Cornerstone Advisory LLC Has $320,000 Holdings in Appian Corp (APPN)

Cornerstone Advisory LLC lessened its holdings in shares of Appian Corp (NASDAQ:APPN) by 32.6% in the first quarter, HoldingsChannel.com reports. The fund owned 9,300 shares of the company’s stock after selling 4,500 shares during the quarter. Cornerstone Advisory LLC’s holdings in Appian were worth $320,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in shares of Appian by 54.9% in the third quarter. Bank of New York Mellon Corp now owns 18,798 shares of the company’s stock valued at $622,000 after buying an additional 6,661 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Appian by 101.7% in the third quarter. BlackRock Inc. now owns 408,944 shares of the company’s stock valued at $13,536,000 after buying an additional 206,211 shares in the last quarter. Morgan Stanley boosted its stake in shares of Appian by 94.7% in the third quarter. Morgan Stanley now owns 246,706 shares of the company’s stock valued at $8,166,000 after buying an additional 120,026 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Appian by 78.1% in the third quarter. Vanguard Group Inc. now owns 1,930,924 shares of the company’s stock valued at $63,914,000 after buying an additional 847,007 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Appian in the fourth quarter valued at approximately $210,000. 26.70% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Mark Steven Lynch sold 15,000 shares of Appian stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $34.14, for a total transaction of $512,100.00. Following the completion of the transaction, the chief financial officer now directly owns 16,950 shares of the company’s stock, valued at $578,673. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Mulligan sold 30,000 shares of Appian stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $36.46, for a total value of $1,093,800.00. Following the transaction, the director now directly owns 62,029 shares of the company’s stock, valued at $2,261,577.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,224 shares of company stock valued at $3,971,764. 50.00% of the stock is currently owned by insiders.

APPN has been the topic of a number of analyst reports. BidaskClub upgraded Appian from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 30th. William Blair raised Appian from a “market perform” rating to an “outperform” rating and set a $35.10 price objective for the company in a report on Thursday, May 16th. Goldman Sachs Group assumed coverage on Appian in a report on Friday, February 1st. They set a “sell” rating and a $26.00 price objective for the company. Barclays reaffirmed a “hold” rating and set a $32.00 price objective on shares of Appian in a report on Sunday, May 5th. Finally, SunTrust Banks lifted their price objective on Appian to $32.00 and gave the stock a “hold” rating in a report on Monday, February 25th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.44.

Shares of APPN stock opened at $33.83 on Wednesday. The firm has a market cap of $2.20 billion, a P/E ratio of -42.29 and a beta of 1.79. Appian Corp has a 1 year low of $22.61 and a 1 year high of $43.61.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $59.58 million during the quarter, compared to analysts’ expectations of $59.71 million. Appian had a negative return on equity of 91.41% and a negative net margin of 24.48%. Appian’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.12) earnings per share. Analysts predict that Appian Corp will post -0.83 EPS for the current year.

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Appian Profile

Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.

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Institutional Ownership by Quarter for Appian (NASDAQ:APPN)

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