Appian Corp (NASDAQ:APPN) rose 22.1% during mid-day trading on Monday . The company traded as high as $27.14 and last traded at $25.46. Approximately 3,023,226 shares changed hands during mid-day trading, an increase of 964% from the average daily volume of 284,245 shares. The stock had previously closed at $20.86.

APPN has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Appian from a “buy” rating to a “hold” rating in a research note on Monday, September 4th. KeyCorp restated a “hold” rating on shares of Appian in a research note on Monday, September 18th. Cowen lowered shares of Appian from an “outperform” rating to a “market perform” rating and set a $23.00 target price on the stock. in a research note on Monday, October 2nd. Canaccord Genuity upped their target price on shares of Appian from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Monday, October 30th. Finally, Morgan Stanley upped their target price on shares of Appian from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, November 3rd. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $22.00.

In related news, CEO Matthew W. Calkins sold 250,000 shares of the stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $19.49, for a total transaction of $4,872,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder M James Barrett sold 569,620 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $19.49, for a total transaction of $11,101,893.80. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,108,919 shares of company stock worth $22,873,770 and have sold 1,097,222 shares worth $21,384,857.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APPN. Abdiel Capital Advisors LP acquired a new stake in shares of Appian in the second quarter valued at approximately $56,982,000. JPMorgan Chase & Co. bought a new position in shares of Appian in the second quarter valued at approximately $8,303,000. Lord Abbett & CO. LLC bought a new position in shares of Appian in the second quarter valued at approximately $8,134,000. Vanguard Group Inc. bought a new position in shares of Appian in the second quarter valued at approximately $7,105,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Appian in the second quarter valued at approximately $4,447,000. Hedge funds and other institutional investors 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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