The Manufacturers Life Insurance Company Buys 689 Shares of Appian Co. (NASDAQ:APPN)

The Manufacturers Life Insurance Company grew its position in Appian Co. (NASDAQ:APPN) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,002 shares of the company’s stock after purchasing an additional 689 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Appian were worth $648,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Neo Ivy Capital Management acquired a new position in Appian during the 2nd quarter worth $65,000. Concord Wealth Partners acquired a new position in shares of Appian during the 1st quarter worth about $85,000. Canada Pension Plan Investment Board bought a new stake in Appian during the 2nd quarter valued at approximately $96,000. nVerses Capital LLC acquired a new stake in Appian in the 2nd quarter valued at approximately $105,000. Finally, Point72 Hong Kong Ltd bought a new position in Appian in the 2nd quarter worth approximately $121,000. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on APPN shares. KeyCorp downgraded shares of Appian from an “overweight” rating to a “sector weight” rating in a research note on Friday, August 2nd. William Blair downgraded shares of Appian from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. DA Davidson reiterated a “neutral” rating and issued a $33.00 target price on shares of Appian in a research note on Monday. The Goldman Sachs Group lowered their price target on Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays reduced their price objective on Appian from $32.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Appian presently has a consensus rating of “Hold” and an average price target of $39.20.

Insider Buying and Selling at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp bought 62,500 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average price of $34.91 per share, for a total transaction of $2,181,875.00. Following the transaction, the insider now directly owns 7,495,647 shares of the company’s stock, valued at $261,673,036.77. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders purchased 1,721,776 shares of company stock valued at $55,724,576. 44.00% of the stock is currently owned by company insiders.

Appian Stock Down 2.8 %

NASDAQ:APPN opened at $30.99 on Wednesday. The firm has a market capitalization of $2.24 billion, a PE ratio of -21.08 and a beta of 1.57. Appian Co. has a 12-month low of $26.28 and a 12-month high of $44.28. The firm has a 50-day moving average price of $31.85 and a 200 day moving average price of $32.53.

Appian (NASDAQ:APPN) last issued its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. The business had revenue of $146.50 million during the quarter, compared to analysts’ expectations of $142.87 million. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. Appian’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.55) EPS. On average, research analysts expect that Appian Co. will post -1.07 EPS for the current year.

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.