Appian Co. (NASDAQ:APPN) Sees Significant Drop in Short Interest

Appian Co. (NASDAQ:APPN - Get Free Report) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 1,720,000 shares, a drop of 12.7% from the December 31st total of 1,970,000 shares. Based on an average daily trading volume, of 486,900 shares, the short-interest ratio is currently 3.5 days. Approximately 4.5% of the company's shares are short sold.

Insiders Place Their Bets

In related news, Director William D. Mccarthy sold 700 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $38.78, for a total value of $27,146.00. Following the transaction, the director now directly owns 7,966 shares of the company's stock, valued at approximately $308,921.48. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 44.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Handelsbanken Fonder AB raised its position in shares of Appian by 14.7% in the 4th quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company's stock valued at $284,000 after purchasing an additional 1,100 shares in the last quarter. Entropy Technologies LP acquired a new stake in Appian in the fourth quarter valued at $208,000. Chicago Partners Investment Group LLC boosted its stake in Appian by 18.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 31,127 shares of the company's stock valued at $1,081,000 after acquiring an additional 4,813 shares during the last quarter. Arete Wealth Advisors LLC acquired a new position in Appian during the 3rd quarter worth $291,000. Finally, Geode Capital Management LLC increased its position in shares of Appian by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 957,493 shares of the company's stock worth $32,695,000 after purchasing an additional 5,772 shares during the last quarter. Hedge funds and other institutional investors own 52.70% of the company's stock.

Appian Stock Up 0.9 %

Shares of Appian stock traded up $0.31 during trading hours on Tuesday, hitting $35.00. 298,187 shares of the company's stock traded hands, compared to its average volume of 382,101. Appian has a twelve month low of $26.28 and a twelve month high of $43.33. The company has a market cap of $2.99 billion, a PE ratio of -28.69 and a beta of 1.64. The stock has a 50 day simple moving average of $35.47 and a 200-day simple moving average of $34.18.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Scotiabank initiated coverage on Appian in a research note on Monday, January 6th. They issued a "sector perform" rating and a $37.00 price objective on the stock. Barclays boosted their price objective on shares of Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a research note on Friday, December 6th. KeyCorp reissued a "sector weight" rating on shares of Appian in a research note on Tuesday, January 14th. Finally, DA Davidson reiterated a "neutral" rating and issued a $33.00 price target on shares of Appian in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $40.17.

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.