Short Interest in Appian Co. (NASDAQ:APPN) Drops By 12.7%

Appian Co. (NASDAQ:APPN) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 1,720,000 shares, a drop of 12.7% from the December 15th total of 1,970,000 shares. Approximately 4.5% of the shares of the stock are sold short. Based on an average trading volume of 486,900 shares, the days-to-cover ratio is presently 3.5 days.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. DA Davidson reissued a “neutral” rating and issued a $33.00 target price on shares of Appian in a report on Monday, October 14th. Barclays increased their price objective on shares of Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research note on Friday, December 6th. Scotiabank assumed coverage on shares of Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 target price on the stock. Finally, KeyCorp reiterated a “sector weight” rating on shares of Appian in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Appian currently has a consensus rating of “Hold” and an average target price of $40.17.

Insider Activity at Appian

In related news, Director William D. Mccarthy sold 700 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $38.78, for a total transaction of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares in the company, valued at $308,921.48. This represents a 8.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 44.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Appian

Several large investors have recently modified their holdings of APPN. Rhumbline Advisers increased its holdings in Appian by 2.4% in the second quarter. Rhumbline Advisers now owns 59,779 shares of the company’s stock valued at $1,845,000 after purchasing an additional 1,386 shares during the period. XTX Topco Ltd grew its position in shares of Appian by 170.0% in the 2nd quarter. XTX Topco Ltd now owns 14,703 shares of the company’s stock valued at $454,000 after buying an additional 9,257 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Appian in the second quarter valued at about $96,000. King Luther Capital Management Corp raised its position in shares of Appian by 25.1% during the second quarter. King Luther Capital Management Corp now owns 101,239 shares of the company’s stock worth $3,124,000 after acquiring an additional 20,298 shares during the last quarter. Finally, 272 Capital LP acquired a new position in shares of Appian in the second quarter worth approximately $2,179,000. Institutional investors own 52.70% of the company’s stock.

Appian Price Performance

NASDAQ:APPN opened at $32.80 on Friday. Appian has a one year low of $26.28 and a one year high of $43.33. The company has a market cap of $2.80 billion, a PE ratio of -26.89 and a beta of 1.61. The firm’s 50 day simple moving average is $36.30 and its 200 day simple moving average is $34.05.

Appian Company Profile

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.