AQR Capital Management LLC Raises Position in Appian Co. (NASDAQ:APPN)

AQR Capital Management LLC raised its stake in shares of Appian Co. (NASDAQ:APPN - Free Report) by 25.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,150 shares of the company's stock after acquiring an additional 16,031 shares during the period. AQR Capital Management LLC owned about 0.11% of Appian worth $2,412,000 as of its most recent SEC filing.

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

Appian Trading Down 0.2 %

Appian stock traded down $0.07 during mid-day trading on Wednesday, hitting $32.33. The company's stock had a trading volume of 328,858 shares, compared to its average volume of 543,389. Appian Co. has a 12 month low of $26.28 and a 12 month high of $44.44. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day moving average price of $31.73 and a 200-day moving average price of $32.78. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -22.04 and a beta of 1.57.

Appian (NASDAQ:APPN - Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 532.05%. The company's revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.55) EPS. As a group, analysts forecast that Appian Co. will post -1.07 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. KeyCorp downgraded Appian from an "overweight" rating to a "sector weight" rating in a research report on Friday, August 2nd. DA Davidson downgraded Appian from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 31st. Barclays decreased their price target on Appian from $32.00 to $29.00 and set an "underweight" rating on the stock in a research report on Monday, August 5th. William Blair downgraded Appian from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their target price on shares of Appian from $47.00 to $41.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Appian has a consensus rating of "Hold" and a consensus price target of $39.20.

Insiders Place Their Bets

In related news, major shareholder Abdiel Capital Advisors, Lp bought 274,583 shares of the company's stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average cost of $30.05 per share, with a total value of $8,251,219.15. Following the transaction, the insider now owns 9,092,617 shares in the company, valued at approximately $273,233,140.85. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders acquired 1,786,897 shares of company stock worth $57,968,762. 44.00% of the stock is currently owned by company insiders.

Appian 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.