Connor Clark & Lunn Investment Management Ltd. Acquires 130,606 Shares of Appian Co. (NASDAQ:APPN)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Appian Co. (NASDAQ:APPN) by 184.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,245 shares of the company’s stock after buying an additional 130,606 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.24% of Appian worth $6,637,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in APPN. AlphaQuest LLC grew its position in shares of Appian by 147,358.3% during the 4th quarter. AlphaQuest LLC now owns 17,695 shares of the company’s stock valued at $584,000 after acquiring an additional 17,683 shares during the period. Raymond James Financial Inc. purchased a new position in Appian during the fourth quarter valued at $1,688,000. Charles Schwab Investment Management Inc. grew its holdings in Appian by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 348,932 shares of the company’s stock valued at $11,508,000 after purchasing an additional 14,085 shares during the period. Versor Investments LP purchased a new stake in Appian in the fourth quarter worth about $574,000. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Appian by 5.1% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company’s stock worth $270,000 after buying an additional 400 shares during the period. 52.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on APPN shares. Barclays boosted their price objective on Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. KeyCorp restated a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. Finally, Scotiabank assumed coverage on shares of Appian in a report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 target price for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $40.17.

Insiders Place Their Bets

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of Appian stock in a transaction on Monday, February 24th. The shares were sold at an average price of $33.21, for a total value of $32,877.90. Following the completion of the transaction, the director now directly owns 29,348 shares of the company’s stock, valued at $974,647.08. This trade represents a 3.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 44.00% of the company’s stock.

Appian Stock Performance

Shares of NASDAQ:APPN opened at $30.18 on Friday. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -23.95 and a beta of 1.65. The firm has a fifty day moving average price of $33.25 and a 200 day moving average price of $34.28. Appian Co. has a fifty-two week low of $26.28 and a fifty-two week high of $43.33.

Appian (NASDAQ:APPN) last released its quarterly earnings data on Wednesday, February 19th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The company had revenue of $166.70 million for the quarter, compared to the consensus estimate of $164.31 million. During the same period last year, the company earned $0.06 EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, research analysts predict that Appian Co. will post -0.28 earnings per share 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.