Appian Co. (NASDAQ:APPN) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its stake in Appian Co. (NASDAQ:APPN - Free Report) by 184.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 201,245 shares of the company's stock after purchasing an additional 130,606 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.24% of Appian worth $6,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in APPN. FMR LLC grew its position in shares of Appian by 199.4% in the third quarter. FMR LLC now owns 5,935 shares of the company's stock valued at $203,000 after purchasing an additional 3,953 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Appian in the fourth quarter valued at approximately $208,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Appian in the third quarter valued at approximately $266,000. Handelsbanken Fonder AB grew its position in Appian by 14.7% in the fourth quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company's stock worth $284,000 after acquiring an additional 1,100 shares during the period. Finally, Arete Wealth Advisors LLC purchased a new position in Appian in the third quarter worth approximately $291,000. 52.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APPN has been the subject of several analyst reports. Barclays increased their price objective on Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a research report on Friday, December 6th. Scotiabank initiated coverage on Appian in a research report on Monday, January 6th. They issued a "sector perform" rating and a $37.00 price objective for the company. Finally, KeyCorp reiterated a "sector weight" rating on shares of Appian in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Appian presently has an average rating of "Hold" and an average price target of $40.17.

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Appian Stock Performance

Shares of APPN traded up $0.59 during midday trading on Wednesday, hitting $30.06. 573,461 shares of the stock were exchanged, compared to its average volume of 532,096. Appian Co. has a 52-week low of $26.28 and a 52-week high of $43.33. The stock has a fifty day simple moving average of $33.03 and a 200 day simple moving average of $34.26. The firm has a market cap of $2.23 billion, a P/E ratio of -23.86 and a beta of 1.65.

Appian (NASDAQ:APPN - Get Free Report) last released its quarterly earnings results 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 return on equity of 532.05% and a negative net margin of 14.95%. The firm had revenue of $166.70 million for the quarter, compared to analysts' expectations of $164.31 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The company's quarterly revenue was up 14.7% on a year-over-year basis. As a group, equities research analysts forecast that Appian Co. will post -0.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Albert G.W. Biddle III sold 990 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $33.21, for a total value of $32,877.90. Following the sale, the director now directly owns 29,348 shares in the company, valued at approximately $974,647.08. This trade represents a 3.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 44.00% of the company's stock.

About Appian

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.