Top 3 Stock Picks of Colin Moran’s Abdiel Capital

1. Appian Corporation (NASDAQ:APPN)

Abdiel Capital’s Stake Value: $394,420,000

Percentage of Abdiel Capital’s 13F Portfolio: 26.57%

Number of Hedge Fund Holders: 18

Appian Corporation (NASDAQ:APPN) provides a low-code automation platform that accelerates the creation of high-impact business applications. Its platform allows organizations to discover, design, and automate enterprise-grade workflows and custom applications with little or no coding.

Colin Moran’s Abdiel Capital owns 8,328,118 shares of Appian Corporation (NASDAQ:APPN), accounting for 26.57% of its 13F portfolio. The hedge fund increased its stake by 40% in Q2 2022, as compared to the previous quarter.

In August, Appian Corporation (NASDAQ:APPN) released its financial results for the quarter ended June 30, 2022. Its total revenues increased by 33% y-o-y to $110 million, while its net loss surged by 108% y-o-y to $49 million, for the three months. It reported a normalized EPS of -$0.46 for the quarter, missing the consensus by $0.12.

On September 12, KeyBanc analyst Thomas Blakey initiated coverage of Appian Corporation (NASDAQ:APPN) with an ‘Overweight’ rating and a $60 price target. The analyst sees “strong engagement and process mining synergies allowing Appian to sustain 30% growth in its Cloud subscriptions.”

As of Q2 2022, Appian Corporation (NASDAQ:APPN) shares were held by 18 of the 895 hedge funds tracked by Insider Monkey, with a total value of $463 million. StackLine Partners was its largest hedge fund shareholder after Abdiel Capital, with ownership of 0.5 million shares valued at $25 million.

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