Appian (NASDAQ:APPN) Price Target Lowered to $28.00 at DA Davidson

Appian (NASDAQ:APPN) had its target price decreased by equities researchers at DA Davidson from $40.00 to $28.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price target would indicate a potential upside of 2.08% from the company’s previous close.

Other analysts also recently issued research reports about the stock. KeyCorp reissued a “sector weight” rating on shares of Appian in a research note on Tuesday, January 14th. Scotiabank assumed coverage on Appian in a report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $36.80.

Appian Price Performance

Appian stock opened at $27.43 on Monday. The stock has a market cap of $2.03 billion, a P/E ratio of -21.77 and a beta of 1.78. The firm’s 50 day moving average price is $30.61 and its 200-day moving average price is $33.64. Appian has a 1 year low of $24.00 and a 1 year high of $43.33.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Appian had a negative return on equity of 532.05% and a negative net margin of 14.95%. The firm had revenue of $166.70 million for the quarter, compared to analysts’ expectations of $164.31 million. During the same period last year, the company earned $0.06 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. As a group, equities analysts expect that Appian will post -0.28 EPS for the current year.

Insider Buying and Selling at Appian

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $33.21, for a total value of $32,877.90. Following the completion of the sale, the director now directly owns 29,348 shares in the company, valued at approximately $974,647.08. This trade represents a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the transaction, the insider now owns 10,121,563 shares in the company, valued at approximately $298,788,539.76. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 202,407 shares of company stock worth $5,616,122 over the last quarter. Insiders own 44.00% of the company’s stock.

Hedge Funds Weigh In On Appian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APPN. Oppenheimer & Co. Inc. raised its stake in shares of Appian by 5.1% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company’s stock worth $270,000 after purchasing an additional 400 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Appian by 27.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company’s stock valued at $76,000 after acquiring an additional 500 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Appian during the 4th quarter valued at approximately $35,000. Handelsbanken Fonder AB lifted its stake in shares of Appian by 14.7% in the 4th quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company’s stock valued at $284,000 after purchasing an additional 1,100 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in shares of Appian by 8.0% during the 4th quarter. MetLife Investment Management LLC now owns 24,325 shares of the company’s stock worth $802,000 after acquiring an additional 1,809 shares in the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.

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.