Millennium Management LLC Has $8.40 Million Position in Appian Co. (NASDAQ:APPN)

Millennium Management LLC lifted its holdings in Appian Co. (NASDAQ:APPN) by 28.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 254,706 shares of the company’s stock after buying an additional 56,420 shares during the period. Millennium Management LLC owned about 0.30% of Appian worth $8,400,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Canada Pension Plan Investment Board boosted its position in Appian by 27.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock worth $76,000 after acquiring an additional 500 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Appian by 1,244.8% in the fourth quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company’s stock worth $125,000 after purchasing an additional 3,498 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Appian during the fourth quarter worth approximately $181,000. Entropy Technologies LP purchased a new position in Appian during the fourth quarter valued at approximately $208,000. Finally, Magnetar Financial LLC purchased a new position in Appian during the fourth quarter valued at approximately $249,000. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Appian Stock Down 2.3%

Shares of NASDAQ:APPN opened at $30.71 on Monday. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -24.37 and a beta of 1.83. The business has a 50 day moving average price of $29.73 and a 200 day moving average price of $33.04. Appian Co. has a twelve month low of $24.00 and a twelve month high of $43.33.

Appian (NASDAQ:APPN) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. The company had revenue of $166.43 million during the quarter, compared to analyst estimates of $163.27 million. Appian had a negative return on equity of 532.05% and a negative net margin of 14.95%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.24) earnings per share. Analysts anticipate that Appian Co. will post -0.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. DA Davidson lifted their target price on shares of Appian from $28.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Morgan Stanley boosted their target price on Appian from $27.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Barclays upped their target price on Appian from $28.00 to $33.00 and gave the stock an “underweight” rating in a research report on Friday, May 9th. Citigroup lifted their price target on Appian from $40.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Finally, Scotiabank dropped their price objective on Appian from $37.00 to $34.00 and set a “sector perform” rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.29.

Insiders Place Their Bets

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $26.49, for a total value of $2,080,206.72. Following the completion of the sale, the insider now owns 9,942,140 shares in the company, valued at approximately $263,367,288.60. This trade represents a 0.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 795,635 shares of company stock worth $24,611,535 in the last ninety days. Insiders own 43.00% of the company’s stock.

Appian Company 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.