Appian Corporation’s (NASDAQ:APPN) lock-up period is set to end on Tuesday, November 21st. Appian Corporation had issued 6,250,000 shares in its public offering on May 25th. The total size of the offering was $75,000,000 based on an initial share price of $12.00. After the end of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.
APPN has been the topic of several recent analyst reports. Canaccord Genuity boosted their price target on Appian Corporation from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Monday, October 30th. Zacks Investment Research lowered Appian Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 4th. Cowen and Company lowered Appian Corporation from an “outperform” rating to a “market perform” rating and set a $23.00 target price on the stock. in a report on Monday, October 2nd. KeyCorp reissued a “hold” rating on shares of Appian Corporation in a report on Monday, September 18th. Finally, Morgan Stanley boosted their target price on Appian Corporation from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, November 3rd. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $21.00.
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Appian Corporation (NASDAQ APPN) opened at $20.02 on Friday. Appian Corporation has a 1-year low of $14.60 and a 1-year high of $28.65.
In other news, major shareholder Qualified Master Fund L. Abdiel bought 65,533 shares of the stock in a transaction on Wednesday, October 25th. The stock was acquired at an average price of $22.23 per share, with a total value of $1,456,798.59. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Abdiel Capital Management, Llc bought 23,443 shares of the stock in a transaction on Monday, October 23rd. The stock was purchased at an average cost of $22.24 per share, with a total value of $521,372.32. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 146,376 shares of company stock valued at $3,249,007.
A number of institutional investors and hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund acquired a new stake in shares of Appian Corporation in the third quarter valued at about $205,000. LMR Partners LLP acquired a new stake in shares of Appian Corporation in the second quarter valued at about $201,000. Tower Research Capital LLC TRC acquired a new stake in shares of Appian Corporation in the second quarter valued at about $238,000. Neuberger Berman Group LLC acquired a new stake in shares of Appian Corporation in the second quarter valued at about $292,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Appian Corporation in the second quarter valued at about $323,000. 11.53% of the stock is owned by institutional investors and hedge funds.
About Appian Corporation
Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.
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