Shares of Appian Corp (NASDAQ:APPN) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $20.22, but opened at $20.86. Appian shares last traded at $25.46, with a volume of 3023800 shares trading hands.

Specifically, major shareholder Abdiel Capital Management, Llc acquired 28,600 shares of the company’s stock in a transaction on Monday, September 25th. The shares were bought at an average cost of $22.14 per share, with a total value of $633,204.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew W. Calkins sold 250,000 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $19.49, for a total transaction of $4,872,500.00. The disclosure for this sale can be found here. Over the last three months, insiders acquired 1,108,919 shares of company stock worth $22,873,770 and sold 1,097,222 shares worth $21,384,857.

A number of equities analysts have recently weighed in on the stock. KeyCorp reaffirmed a “hold” rating on shares of Appian in a research note on Monday, September 18th. Canaccord Genuity upped their price target on shares of Appian from $19.00 to $22.00 and gave the stock a “hold” rating in a research note on Monday, October 30th. Zacks Investment Research raised shares of Appian from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Wednesday, September 13th. SunTrust Banks assumed coverage on shares of Appian in a research note on Tuesday, November 21st. They set a “buy” rating and a $28.00 price target on the stock. Finally, William Blair assumed coverage on shares of Appian in a research note on Monday, November 27th. They set an “outperform” rating on the stock. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $22.00.

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Appian by 27.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock worth $14,673,000 after buying an additional 127,545 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Appian by 24.8% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 34,348 shares of the company’s stock valued at $977,000 after purchasing an additional 6,828 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Appian in the 3rd quarter valued at about $205,000. Lord Abbett & CO. LLC purchased a new position in Appian in the 2nd quarter valued at about $8,134,000. Finally, Tower Research Capital LLC TRC purchased a new position in Appian in the 2nd quarter valued at about $238,000. Institutional investors and hedge funds own 11.61% of the company’s stock.

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About Appian

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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