Appian (NASDAQ:APPN) Trading Down 5.2% Following Analyst Downgrade

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Shares of Appian Co. (NASDAQ:APPN) were down 5.2% during trading on Wednesday after Barclays lowered their price target on the stock from $90.00 to $47.00. Barclays currently has an underweight rating on the stock. Appian traded as low as $58.40 and last traded at $58.69. Approximately 7,414 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 552,591 shares. The stock had previously closed at $61.89.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley upgraded shares of Appian from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $95.00 to $87.00 in a research note on Friday, December 3rd. They noted that the move was a valuation call. Needham & Company LLC cut their target price on shares of Appian from $186.00 to $170.00 and set a “buy” rating on the stock in a research note on Friday, November 5th. Truist upgraded shares of Appian from a “hold” rating to a “buy” rating and increased their price objective for the stock from $105.00 to $116.00 in a research note on Monday, November 8th. Zacks Investment Research lowered shares of Appian from a “hold” rating to a “sell” rating in a research note on Friday, November 12th. Finally, Truist Securities dropped their price objective on shares of Appian from $116.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, December 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Appian presently has an average rating of “Hold” and an average price target of $111.43.

In other news, insider Robert Charles Kramer sold 3,050 shares of the stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $96.85, for a total value of $295,392.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael G. Devine acquired 400 shares of the firm’s stock in a transaction dated Friday, December 3rd. The stock was bought at an average price of $66.19 per share, with a total value of $26,476.00. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 12,120 shares of company stock valued at $1,173,619. 43.90% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in APPN. Morgan Stanley lifted its stake in Appian by 125.9% during the third quarter. Morgan Stanley now owns 1,346,009 shares of the company’s stock valued at $124,521,000 after purchasing an additional 750,090 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Appian by 75.0% in the 2nd quarter. First Trust Advisors LP now owns 950,458 shares of the company’s stock valued at $130,926,000 after acquiring an additional 407,385 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Appian by 119.9% in the 2nd quarter. Lord Abbett & CO. LLC now owns 669,972 shares of the company’s stock valued at $92,289,000 after acquiring an additional 365,362 shares in the last quarter. BlackRock Inc. lifted its position in Appian by 4.9% in the 2nd quarter. BlackRock Inc. now owns 2,974,492 shares of the company’s stock worth $409,737,000 after buying an additional 139,054 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Appian by 148.1% during the 3rd quarter. Millennium Management LLC now owns 186,745 shares of the company’s stock worth $17,276,000 after purchasing an additional 111,476 shares during the last quarter. 38.33% of the stock is owned by institutional investors and hedge funds.

The company’s 50 day moving average price is $74.91 and its 200 day moving average price is $96.29. The company has a market cap of $4.11 billion, a price-to-earnings ratio of -58.93 and a beta of 1.72.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.03). Appian had a negative return on equity of 21.63% and a negative net margin of 20.00%. The business had revenue of $92.42 million for the quarter, compared to analyst estimates of $91.06 million. During the same quarter last year, the company earned ($0.05) EPS. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. Analysts predict that Appian Co. will post -1.06 earnings per share for the current fiscal year.

Appian Company Profile (NASDAQ:APPN)

Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measures business processes. The firm’s products include BPM software, case management, mobile application development, and platform-as-a-service. The company was founded by Matt Calkins, Robert C. Kramer, Marc Wilson, and Michael Beckley in 1999 and is headquartered in Reston, VA.

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