Appian Co. (NASDAQ:APPN) Shares Bought by Cubist Systematic Strategies LLC

Posted by Defense World Staff on Mar 6th, 2023

Cubist Systematic Strategies LLC raised its stake in Appian Co. (NASDAQ:APPN – Get Rating) by 17.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,766 shares of the company’s stock after buying an additional 14,750 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.13% of Appian worth $3,992,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abdiel Capital Advisors LP grew its position in Appian by 39.9% in the second quarter. Abdiel Capital Advisors LP now owns 8,328,118 shares of the company’s stock worth $394,420,000 after acquiring an additional 2,375,584 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Appian during the 1st quarter worth $13,983,000. Great West Life Assurance Co. Can acquired a new stake in shares of Appian during the 3rd quarter worth about $6,700,000. Woodline Partners LP purchased a new stake in Appian in the 2nd quarter valued at about $5,860,000. Finally, StackLine Partners LP lifted its position in Appian by 13.0% in the third quarter. StackLine Partners LP now owns 604,139 shares of the company’s stock valued at $24,667,000 after buying an additional 69,655 shares during the last quarter. 50.89% of the stock is owned by institutional investors and hedge funds.

Appian Price Performance

Shares of NASDAQ APPN opened at $44.64 on Monday. The stock’s 50-day moving average is $39.07 and its two-hundred day moving average is $40.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -21.46 and a beta of 1.63. Appian Co. has a 1-year low of $29.80 and a 1-year high of $66.91.

Insider Buying and Selling

In related news, Director Mark Steven Lynch sold 1,393 shares of Appian stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $43.17, for a total value of $60,135.81. Following the completion of the transaction, the director now owns 36,237 shares in the company, valued at $1,564,351.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Appian news, major shareholder Abdiel Capital Management, Llc acquired 175,000 shares of the company’s stock in a transaction dated Wednesday, January 11th. The shares were acquired at an average price of $31.98 per share, for a total transaction of $5,596,500.00. Following the acquisition, the insider now owns 8,992,518 shares in the company, valued at approximately $287,580,725.64. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark Steven Lynch sold 1,393 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $43.17, for a total value of $60,135.81. Following the sale, the director now directly owns 36,237 shares in the company, valued at approximately $1,564,351.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 735,916 shares of company stock worth $28,256,946. Company insiders own 43.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on APPN. The Goldman Sachs Group reduced their price target on shares of Appian from $71.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, November 7th. Barclays boosted their target price on Appian from $25.00 to $30.00 in a research report on Friday, February 17th. Morgan Stanley raised their price target on Appian from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, February 17th. Truist Financial boosted their price objective on Appian from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, February 17th. Finally, Sumitomo Mitsui Financial Group cut Appian from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $37.00 to $23.00 in a report on Monday, January 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Appian currently has a consensus rating of “Hold” and an average price target of $45.89.

Appian Profile

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Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measure business processes. The firm’s products include BPM software, case management, mobile application development, and platform-as-a-service. The company was founded by Matt Calkins, Robert C. Kramer, Marc Wilson, and Michael Beckley in 1999 and is headquartered in McLean, VA.