Appian (NASDAQ:APPN) Price Target Cut to $37.00

Appian (NASDAQ:APPN) had its price objective reduced by KeyCorp from $50.00 to $37.00 in a research note published on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued reports about the company. William Blair reiterated an outperform rating on shares of Appian in a research note on Wednesday, March 20th. Barclays cut their price target on Appian from $36.00 to $32.00 and set an underweight rating for the company in a report on Friday. Citigroup raised their price objective on shares of Appian from $48.00 to $52.00 and gave the stock a neutral rating in a research note on Friday, March 22nd. Finally, DA Davidson cut their target price on shares of Appian from $55.00 to $52.00 and set a buy rating for the company in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $46.43.

Appian Price Performance

Shares of NASDAQ:APPN opened at $32.97 on Friday. The stock has a market capitalization of $2.42 billion, a P/E ratio of -22.43 and a beta of 1.46. The business has a 50-day moving average of $36.70 and a two-hundred day moving average of $36.34. Appian has a fifty-two week low of $28.22 and a fifty-two week high of $54.26. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.12 and a quick ratio of 1.12.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.09). Appian had a negative net margin of 19.20% and a negative return on equity of 146.23%. The company had revenue of $149.80 million for the quarter, compared to analyst estimates of $149.78 million. During the same quarter last year, the business earned ($0.42) EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities research analysts predict that Appian will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.44, for a total value of $12,976,000.00. Following the completion of the transaction, the insider now directly owns 5,890,304 shares of the company’s stock, valued at approximately $191,081,461.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 43.60% of the company’s stock.

Hedge Funds Weigh In On Appian

Institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Appian during the 4th quarter worth about $47,000. Concord Wealth Partners bought a new stake in shares of Appian during the first quarter worth $85,000. Atria Wealth Solutions Inc. acquired a new position in shares of Appian during the third quarter valued at $213,000. Quest Partners LLC bought a new position in Appian in the fourth quarter valued at about $177,000. Finally, Raymond James Financial Services Advisors Inc. increased its position in Appian by 16.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,933 shares of the company’s stock worth $225,000 after purchasing an additional 695 shares during the period. 52.70% of the stock is owned by institutional investors.

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.