Appian Corporation (APPN) Announces Earnings Results
Appian Corporation (NASDAQ:APPN) issued its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07, Briefing.com reports. The business had revenue of $44.60 million for the quarter, compared to analyst estimates of $40.91 million. The company’s quarterly revenue was up 45.3% on a year-over-year basis. Appian Corporation updated its Q4 guidance to ($016)-($0.15) EPS.
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In related news, major shareholder Abdiel Capital Management, Llc purchased 28,600 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The stock was bought at an average cost of $22.14 per share, with a total value of $633,204.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Qualified Master Fund L. Abdiel purchased 28,800 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was bought at an average cost of $22.14 per share, with a total value of $637,632.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 146,376 shares of company stock valued at $3,249,007.
A number of brokerages have weighed in on APPN. Cowen and Company downgraded Appian Corporation from an “outperform” rating to a “market perform” rating and set a $23.00 price target for the company. in a report on Monday, October 2nd. Zacks Investment Research downgraded Appian Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. KeyCorp reiterated a “hold” rating on shares of Appian Corporation in a report on Monday, September 18th. Canaccord Genuity reiterated a “hold” rating and set a $19.00 price target on shares of Appian Corporation in a report on Monday. Finally, Barclays PLC reiterated an “equal weight” rating and set a $20.00 price target (up from $19.00) on shares of Appian Corporation in a report on Friday, August 4th. Seven analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus price target of $21.17.
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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