Appian (NASDAQ:APPN) Price Target Cut to $41.00 by Analysts at The Goldman Sachs Group

Appian (NASDAQ:APPN) had its target price reduced by The Goldman Sachs Group from $47.00 to $41.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on APPN. DA Davidson lowered shares of Appian from a strong-buy rating to a hold rating in a report on Wednesday, July 31st. Barclays dropped their price objective on shares of Appian from $36.00 to $32.00 and set an underweight rating on the stock in a report on Friday, May 3rd. William Blair lowered shares of Appian from an outperform rating to a market perform rating in a report on Thursday, August 1st. Finally, KeyCorp lowered shares of Appian from an overweight rating to a sector weight rating in a report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $42.33.

Appian Stock Performance

Appian stock opened at $28.66 on Friday. The company has a 50 day moving average price of $31.20 and a 200-day moving average price of $33.73. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.33 and a current ratio of 1.33. Appian has a fifty-two week low of $26.28 and a fifty-two week high of $52.99. The company has a market capitalization of $2.07 billion, a PE ratio of -19.50 and a beta of 1.47.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. Appian had a negative net margin of 18.80% and a negative return on equity of 234.57%. The firm had revenue of $146.50 million during the quarter, compared to the consensus estimate of $142.87 million. During the same quarter in the previous year, the firm posted ($0.55) earnings per share. The company’s revenue was up 14.7% on a year-over-year basis. As a group, equities analysts forecast that Appian will post -1.38 earnings per share for the current year.

Insider Activity at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp acquired 150,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was acquired at an average price of $37.76 per share, for a total transaction of $5,664,000.00. Following the completion of the transaction, the insider now owns 7,805,847 shares in the company, valued at approximately $294,748,782.72. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Albert G.W. Biddle III acquired 3,225 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average price of $28.02 per share, for a total transaction of $90,364.50. Following the completion of the transaction, the director now owns 19,689 shares in the company, valued at approximately $551,685.78. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Abdiel Capital Advisors, Lp acquired 150,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was purchased at an average price of $37.76 per share, with a total value of $5,664,000.00. Following the transaction, the insider now owns 7,805,847 shares of the company’s stock, valued at approximately $294,748,782.72. The disclosure for this purchase can be found here. Insiders acquired 1,381,568 shares of company stock worth $46,783,802 over the last three months. Company insiders own 44.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. raised its position in shares of Appian by 3.0% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 9,693 shares of the company’s stock worth $299,000 after purchasing an additional 280 shares during the last quarter. Arizona State Retirement System raised its position in shares of Appian by 4.6% during the 4th quarter. Arizona State Retirement System now owns 9,308 shares of the company’s stock worth $351,000 after purchasing an additional 411 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Appian by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 8,337 shares of the company’s stock worth $333,000 after purchasing an additional 758 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Appian by 22.9% during the 4th quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock worth $207,000 after purchasing an additional 1,027 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Appian during the 4th quarter worth about $47,000. Institutional investors and hedge funds own 52.70% of the company’s stock.

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.