Appian Corp (NASDAQ:APPN) Short Interest Up 33.6% in June

Appian Corp (NASDAQ:APPN) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 4,364,700 shares, a growth of 33.6% from the May 30th total of 3,267,500 shares. Based on an average trading volume of 558,900 shares, the days-to-cover ratio is currently 7.8 days. Currently, 14.9% of the shares of the stock are short sold.

Shares of APPN stock opened at $38.22 on Friday. Appian has a 1-year low of $22.61 and a 1-year high of $39.92. The company’s fifty day simple moving average is $35.46.

Appian (NASDAQ:APPN) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.16) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.16). Appian had a negative return on equity of 91.41% and a negative net margin of 24.48%. The business had revenue of $59.58 million for the quarter, compared to the consensus estimate of $59.71 million. During the same quarter in the previous year, the company posted ($0.12) earnings per share. Appian’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, analysts expect that Appian will post -0.83 EPS for the current fiscal year.

A number of equities analysts recently issued reports on the company. William Blair restated an “outperform” rating on shares of NuCana in a report on Thursday, May 16th. Barclays restated a “buy” rating on shares of NXP Semiconductors in a report on Sunday, May 5th. BidaskClub cut Amyris from a “hold” rating to a “sell” rating in a report on Thursday, June 27th. Morgan Stanley set a $123.00 target price on Lowe’s Companies and gave the stock a “buy” rating in a report on Thursday, May 23rd. Finally, Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $33.59.

In related news, major shareholder Qualified Master Fund L. Abdiel sold 34,182 shares of Appian stock in a transaction on Monday, July 8th. The stock was sold at an average price of $36.62, for a total value of $1,251,744.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $512,100.00. Following the completion of the transaction, the chief financial officer now owns 16,950 shares in the company, valued at $578,673. The disclosure for this sale can be found here. Insiders sold a total of 133,964 shares of company stock worth $4,823,799 over the last 90 days. Insiders own 50.00% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. purchased a new position in Appian in the first quarter valued at about $27,245,000. Cortina Asset Management LLC grew its stake in Appian by 2.6% in the second quarter. Cortina Asset Management LLC now owns 603,737 shares of the company’s stock valued at $21,777,000 after purchasing an additional 15,137 shares in the last quarter. BlackRock Inc. grew its stake in Appian by 18.3% in the fourth quarter. BlackRock Inc. now owns 483,748 shares of the company’s stock valued at $12,921,000 after purchasing an additional 74,804 shares in the last quarter. Geode Capital Management LLC grew its stake in Appian by 17.5% in the fourth quarter. Geode Capital Management LLC now owns 193,954 shares of the company’s stock valued at $5,180,000 after purchasing an additional 28,888 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Appian in the first quarter valued at about $2,921,000. Institutional investors and hedge funds own 28.68% of the company’s stock.

About Appian

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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