Virtu Financial LLC Invests $421,000 in Appian Co. (NASDAQ:APPN)

Virtu Financial LLC bought a new position in shares of Appian Co. (NASDAQ:APPN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,760 shares of the company's stock, valued at approximately $421,000.

Other hedge funds also recently made changes to their positions in the company. Summit Global Investments purchased a new position in shares of Appian in the fourth quarter worth $256,000. Magnetar Financial LLC purchased a new position in shares of Appian in the 4th quarter worth $249,000. Intech Investment Management LLC grew its holdings in shares of Appian by 57.6% in the fourth quarter. Intech Investment Management LLC now owns 18,134 shares of the company's stock worth $598,000 after acquiring an additional 6,631 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Appian by 184.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company's stock valued at $6,637,000 after acquiring an additional 130,606 shares during the last quarter. Finally, AlphaQuest LLC lifted its holdings in Appian by 147,358.3% in the fourth quarter. AlphaQuest LLC now owns 17,695 shares of the company's stock valued at $584,000 after acquiring an additional 17,683 shares during the period. 52.70% of the stock is currently owned by institutional investors.

Insider Activity at Appian

In other news, Director Albert G.W. Biddle III sold 990 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $33.21, for a total transaction of $32,877.90. Following the transaction, the director now owns 29,348 shares of the company's stock, valued at approximately $974,647.08. The trade was a 3.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 44.00% of the stock is owned by corporate insiders.

Remove Ads

Appian Trading Down 3.6 %

Shares of NASDAQ:APPN traded down $1.10 on Friday, reaching $29.34. The company had a trading volume of 551,736 shares, compared to its average volume of 538,987. The firm has a market capitalization of $2.17 billion, a PE ratio of -23.29 and a beta of 1.65. The firm's 50 day simple moving average is $32.57 and its 200-day simple moving average is $34.23. Appian Co. has a 52-week low of $26.28 and a 52-week high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The company had revenue of $166.70 million for the quarter, compared to analyst estimates of $164.31 million. During the same quarter in the previous year, the company posted $0.06 EPS. The company's revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, equities research analysts predict that Appian Co. will post -0.28 earnings per share for the current year.

Analysts Set New Price Targets

APPN has been the topic of several recent research reports. Scotiabank initiated coverage on shares of 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 raised their target price on Appian from $34.00 to $37.00 and gave the stock an "underweight" rating in a report on Friday, December 6th. Finally, KeyCorp reissued a "sector weight" rating on shares of Appian in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.80.

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.