Appian (NASDAQ:APPN) Sets New 1-Year High After Better-Than-Expected Earnings

Appian Co. (NASDAQ:APPN)’s share price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $43.32 and last traded at $41.74, with a volume of 106060 shares. The stock had previously closed at $40.50.

The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.24. The company had revenue of $154.05 million during the quarter, compared to analyst estimates of $150.94 million. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on APPN. William Blair downgraded Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. DA Davidson reissued a “neutral” rating and set a $33.00 target price on shares of Appian in a research note on Monday, October 14th. The Goldman Sachs Group decreased their price target on Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. KeyCorp cut Appian from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 2nd. Finally, Barclays boosted their target price on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $40.20.

Insider Transactions at Appian

In other Appian news, major shareholder Abdiel Capital Advisors, Lp bought 53,000 shares of the stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $27.92 per share, for a total transaction of $1,479,760.00. Following the completion of the purchase, the insider now directly owns 8,433,847 shares in the company, valued at approximately $235,473,008.24. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 819,276 shares of company stock valued at $24,988,101. 44.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Appian

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in shares of Appian in the 3rd quarter valued at $393,000. King Luther Capital Management Corp raised its holdings in shares of Appian by 41.4% during the third quarter. King Luther Capital Management Corp now owns 143,161 shares of the company’s stock valued at $4,888,000 after acquiring an additional 41,922 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Appian by 88.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock valued at $2,412,000 after acquiring an additional 33,232 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in Appian during the 3rd quarter worth approximately $266,000. Finally, GSA Capital Partners LLP raised its stake in Appian by 354.7% during the 3rd quarter. GSA Capital Partners LLP now owns 57,630 shares of the company’s stock valued at $1,967,000 after purchasing an additional 44,957 shares during the period. 52.70% of the stock is owned by institutional investors and hedge funds.

Appian Price Performance

The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -27.37 and a beta of 1.57. The business has a fifty day moving average of $33.35 and a 200 day moving average of $32.24.

Appian Company Profile

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.