufacturers Life Insurance Company increased its stake in shares of Appian by 3.3% during the third quarter. The Manufacturers Life Insurance Company now owns 21,688 shares of the company’s stock valued at $740,000 after buying an additional 686 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Appian by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 334,847 shares of the company’s stock worth $11,432,000 after buying an additional 3,817 shares during the period. Intech Investment Management LLC bought a new stake in Appian during the 3rd quarter valued at approximately $393,000. King Luther Capital Management Corp grew its holdings in shares of Appian by 41.4% during the 3rd quarter. King Luther Capital Management Corp now owns 143,161 shares of the company’s stock worth $4,888,000 after acquiring an additional 41,922 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Appian by 88.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock worth $2,412,000 after acquiring an additional 33,232 shares in the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group dropped their price target on Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. KeyCorp cut shares of Appian from an “overweight” rating to a “sector weight” rating in a report on Friday, August 2nd. Barclays increased their price target on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. William Blair lowered shares of Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, DA Davidson reaffirmed a “neutral” rating and set a $33.00 target price on shares of Appian in a research note on Monday, October 14th. One 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $40.20.

Insider Activity at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp acquired 1,486 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were acquired at an average cost of $32.98 per share, with a total value of $49,008.28. Following the transaction, the insider now owns 10,088,411 shares of the company’s stock, valued at $332,715,794.78. The trade was a 0.01 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have bought 144,233 shares of company stock valued at $4,593,950. 44.00% of the stock is owned by insiders.

Appian Price Performance

Shares of NASDAQ:APPN opened at $38.35 on Tuesday. The company has a market capitalization of $3.27 billion, a PE ratio of -31.43 and a beta of 1.57. The business has a fifty day moving average price of $34.79 and a 200-day moving average price of $32.47. Appian Co. has a 1-year low of $26.28 and a 1-year high of $43.33.

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.