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

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

Appian Price Performance

Appian stock traded down $0.99 during midday trading on Friday, hitting $32.80. 290,975 shares of the company were exchanged, compared to its average volume of 315,719. Appian has a fifty-two week low of $26.28 and a fifty-two week high of $43.33. The company's fifty day moving average price is $36.30 and its 200-day moving average price is $34.07. The company has a market cap of $2.80 billion, a PE ratio of -26.89 and a beta of 1.61.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on APPN. Barclays increased their target price on Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a research report on Friday, December 6th. DA Davidson restated a "neutral" rating and issued a $33.00 price objective on shares of Appian in a report on Monday, October 14th. Scotiabank began coverage on Appian in a report on Monday, January 6th. They set a "sector perform" rating and a $37.00 target price for the company. Finally, KeyCorp restated a "sector weight" rating on shares of Appian in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $40.17.

Insider Buying and Selling

In other news, Director William D. Mccarthy sold 700 shares of the company's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total transaction of $27,146.00. Following the completion of the transaction, the director now owns 7,966 shares of the company's stock, valued at $308,921.48. This represents a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 44.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Arete Wealth Advisors LLC purchased a new stake in Appian during the 3rd quarter worth $291,000. Geode Capital Management LLC increased its position in shares of Appian by 0.6% during the third quarter. Geode Capital Management LLC now owns 957,493 shares of the company's stock worth $32,695,000 after acquiring an additional 5,772 shares during the last quarter. Barclays PLC lifted its stake in shares of Appian by 285.9% in the third quarter. Barclays PLC now owns 71,771 shares of the company's stock worth $2,451,000 after acquiring an additional 53,172 shares in the last quarter. Holocene Advisors LP boosted its holdings in Appian by 33.2% in the third quarter. Holocene Advisors LP now owns 75,097 shares of the company's stock valued at $2,564,000 after purchasing an additional 18,729 shares during the last quarter. Finally, Benjamin Edwards Inc. acquired a new stake in Appian during the 3rd quarter valued at approximately $427,000. 52.70% of the stock is owned by institutional investors and hedge funds.

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.