Appian (NASDAQ:APPN) Releases Q1 2024 Earnings Guidance

Appian (NASDAQ:APPN) issued an update on its first quarter 2024 earnings guidance on Saturday morning. The company provided earnings per share (EPS) guidance of -0.210–0.160 for the period, compared to the consensus estimate of -0.180. The company issued revenue guidance of $148.0 million-$150.0 million, compared to the consensus revenue estimate of $149.5 million. Appian also updated its FY 2024 guidance to -0.730–0.660 EPS.

Appian Trading Up 2.1 %

Appian stock opened at $38.03 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.68. The business’s fifty day simple moving average is $35.48 and its two-hundred day simple moving average is $37.33. Appian has a 12 month low of $30.87 and a 12 month high of $54.26. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of -24.86 and a beta of 1.46.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, February 15th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.33. Appian had a negative return on equity of 127.40% and a negative net margin of 20.43%. The business had revenue of $145.32 million for the quarter, compared to the consensus estimate of $140.41 million. As a group, equities analysts predict that Appian will post -0.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on APPN. DA Davidson lowered their price target on Appian from $55.00 to $52.00 and set a buy rating on the stock in a report on Monday, March 4th. Citigroup upped their price target on Appian from $48.00 to $52.00 and gave the company a neutral rating in a report on Friday, March 22nd. Barclays lowered their price target on Appian from $40.00 to $35.00 and set an underweight rating on the stock in a report on Friday, January 12th. William Blair reaffirmed an outperform rating on shares of Appian in a report on Wednesday, March 20th. Finally, KeyCorp upped their price target on Appian from $45.00 to $50.00 and gave the company an overweight rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $48.71.

Insider Activity at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the completion of the sale, the insider now owns 5,890,304 shares in the company, valued at $191,081,461.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 43.60% of the stock is owned by company insiders.

Institutional Trading of Appian

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC increased its position in Appian by 411.0% in the fourth quarter. Barclays PLC now owns 65,824 shares of the company’s stock worth $2,478,000 after buying an additional 52,942 shares in the last quarter. Vanguard Group Inc. increased its position in Appian by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 4,689,370 shares of the company’s stock worth $176,602,000 after buying an additional 132,827 shares in the last quarter. Voloridge Investment Management LLC increased its position in Appian by 77.8% in the fourth quarter. Voloridge Investment Management LLC now owns 148,701 shares of the company’s stock worth $5,600,000 after buying an additional 65,075 shares in the last quarter. Nuveen Asset Management LLC increased its position in Appian by 1.1% in the fourth quarter. Nuveen Asset Management LLC now owns 108,338 shares of the company’s stock worth $4,080,000 after buying an additional 1,178 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in Appian in the fourth quarter worth about $262,000. Hedge funds and other institutional investors 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.