Evermay Wealth Management LLC Acquires New Shares in Appian Co. (NASDAQ:APPN)

Posted by on Mar 27th, 2023

Evermay Wealth Management LLC acquired a new stake in shares of Appian Co. (NASDAQ:APPN – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,450 shares of the company’s stock, valued at approximately $47,000.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates lifted its position in shares of Appian by 15.2% in the first quarter. Raymond James & Associates now owns 3,816 shares of the company’s stock worth $232,000 after buying an additional 503 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Appian by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 166,769 shares of the company’s stock worth $10,142,000 after buying an additional 501 shares during the last quarter. US Bancorp DE lifted its position in shares of Appian by 8.1% in the first quarter. US Bancorp DE now owns 5,838 shares of the company’s stock worth $355,000 after buying an additional 439 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Appian by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the company’s stock worth $153,000 after buying an additional 305 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Appian during the 1st quarter worth about $962,000. Institutional investors and hedge funds own 50.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on APPN shares. Truist Financial boosted their price objective on Appian from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. KeyCorp boosted their price objective on Appian from $46.00 to $55.00 and gave the stock an “overweight” rating in a research report on Friday, February 17th. Morgan Stanley boosted their price objective on Appian from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, February 17th. Barclays boosted their price objective on Appian from $25.00 to $30.00 in a research report on Friday, February 17th. Finally, Sumitomo Mitsui Financial Group lowered Appian from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $37.00 to $23.00 in a research note on Monday, January 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Appian presently has an average rating of “Hold” and a consensus price target of $45.89.

Insider Activity

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

Appian Trading Down 1.2 %

APPN stock opened at $40.20 on Monday. Appian Co. has a 1-year low of $29.80 and a 1-year high of $66.91. The firm has a market cap of $2.93 billion, a P/E ratio of -19.33 and a beta of 1.63. The business’s 50 day moving average is $41.70 and its 200-day moving average is $40.33. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.79.

Appian (NASDAQ:APPN – Get Rating) last released its quarterly earnings data on Thursday, February 16th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.10. Appian had a negative return on equity of 66.82% and a negative net margin of 32.25%. The company had revenue of $125.79 million for the quarter, compared to analyst estimates of $122.35 million. Equities analysts anticipate that Appian Co. will post -1.54 earnings per share for the current fiscal year.

About Appian

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Appian Corp. engages in the provision of business process management (BPM) solutions. Its products include BPM software, case management, mobile application development, and platform-as-a-service. The company was founded by Matthew Wheeler Calkins, Robert Charles Kramer, Marc Wilson, and Michael Beckley in 1999 and is headquartered in McLean, VA.

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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