Zacks Investment Research upgraded shares of Appian Corporation (NASDAQ:APPN) from a hold rating to a buy rating in a report published on Tuesday, November 7th. The brokerage currently has $25.00 price target on the stock.
According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “
Several other brokerages have also weighed in on APPN. Cowen and Company lowered Appian Corporation from an outperform rating to a market perform rating and set a $23.00 price objective for the company. in a research report on Monday, October 2nd. Canaccord Genuity reiterated a hold rating on shares of Appian Corporation in a research note on Monday, November 6th. Morgan Stanley increased their price objective on Appian Corporation from $18.00 to $19.00 and gave the company an equal weight rating in a research note on Friday, November 3rd. Barclays PLC reissued an equal weight rating and issued a $20.00 target price (up previously from $19.00) on shares of Appian Corporation in a report on Friday, August 4th. Finally, KeyCorp reaffirmed a hold rating on shares of Appian Corporation in a report on Monday, September 18th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $21.00.
Shares of Appian Corporation (NASDAQ:APPN) opened at $20.02 on Tuesday. Appian Corporation has a 52 week low of $14.60 and a 52 week high of $28.65.
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In related news, major shareholder Qualified Master Fund L. Abdiel bought 65,533 shares of the business’s stock in a transaction dated Wednesday, October 25th. The shares were acquired at an average price of $22.23 per share, for a total transaction of $1,456,798.59. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Abdiel Capital Management, Llc acquired 23,443 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were acquired at an average cost of $22.24 per share, with a total value of $521,372.32. The disclosure for this purchase can be found here. Insiders have bought a total of 146,376 shares of company stock valued at $3,249,007 over the last three months.
Large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund bought a new stake in shares of Appian Corporation during the 3rd quarter valued at about $205,000. LMR Partners LLP purchased a new stake in shares of Appian Corporation in the 2nd quarter valued at approximately $201,000. Tower Research Capital LLC TRC purchased a new stake in shares of Appian Corporation in the 2nd quarter valued at approximately $238,000. Neuberger Berman Group LLC purchased a new stake in shares of Appian Corporation in the 2nd quarter valued at approximately $292,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Appian Corporation in the 2nd quarter valued at approximately $323,000. 11.56% of the stock is owned by institutional investors and hedge funds.
About Appian Corporation
Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.
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