Appian (NASDAQ:APPN) Shares Down 4.8% – Here’s Why

Shares of Appian Corporation (NASDAQ:APPN) were down 4.8% during mid-day trading on Wednesday . The company traded as low as $38.51 and last traded at $38.9670. Approximately 415,090 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 714,012 shares. The stock had previously closed at $40.93.

Analyst Ratings Changes

A number of brokerages have recently commented on APPN. Barclays boosted their price objective on Appian from $33.00 to $37.00 and gave the stock an “underweight” rating in a research report on Friday, November 7th. Cowen reiterated a “hold” rating on shares of Appian in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Appian in a report on Monday. DA Davidson initiated coverage on shares of Appian in a research report on Friday, November 7th. They set a “hold” rating and a $38.00 price objective for the company. Finally, Morgan Stanley increased their target price on Appian from $29.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $39.00.

Appian Stock Down 3.8%

The firm has a fifty day simple moving average of $34.36 and a 200-day simple moving average of $31.65. The company has a market cap of $2.91 billion, a PE ratio of -393.91 and a beta of 0.84.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.27. The firm had revenue of $187.00 million for the quarter, compared to analysts’ expectations of $174.11 million. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.15 EPS. Equities research analysts forecast that Appian Corporation will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Appian

Large investors have recently bought and sold shares of the business. Allworth Financial LP increased its stake in Appian by 175.2% in the third quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after purchasing an additional 720 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Appian by 33.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 685,270 shares of the company’s stock valued at $20,949,000 after acquiring an additional 173,461 shares during the period. Woodline Partners LP raised its stake in Appian by 1,171.8% during the 3rd quarter. Woodline Partners LP now owns 172,776 shares of the company’s stock valued at $5,282,000 after acquiring an additional 159,191 shares during the last quarter. Voleon Capital Management LP acquired a new stake in Appian during the 3rd quarter worth approximately $924,000. Finally, Polymer Capital Management US LLC acquired a new stake in Appian during the 3rd quarter worth approximately $294,000. 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.