Rockefeller Capital Management L.P. Buys New Holdings in Appian Corp (APPN)

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Rockefeller Capital Management L.P. bought a new stake in Appian Corp (NASDAQ:APPN) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 35,628 shares of the company’s stock, valued at approximately $1,179,000.

A number of other institutional investors have also recently modified their holdings of APPN. Frontier Capital Management Co. LLC acquired a new position in Appian in the second quarter valued at $10,308,000. Oakcliff Capital Partners LP acquired a new position in shares of Appian during the second quarter worth about $8,434,000. First Trust Advisors LP acquired a new position in shares of Appian during the third quarter worth about $2,565,000. Cortina Asset Management LLC lifted its stake in shares of Appian by 43.7% during the second quarter. Cortina Asset Management LLC now owns 152,791 shares of the company’s stock worth $5,525,000 after purchasing an additional 46,439 shares in the last quarter. Finally, Nepsis Inc. lifted its stake in shares of Appian by 29.6% during the second quarter. Nepsis Inc. now owns 184,101 shares of the company’s stock worth $6,657,000 after purchasing an additional 41,999 shares in the last quarter. Hedge funds and other institutional investors own 17.43% of the company’s stock.

In other news, insider Robert Charles Kramer sold 3,500 shares of Appian stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $30.61, for a total transaction of $107,135.00. Following the sale, the insider now directly owns 7,500 shares of the company’s stock, valued at $229,575. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew W. Calkins sold 200,000 shares of Appian stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $34.78, for a total value of $6,956,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 1,080,167 shares of company stock worth $28,442,017 and have sold 283,500 shares worth $9,515,435. 64.00% of the stock is currently owned by insiders.

A number of research analysts have commented on the company. BidaskClub upgraded Appian from a “sell” rating to a “hold” rating in a research note on Saturday. Barclays upgraded Appian from an “underweight” rating to an “equal weight” rating and set a $29.00 price objective on the stock in a research note on Monday, October 15th. Zacks Investment Research cut Appian from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. Canaccord Genuity boosted their price objective on Appian from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, August 3rd. Finally, Morgan Stanley boosted their price objective on Appian from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. Appian presently has an average rating of “Hold” and an average target price of $27.29.

Shares of APPN opened at $26.56 on Wednesday. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -43.54 and a beta of 1.81. Appian Corp has a 12 month low of $19.62 and a 12 month high of $43.61.

Appian (NASDAQ:APPN) last announced its earnings results on Thursday, November 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.05. Appian had a negative return on equity of 109.53% and a negative net margin of 19.54%. The business had revenue of $54.95 million for the quarter, compared to analyst estimates of $49.73 million. During the same period in the previous year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. Sell-side analysts expect that Appian Corp will post -0.76 EPS for the current year.

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About Appian

Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.

Further Reading: What is a Call Option?

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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