Appian (NASDAQ:APPN) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Appian (NASDAQ:APPN) from a strong-buy rating to a buy rating in a report published on Friday.

APPN has been the subject of a number of other research reports. Morgan Stanley upgraded shares of Appian from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, January 12th. Barclays reduced their price objective on shares of Appian from $37.00 to $34.00 and set an “underweight” rating on the stock in a report on Monday, January 12th. DA Davidson initiated coverage on shares of Appian in a research note on Friday, November 7th. They set a “hold” rating and a $38.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Appian in a research note on Monday, December 29th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Appian in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.40.

Appian Trading Up 1.3%

Shares of NASDAQ APPN opened at $29.71 on Friday. The stock has a market cap of $2.19 billion, a P/E ratio of -297.07 and a beta of 0.82. Appian has a 12-month low of $24.00 and a 12-month high of $46.06. The business’s fifty day simple moving average is $36.56 and its 200-day simple moving average is $32.85.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, November 6th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.05 by $0.27. The company had revenue of $187.00 million for the quarter, compared to analyst estimates of $174.11 million. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, equities analysts forecast that Appian will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Appian

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Appian by 282.5% in the third quarter. EverSource Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $25,000 after acquiring an additional 599 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Appian by 693.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the company’s stock valued at $30,000 after purchasing an additional 846 shares during the last quarter. Allworth Financial LP boosted its stake in Appian by 175.2% during the 3rd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after purchasing an additional 720 shares during the period. PNC Financial Services Group Inc. boosted its stake in Appian by 89.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock worth $36,000 after purchasing an additional 564 shares during the period. Finally, Jones Financial Companies Lllp grew its position in Appian by 115.5% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,653 shares of the company’s stock worth $51,000 after purchasing an additional 886 shares during the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.

About Appian

Appian Corporation is a global technology company specializing in low-code automation platforms designed to streamline business processes. Founded in 1999 by Matt Calkins, the company provides an integrated suite of tools that enables organizations to build enterprise applications and workflows rapidly with minimal hand coding. The platform combines process management, robotic process automation (RPA), artificial intelligence (AI) capabilities and data integration into a single environment, allowing businesses to accelerate digital transformation initiatives.

The core offering, the Appian Low-Code Platform, empowers users—ranging from professional developers to business analysts—to visually model, design and deploy applications that can automate complex operations, orchestrate tasks across systems, and deliver real-time analytics.