Teacher Retirement System of Texas Invests $373,000 in Appian Corporation (NASDAQ:APPN)

Teacher Retirement System of Texas acquired a new stake in Appian Corporation (NASDAQ:APPN) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,932 shares of the company’s stock, valued at approximately $373,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its stake in Appian by 27.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock valued at $76,000 after purchasing an additional 500 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Appian in the 4th quarter valued at $35,000. MetLife Investment Management LLC grew its holdings in Appian by 8.0% in the 4th quarter. MetLife Investment Management LLC now owns 24,325 shares of the company’s stock valued at $802,000 after buying an additional 1,809 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in Appian by 16.0% in the 4th quarter. Benjamin Edwards Inc. now owns 14,500 shares of the company’s stock valued at $478,000 after buying an additional 2,000 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Appian by 4.4% in the 1st quarter. Rhumbline Advisers now owns 60,088 shares of the company’s stock valued at $1,731,000 after buying an additional 2,528 shares in the last quarter. 52.70% of the stock is owned by institutional investors and hedge funds.

Appian Stock Performance

Shares of NASDAQ APPN opened at $28.44 on Friday. Appian Corporation has a fifty-two week low of $24.00 and a fifty-two week high of $43.33. The firm has a market capitalization of $2.11 billion, a PE ratio of -34.26 and a beta of 1.72. The stock’s 50-day simple moving average is $30.67 and its 200-day simple moving average is $31.18.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.03 by $0.10. The firm had revenue of $166.43 million for the quarter, compared to analyst estimates of $163.27 million. During the same period last year, the firm earned ($0.24) EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts forecast that Appian Corporation will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the business’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $31.45, for a total transaction of $328,652.50. Following the sale, the insider directly owned 7,736,491 shares in the company, valued at approximately $243,312,641.95. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 2,018,625 shares of company stock valued at $64,544,615 in the last quarter. 43.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on APPN shares. Morgan Stanley upped their target price on Appian from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Scotiabank lowered their price target on Appian from $37.00 to $34.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Barclays increased their price target on Appian from $28.00 to $33.00 and gave the stock an “underweight” rating in a report on Friday, May 9th. Citigroup increased their price target on Appian from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Finally, DA Davidson upgraded Appian to a “hold” rating in a report on Monday, June 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Appian has a consensus rating of “Hold” and an average price target of $36.29.

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.