MetLife Investment Management LLC Sells 1,279 Shares of Appian Co. (NASDAQ:APPN)

MetLife Investment Management LLC reduced its holdings in shares of Appian Co. (NASDAQ:APPN) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,516 shares of the company’s stock after selling 1,279 shares during the quarter. MetLife Investment Management LLC’s holdings in Appian were worth $769,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in shares of Appian by 282.8% in the third quarter. BNP Paribas Financial Markets now owns 134,274 shares of the company’s stock valued at $4,584,000 after acquiring an additional 99,198 shares during the last quarter. 272 Capital LP acquired a new position in shares of Appian during the 2nd quarter worth approximately $2,179,000. Empyrean Capital Partners LP bought a new stake in shares of Appian during the 2nd quarter worth approximately $7,715,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Appian by 88.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock worth $2,412,000 after acquiring an additional 33,232 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Appian by 25.8% in the second quarter. AQR Capital Management LLC now owns 78,150 shares of the company’s stock valued at $2,412,000 after acquiring an additional 16,031 shares during the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on APPN shares. Barclays upped their price objective on Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research note on Friday. DA Davidson reissued a “neutral” rating and issued a $33.00 price target on shares of Appian in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.80.

Insider Activity

In related news, Director William D. Mccarthy sold 700 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $38.78, for a total value of $27,146.00. Following the completion of the transaction, the director now owns 7,966 shares of the company’s stock, valued at $308,921.48. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Abdiel Capital Advisors, Lp acquired 23,053 shares of Appian stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $30.22 per share, for a total transaction of $696,661.66. Following the completion of the purchase, the insider now directly owns 10,036,046 shares of the company’s stock, valued at approximately $303,289,310.12. This represents a 0.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 101,093 shares of company stock worth $3,246,857. Corporate insiders own 44.00% of the company’s stock.

Appian Stock Up 3.0 %

Shares of Appian stock opened at $40.65 on Friday. The company has a 50-day simple moving average of $35.68 and a two-hundred day simple moving average of $32.83. Appian Co. has a twelve month low of $26.28 and a twelve month high of $43.33. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -33.32 and a beta of 1.57.

About Appian

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.