Appian (NASDAQ:APPN) Stock Price Down 6.2% – Time to Sell?

Appian Co. (NASDAQ:APPN) shares were down 6.2% on Thursday . The company traded as low as $32.42 and last traded at $31.97. Approximately 51,353 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 355,081 shares. The stock had previously closed at $34.10.

Analyst Ratings Changes

Several equities research analysts have commented on APPN shares. Scotiabank started coverage on Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. KeyCorp restated a “sector weight” rating on shares of Appian in a research note on Tuesday, January 14th. Finally, Barclays lifted their price target on shares of Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.17.

Appian Stock Down 2.0 %

The firm has a market cap of $2.85 billion, a P/E ratio of -27.48 and a beta of 1.64. The business’s 50 day moving average is $34.88 and its 200-day moving average is $34.09.

Insiders Place Their Bets

In other news, Director William D. Mccarthy sold 700 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the sale, the director now owns 7,966 shares in the company, valued at approximately $308,921.48. This represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 44.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Appian

A number of institutional investors have recently modified their holdings of APPN. Abdiel Capital Advisors LP raised its stake in shares of Appian by 72.6% in the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock valued at $347,179,000 after purchasing an additional 4,278,969 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Appian in the 4th quarter valued at about $4,918,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Appian by 184.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company’s stock valued at $6,637,000 after purchasing an additional 130,606 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Appian by 418.8% in the 4th quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company’s stock valued at $5,303,000 after purchasing an additional 129,800 shares in the last quarter. Finally, Norges Bank acquired a new stake in Appian during the fourth quarter worth about $4,046,000. Institutional investors and hedge funds own 52.70% 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.