KeyCorp Cuts Appian (NASDAQ:APPN) Price Target to $37.00

Appian (NASDAQ:APPN) had its target price reduced by KeyCorp from $50.00 to $37.00 in a research report released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the company. DA Davidson reduced their price target on Appian from $55.00 to $52.00 and set a buy rating on the stock in a research note on Monday, March 4th. Citigroup increased their target price on Appian from $48.00 to $52.00 and gave the stock a neutral rating in a research report on Friday, March 22nd. William Blair restated an outperform rating on shares of Appian in a report on Wednesday, March 20th. Finally, Barclays decreased their target price on shares of Appian from $36.00 to $32.00 and set an underweight rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Appian currently has an average rating of Moderate Buy and a consensus price target of $46.43.

Appian Stock Performance

Appian stock opened at $31.98 on Friday. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -21.75 and a beta of 1.46. Appian has a fifty-two week low of $28.22 and a fifty-two week high of $54.26. The stock has a fifty day moving average of $36.71 and a two-hundred day moving average of $36.41.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, May 2nd. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.09). The firm had revenue of $149.80 million during the quarter, compared to analysts’ expectations of $149.78 million. Appian had a negative net margin of 19.20% and a negative return on equity of 146.23%. Appian’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.42) earnings per share. On average, analysts anticipate that Appian will post -0.9 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the completion of the sale, the insider now owns 5,890,304 shares of the company’s stock, valued at approximately $191,081,461.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 43.60% of the company’s stock.

Institutional Investors Weigh In On Appian

Institutional investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in shares of Appian by 0.5% during the 3rd quarter. Rhumbline Advisers now owns 59,692 shares of the company’s stock valued at $2,723,000 after acquiring an additional 299 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Appian by 4.6% in the fourth quarter. Arizona State Retirement System now owns 9,308 shares of the company’s stock worth $351,000 after buying an additional 411 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of Appian by 16.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 4,933 shares of the company’s stock valued at $225,000 after buying an additional 695 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Appian by 22.9% during the 4th quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock valued at $207,000 after buying an additional 1,027 shares during the period. Finally, Swiss National Bank lifted its position in shares of Appian by 1.8% during the third quarter. Swiss National Bank now owns 68,700 shares of the company’s stock worth $3,133,000 after purchasing an additional 1,200 shares in the last quarter. 52.70% of the stock is currently owned by hedge funds and other institutional investors.

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.