Appian (NASDAQ:APPN) Releases Q3 2024 Earnings Guidance

Appian (NASDAQ:APPN) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of -0.100–0.060 for the period, compared to the consensus estimate of -0.080. The company issued revenue guidance of $149.0 million-$153.0 million, compared to the consensus revenue estimate of $151.9 million. Appian also updated its FY 2024 guidance to -0.610–0.520 EPS.

Appian Price Performance

APPN opened at $31.31 on Monday. The business has a 50 day simple moving average of $31.72 and a two-hundred day simple moving average of $32.65. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -21.30 and a beta of 1.57. Appian has a one year low of $26.28 and a one year high of $44.28.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. The business had revenue of $146.50 million during the quarter, compared to analyst estimates of $142.87 million. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. Appian’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.55) EPS. As a group, sell-side analysts expect that Appian will post -1.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on APPN. The Goldman Sachs Group reduced their target price on Appian from $47.00 to $41.00 and set a buy rating on the stock in a report on Friday, August 2nd. KeyCorp downgraded Appian from an overweight rating to a sector weight rating in a report on Friday, August 2nd. William Blair downgraded Appian from an outperform rating to a market perform rating in a report on Thursday, August 1st. Barclays reduced their target price on Appian from $32.00 to $29.00 and set an underweight rating on the stock in a report on Monday, August 5th. Finally, DA Davidson downgraded Appian from a strong-buy rating to a hold rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $39.20.

Insider Buying and Selling

In related news, major shareholder Abdiel Capital Advisors, Lp purchased 200,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average price of $35.29 per share, for a total transaction of $7,058,000.00. Following the purchase, the insider now directly owns 7,345,647 shares of the company’s stock, valued at approximately $259,227,882.63. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 1,761,776 shares of company stock worth $57,130,976 in the last 90 days. Insiders own 44.00% of the company’s stock.

About Appian

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.