DA Davidson Upgrades Appian (NASDAQ:APPN) to Hold

Appian (NASDAQ:APPN) was upgraded by research analysts at DA Davidson to a “hold” rating in a report issued on Monday,Zacks.com reports.

APPN has been the subject of several other reports. Morgan Stanley upped their price target on shares of Appian from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Scotiabank decreased their price target on shares of Appian from $37.00 to $34.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. Barclays upped their price target on shares of Appian from $28.00 to $33.00 and gave the company an “underweight” rating in a research report on Friday, May 9th. Finally, Citigroup upped their price target on shares of Appian from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $36.29.

Appian Price Performance

APPN stock opened at $31.45 on Monday. The company has a 50 day simple moving average of $30.09 and a 200 day simple moving average of $32.51. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -24.96 and a beta of 1.75. Appian has a 1 year low of $24.00 and a 1 year high of $43.33.

Appian (NASDAQ:APPN) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $166.43 million during the quarter, compared to analysts’ expectations of $163.27 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.24) EPS. On average, equities research analysts anticipate that Appian will post -0.28 EPS for the current fiscal year.

Insider Transactions at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 300,000 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $31.47, for a total transaction of $9,441,000.00. Following the completion of the sale, the insider now directly owns 8,767,828 shares in the company, valued at $275,923,547.16. This represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 2,141,195 shares of company stock worth $67,441,394 over the last three months. 43.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Appian

Large investors have recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in Appian during the fourth quarter worth $35,000. Concord Wealth Partners boosted its stake in Appian by 21.7% during the first quarter. Concord Wealth Partners now owns 2,581 shares of the company’s stock worth $74,000 after acquiring an additional 461 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Appian by 27.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock worth $76,000 after acquiring an additional 500 shares in the last quarter. Headlands Technologies LLC boosted its stake in Appian by 2,052.0% during the first quarter. Headlands Technologies LLC now owns 4,218 shares of the company’s stock worth $122,000 after acquiring an additional 4,022 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Appian by 1,244.8% during the fourth quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company’s stock worth $125,000 after acquiring an additional 3,498 shares in the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

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.