Bank of New York Mellon Corp Buys 3,195 Shares of Appian Co. (NASDAQ:APPN)

Bank of New York Mellon Corp increased its stake in shares of Appian Co. (NASDAQ:APPN) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,045 shares of the company’s stock after buying an additional 3,195 shares during the quarter. Bank of New York Mellon Corp owned 0.23% of Appian worth $7,502,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in shares of Appian by 850.0% during the first quarter. Nisa Investment Advisors LLC now owns 760 shares of the company’s stock valued at $34,000 after purchasing an additional 680 shares in the last quarter. Heritage Wealth Management LLC lifted its position in shares of Appian by 86.6% during the 4th quarter. Heritage Wealth Management LLC now owns 782 shares of the company’s stock worth $25,000 after buying an additional 363 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of Appian by 44.1% in the 2nd quarter. Captrust Financial Advisors now owns 1,321 shares of the company’s stock worth $63,000 after buying an additional 404 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Appian in the first quarter valued at approximately $109,000. Finally, Penserra Capital Management LLC increased its position in shares of Appian by 50.0% during the first quarter. Penserra Capital Management LLC now owns 1,818 shares of the company’s stock valued at $110,000 after acquiring an additional 606 shares during the last quarter. 41.15% of the stock is owned by hedge funds and other institutional investors.

Appian Stock Performance

Shares of APPN stock opened at $49.55 on Monday. The firm’s 50 day moving average is $48.45 and its 200 day moving average is $44.26. The stock has a market capitalization of $3.62 billion, a P/E ratio of -22.83 and a beta of 1.64. Appian Co. has a 12 month low of $29.80 and a 12 month high of $54.26. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.77.

Appian (NASDAQ:APPN) last issued its earnings results on Thursday, August 3rd. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.02. Appian had a negative net margin of 31.11% and a negative return on equity of 112.32%. The business had revenue of $127.72 million for the quarter, compared to analysts’ expectations of $123.94 million. On average, sell-side analysts anticipate that Appian Co. will post -1.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

APPN has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Appian from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, August 4th. DA Davidson began coverage on shares of Appian in a report on Monday, June 5th. They issued a “neutral” rating and a $40.00 price target on the stock. Barclays raised their price objective on shares of Appian from $35.00 to $41.00 and gave the stock an “underweight” rating in a report on Friday, August 4th. KeyCorp boosted their target price on shares of Appian from $50.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, July 21st. Finally, Citigroup raised their price target on shares of Appian from $40.00 to $57.00 in a research note on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Appian currently has an average rating of “Hold” and a consensus target price of $47.67.

Appian Company Profile

Appian Corporation provides low-code process automation platform in the United States and internationally. The company's platform offers workflow, artificial intelligence, robotic process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize end-to-end processes and complex business operations.