Lord Abbett & CO. LLC Lowers Position in Appian Co. (NASDAQ:APPN)

Lord Abbett & CO. LLC lessened its stake in Appian Co. (NASDAQ:APPN) by 62.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 250,458 shares of the company’s stock after selling 419,514 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.35% of Appian worth $23,170,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Signaturefd LLC raised its position in Appian by 23.7% in the 3rd quarter. Signaturefd LLC now owns 715 shares of the company’s stock valued at $66,000 after buying an additional 137 shares during the last quarter. King Luther Capital Management Corp lifted its position in shares of Appian by 2.7% during the second quarter. King Luther Capital Management Corp now owns 5,512 shares of the company’s stock valued at $759,000 after purchasing an additional 146 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in Appian by 1.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 10,848 shares of the company’s stock worth $1,494,000 after purchasing an additional 172 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Appian by 3.2% during the second quarter. HighTower Advisors LLC now owns 6,273 shares of the company’s stock worth $866,000 after purchasing an additional 193 shares during the last quarter. Finally, Advisory Services Network LLC grew its position in Appian by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 26,920 shares of the company’s stock worth $2,490,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 39.37% of the company’s stock.

Shares of APPN opened at $55.62 on Friday. Appian Co. has a fifty-two week low of $53.03 and a fifty-two week high of $260.00. The business has a 50-day moving average of $73.12 and a 200 day moving average of $95.73.

Appian (NASDAQ:APPN) last posted its earnings results on Thursday, November 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). The company had revenue of $92.42 million for the quarter, compared to analysts’ expectations of $91.06 million. Appian had a negative return on equity of 21.63% and a negative net margin of 20.00%. The company’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) EPS. Sell-side analysts expect that Appian Co. will post -1.06 earnings per share for the current year.

In other Appian news, insider Robert Charles Kramer sold 3,050 shares of the stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $96.85, for a total transaction of $295,392.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Christopher Winters sold 4,005 shares of Appian stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $96.85, for a total transaction of $387,884.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,120 shares of company stock worth $1,173,619. Insiders own 43.90% of the company’s stock.

A number of equities analysts have recently weighed in on APPN shares. Barclays cut their target price on Appian from $90.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday. Needham & Company LLC cut their price objective on Appian from $186.00 to $170.00 and set a “buy” rating on the stock in a research report on Friday, November 5th. Truist raised Appian from a “hold” rating to a “buy” rating and raised their target price for the company from $105.00 to $116.00 in a research report on Monday, November 8th. Morgan Stanley raised shares of Appian from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $95.00 to $87.00 in a report on Friday, December 3rd. They noted that the move was a valuation call. Finally, Truist Securities reduced their price target on shares of Appian from $116.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, December 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Appian currently has an average rating of “Hold” and a consensus target price of $111.43.

Appian Company Profile

Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measures 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 Reston, VA.

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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