Appian Co. (NASDAQ:APPN) Short Interest Down 7.3% in November

Appian Co. (NASDAQ:APPN) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,290,000 shares, a decline of 7.3% from the October 31st total of 2,470,000 shares. Currently, 6.0% of the company’s shares are short sold. Based on an average daily trading volume, of 479,700 shares, the days-to-cover ratio is currently 4.8 days.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on APPN. DA Davidson reiterated a “neutral” rating and set a $33.00 price objective on shares of Appian in a research report on Monday, October 14th. Barclays boosted their target price on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Appian presently has an average rating of “Hold” and an average price target of $40.20.

Insider Transactions at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp bought 23,053 shares of Appian stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of $30.22 per share, for a total transaction of $696,661.66. Following the completion of the acquisition, the insider now owns 10,036,046 shares of the company’s stock, valued at $303,289,310.12. This trade represents a 0.23 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William D. Mccarthy sold 700 shares of Appian stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares in the company, valued at approximately $308,921.48. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders acquired a total of 121,107 shares of company stock worth $3,871,494 in the last quarter. 44.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Appian

A number of hedge funds and other institutional investors have recently made changes to their positions in APPN. Abdiel Capital Advisors LP raised its holdings in Appian by 72.6% during the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock valued at $347,179,000 after acquiring an additional 4,278,969 shares during the period. Empyrean Capital Partners LP bought a new stake in shares of Appian during the 2nd quarter valued at $7,715,000. Edgestream Partners L.P. purchased a new stake in Appian during the 2nd quarter worth about $4,657,000. BNP Paribas Financial Markets boosted its stake in Appian by 282.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 134,274 shares of the company’s stock worth $4,584,000 after purchasing an additional 99,198 shares during the period. Finally, 272 Capital LP purchased a new position in Appian during the 2nd quarter valued at about $2,179,000. 52.70% of the stock is owned by hedge funds and other institutional investors.

Appian Price Performance

Shares of APPN stock traded up $2.54 on Wednesday, hitting $41.15. The stock had a trading volume of 125,898 shares, compared to its average volume of 545,754. The business has a 50 day moving average of $35.35 and a 200 day moving average of $32.66. Appian has a 12-month low of $26.28 and a 12-month high of $43.33. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -33.73 and a beta of 1.57.

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.