Appian Corporation (NASDAQ:APPN) reached a new 52-week high on Monday following insider buying activity. The stock traded as high as $22.39 and last traded at $22.19, with a volume of 280,014 shares traded. The stock had previously closed at $19.71.

Specifically, major shareholder Qualified Master Fund L. Abdiel purchased 227,529 shares of the business’s stock in a transaction on Monday, June 5th. The stock was bought at an average cost of $18.51 per share, for a total transaction of $4,211,561.79. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel purchased 67,547 shares of the business’s stock in a transaction on Monday, June 12th. The stock was acquired at an average price of $18.48 per share, with a total value of $1,248,268.56. The disclosure for this purchase can be found here. Insiders acquired a total of 2,281,562 shares of company stock valued at $42,231,262 over the last quarter.

Several research analysts have weighed in on APPN shares. Morgan Stanley started coverage on Appian Corporation in a report on Monday, June 19th. They issued an “equal weight” rating and a $18.00 price target for the company. Goldman Sachs Group, Inc. (The) started coverage on Appian Corporation in a report on Monday, June 19th. They issued a “neutral” rating and a $17.00 price target for the company. Canaccord Genuity started coverage on Appian Corporation in a report on Monday, June 19th. They issued a “hold” rating and a $18.00 price target for the company. Barclays PLC started coverage on Appian Corporation in a report on Monday, June 19th. They issued an “equal weight” rating and a $19.00 price target for the company. Finally, Cowen and Company started coverage on Appian Corporation in a report on Monday, June 19th. They issued an “outperform” rating for the company. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Appian Corporation currently has an average rating of “Hold” and a consensus price target of $18.50.

The firm’s 50-day moving average is $18.61 and its 200 day moving average is $18.56. The firm’s market capitalization is $759.85 million.

A number of institutional investors have recently bought and sold shares of the company. Spark Investment Management LLC purchased a new position in Appian Corporation during the second quarter worth approximately $2,355,000. LMR Partners LLP purchased a new position in Appian Corporation during the second quarter worth approximately $201,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in Appian Corporation during the second quarter worth approximately $5,282,000. 6.74% of the stock is owned by hedge funds and other institutional investors.

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About Appian Corporation

Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.

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