Appian (NASDAQ:APPN) Trading Up 9.7% Following Analyst Upgrade

Appian Co. (NASDAQ:APPN)’s stock price rose 9.7% during trading on Thursday after KeyCorp raised their price target on the stock from $37.00 to $41.00. KeyCorp currently has an overweight rating on the stock. Appian traded as high as $38.62 and last traded at $38.48. Approximately 459,875 shares were traded during trading, a decline of 13% from the average daily volume of 525,751 shares. The stock had previously closed at $35.08.

Separately, Barclays cut their price target on shares of Appian from $36.00 to $32.00 and set an “underweight” rating for the company in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Appian currently has an average rating of “Moderate Buy” and an average price target of $47.00.

Insider Activity

In other Appian news, Director Albert G.W. Biddle III acquired 3,225 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $28.02 per share, with a total value of $90,364.50. Following the purchase, the director now owns 19,689 shares of the company’s stock, valued at $551,685.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Appian news, major shareholder Abdiel Capital Advisors, Lp acquired 60,722 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was bought at an average price of $31.34 per share, with a total value of $1,903,027.48. Following the purchase, the insider now owns 6,426,026 shares of the company’s stock, valued at $201,391,654.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Albert G.W. Biddle III purchased 3,225 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average cost of $28.02 per share, with a total value of $90,364.50. Following the transaction, the director now directly owns 19,689 shares in the company, valued at $551,685.78. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 966,568 shares of company stock valued at $31,464,952. Corporate insiders own 44.00% of the company’s stock.

Institutional Investors Weigh In On Appian

Several institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in Appian by 4.6% during the 4th quarter. Arizona State Retirement System now owns 9,308 shares of the company’s stock valued at $351,000 after buying an additional 411 shares during the period. ProShare Advisors LLC boosted its position in Appian by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 8,337 shares of the company’s stock valued at $333,000 after buying an additional 758 shares during the period. Victory Capital Management Inc. boosted its position in Appian by 22.9% during the 4th quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock valued at $207,000 after buying an additional 1,027 shares during the period. Headlands Technologies LLC purchased a new stake in Appian during the 4th quarter valued at $47,000. Finally, Price T Rowe Associates Inc. MD boosted its position in Appian by 5.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,097 shares of the company’s stock valued at $1,203,000 after buying an additional 1,494 shares during the period. Hedge funds and other institutional investors own 52.70% of the company’s stock.

Appian Stock Up 7.4 %

The firm has a market cap of $2.72 billion, a PE ratio of -25.44 and a beta of 1.48. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.33 and a current ratio of 1.33. The company’s 50-day simple moving average is $30.78 and its two-hundred day simple moving average is $33.66.

Appian (NASDAQ:APPN) last posted its earnings results on Thursday, May 2nd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.09). Appian had a negative return on equity of 204.82% and a negative net margin of 19.20%. The company had revenue of $149.80 million during the quarter, compared to analysts’ expectations of $149.78 million. During the same period in the prior year, the business posted ($0.42) earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, analysts predict that Appian Co. will post -1.38 earnings per share for the current fiscal year.

Appian Company Profile

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.