Stock analysts at Morgan Stanley began coverage on shares of Appian Corporation (NASDAQ:APPN) in a report released on Monday, Marketbeat Ratings reports. The brokerage set an “equal weight” rating and a $18.00 price target on the stock. Morgan Stanley’s price target suggests a potential downside of 1.21% from the company’s current price.

Other research analysts also recently issued reports about the company. Cowen and Company assumed coverage on Appian Corporation in a research note on Monday. They issued an “outperform” rating for the company. Canaccord Genuity assumed coverage on Appian Corporation in a research note on Monday. They issued a “hold” rating and a $18.00 price target for the company. Barclays PLC assumed coverage on Appian Corporation in a research note on Monday. They issued an “equal weight” rating and a $19.00 price target for the company. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on Appian Corporation in a research note on Monday. They issued a “neutral” rating and a $17.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Appian Corporation presently has a consensus rating of “Hold” and an average target price of $18.00.

Analyst Recommendations for Appian Corporation (NASDAQ:APPN)

Shares of Appian Corporation (APPN) traded down 2.03% during midday trading on Monday, reaching $17.85. 225,465 shares of the company were exchanged. The company has a 50 day moving average price of $18.40 and a 200-day moving average price of $18.40. The stock’s market capitalization is $611.79 million. Appian Corporation has a 12-month low of $14.60 and a 12-month high of $20.72.

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In other news, major shareholder Qualified Master Fund L. Abdiel bought 205,360 shares of the stock in a transaction dated Thursday, June 8th. The stock was purchased at an average cost of $19.66 per share, for a total transaction of $4,037,377.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel bought 67,547 shares of the stock in a transaction dated Monday, June 12th. The shares were purchased at an average price of $18.48 per share, with a total value of $1,248,268.56. The disclosure for this purchase can be found here. Insiders have bought a total of 500,436 shares of company stock valued at $9,497,208 over the last quarter.

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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