Appian (NASDAQ:APPN) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Marketbeat.com reports. The analysts noted that the move was a valuation call.
Other analysts have also recently issued reports about the company. BidaskClub upgraded Appian from a “hold” rating to a “buy” rating in a research note on Friday, December 29th. SunTrust Banks started coverage on Appian in a research note on Tuesday, November 21st. They issued a “buy” rating and a $28.00 price objective on the stock. Zacks Investment Research upgraded Appian from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Tuesday, November 7th. Morgan Stanley raised their price target on Appian from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, November 3rd. Finally, Canaccord Genuity restated a “hold” rating on shares of Appian in a research note on Monday, November 6th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the stock. Appian currently has an average rating of “Hold” and an average target price of $23.57.
Shares of Appian (NASDAQ APPN) traded down $0.64 during midday trading on Friday, hitting $35.51. The stock had a trading volume of 372,934 shares, compared to its average volume of 848,738. Appian has a twelve month low of $14.60 and a twelve month high of $43.26.
In other Appian news, insider Robert Charles Kramer sold 82,402 shares of the firm’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $19.49, for a total value of $1,606,014.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Edward L. Hughes sold 100,000 shares of the firm’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $19.49, for a total value of $1,949,000.00. Following the completion of the sale, the vice president now owns 100,000 shares in the company, valued at $1,949,000. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 1,051,519 shares of company stock worth $21,602,934 and sold 1,097,222 shares worth $21,384,857.
Hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund purchased a new position in shares of Appian during the third quarter worth about $205,000. Tower Research Capital LLC TRC purchased a new position in shares of Appian during the second quarter worth about $238,000. Neuberger Berman Group LLC purchased a new position in shares of Appian during the second quarter worth about $292,000. Ameriprise Financial Inc. purchased a new position in shares of Appian during the second quarter worth about $323,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Appian during the second quarter worth about $370,000. 11.61% of the stock is currently owned by institutional investors.
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About Appian
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.
