Heritage Wealth Management LLC Trims Stake in Appian Co. (NASDAQ:APPN)

Heritage Wealth Management LLC reduced its position in shares of Appian Co. (NASDAQ:APPN) by 21.7% in the third quarter, Holdings Channel reports. The firm owned 765 shares of the company’s stock after selling 212 shares during the period. Heritage Wealth Management LLC’s holdings in Appian were worth $71,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Appian by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,784,592 shares of the company’s stock valued at $521,327,000 after purchasing an additional 72,562 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Appian by 4.9% during the 2nd quarter. BlackRock Inc. now owns 2,974,492 shares of the company’s stock worth $409,737,000 after acquiring an additional 139,054 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Appian by 75.0% during the 2nd quarter. First Trust Advisors LP now owns 950,458 shares of the company’s stock worth $130,926,000 after acquiring an additional 407,385 shares during the last quarter. State Street Corp lifted its holdings in shares of Appian by 10.9% during the 2nd quarter. State Street Corp now owns 789,712 shares of the company’s stock worth $108,783,000 after acquiring an additional 77,842 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Appian by 7.8% during the 2nd quarter. Geode Capital Management LLC now owns 682,678 shares of the company’s stock worth $94,038,000 after acquiring an additional 49,156 shares during the last quarter. Hedge funds and other institutional investors own 39.37% of the company’s stock.

In other Appian news, insider Robert Charles Kramer sold 3,050 shares of the business’s stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $96.85, for a total value of $295,392.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael G. Devine acquired 400 shares of the firm’s stock in a transaction on Monday, November 22nd. The stock was purchased at an average price of $76.08 per share, for a total transaction of $30,432.00. The disclosure for this purchase can be found here. Insiders sold 12,120 shares of company stock worth $1,173,619 in the last 90 days. Corporate insiders own 43.90% of the company’s stock.

A number of analysts have recently issued reports on APPN shares. Zacks Investment Research downgraded shares of Appian from a “hold” rating to a “sell” rating in a report on Friday, November 12th. Truist Securities dropped their price objective on shares of Appian from $116.00 to $100.00 and set a “buy” rating for the company in a report on Friday, December 17th. Morgan Stanley raised shares of Appian from an “underweight” rating to an “equal weight” rating and dropped their price objective 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. Barclays dropped their price objective on shares of Appian from $90.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday. Finally, Needham & Company LLC dropped their price objective on shares of Appian from $186.00 to $170.00 and set a “buy” rating for the company in a report on Friday, November 5th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $111.43.

Appian stock opened at $55.62 on Friday. The company has a market capitalization of $3.96 billion, a PE ratio of -56.75 and a beta of 1.72. The firm has a fifty day simple moving average of $73.12 and a two-hundred day simple moving average of $95.73. Appian Co. has a twelve month low of $53.03 and a twelve month high of $260.00.

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

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.

Further Reading: Street Name

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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