State Street Corp Lowers Holdings in Appian Co. (NASDAQ:APPN)

State Street Corp decreased its stake in shares of Appian Co. (NASDAQ:APPN - Free Report) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,020,139 shares of the company's stock after selling 25,403 shares during the quarter. State Street Corp owned about 1.41% of Appian worth $34,828,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Appian in the 3rd quarter worth about $29,000. Canada Pension Plan Investment Board bought a new stake in Appian during the 2nd quarter valued at about $96,000. nVerses Capital LLC purchased a new position in Appian in the second quarter worth about $105,000. Point72 Hong Kong Ltd bought a new position in shares of Appian in the second quarter worth approximately $121,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Appian by 35.8% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,126 shares of the company's stock valued at $127,000 after buying an additional 1,088 shares during the last quarter. 52.70% of the stock is owned by institutional investors.

Appian Stock Up 2.2 %

APPN traded up $0.77 during mid-day trading on Friday, reaching $35.28. 568,326 shares of the company traded hands, compared to its average volume of 539,965. The company's fifty day moving average price is $36.51 and its 200-day moving average price is $33.34. The stock has a market capitalization of $3.01 billion, a P/E ratio of -28.92 and a beta of 1.57. Appian Co. has a 52-week low of $26.28 and a 52-week high of $43.33.

Analysts Set New Price Targets

APPN has been the subject of a number of recent analyst reports. Barclays boosted their price objective on shares of Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a report on Friday, December 6th. DA Davidson reaffirmed a "neutral" rating and set a $33.00 price target on shares of Appian in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Appian has a consensus rating of "Hold" and an average target price of $40.80.

Insider Buying and Selling

In other Appian news, major shareholder Abdiel Capital Advisors, Lp acquired 15,552 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was purchased at an average price of $33.08 per share, with a total value of $514,460.16. Following the transaction, the insider now directly owns 10,142,000 shares in the company, valued at approximately $335,497,360. The trade was a 0.15 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Mccarthy sold 700 shares of the company's 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 completion of the sale, the director now owns 7,966 shares of the company's stock, valued at $308,921.48. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 27,529 shares of company stock valued at $917,246 over the last 90 days. Company 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.