The Manufacturers Life Insurance Company Acquires 686 Shares of Appian Co. (NASDAQ:APPN)

The Manufacturers Life Insurance Company grew its holdings in Appian Co. (NASDAQ:APPN) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,688 shares of the company’s stock after buying an additional 686 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Appian were worth $740,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in APPN. Empyrean Capital Partners LP acquired a new position in Appian during the 2nd quarter worth $7,715,000. 272 Capital LP acquired a new position in shares of Appian during the second quarter valued at $2,179,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Appian by 88.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock valued at $2,412,000 after acquiring an additional 33,232 shares during the last quarter. AQR Capital Management LLC increased its position in Appian by 25.8% in the second quarter. AQR Capital Management LLC now owns 78,150 shares of the company’s stock worth $2,412,000 after purchasing an additional 16,031 shares during the period. Finally, King Luther Capital Management Corp raised its holdings in Appian by 41.4% during the 3rd quarter. King Luther Capital Management Corp now owns 143,161 shares of the company’s stock worth $4,888,000 after purchasing an additional 41,922 shares during the last quarter. 52.70% of the stock is owned by institutional investors.

Appian Price Performance

Shares of NASDAQ:APPN opened at $36.82 on Friday. The firm’s 50 day simple moving average is $36.08 and its 200 day simple moving average is $33.02. Appian Co. has a fifty-two week low of $26.28 and a fifty-two week high of $43.33. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -30.57 and a beta of 1.57.

Insider Buying and Selling at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp bought 1,486 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was purchased at an average cost of $32.98 per share, with a total value of $49,008.28. Following the completion of the purchase, the insider now owns 10,088,411 shares in the company, valued at approximately $332,715,794.78. The trade was a 0.01 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William D. Mccarthy sold 700 shares of the 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 sale, the director now owns 7,966 shares of the company’s stock, valued at $308,921.48. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 48,770 shares of company stock valued at $1,625,495. Corporate insiders own 44.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on APPN shares. Barclays raised their target price 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. DA Davidson reaffirmed a “neutral” rating and set a $33.00 target price 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $40.80.

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.