Appian (NASDAQ:APPN) Issues FY24 Earnings Guidance

Appian (NASDAQ:APPN) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of ($0.61)-($0.52) for the period, compared to the consensus earnings per share estimate of ($0.55). The company issued revenue guidance of $610-615 million, compared to the consensus revenue estimate of $612.04 million. Appian also updated its FY 2024 guidance to -0.610–0.520 EPS.

Appian Stock Down 2.6 %

APPN opened at $31.31 on Friday. The stock’s 50 day moving average price is $31.72 and its two-hundred day moving average price is $32.69. The firm has a market capitalization of $2.26 billion, a P/E ratio of -21.30 and a beta of 1.57. Appian has a 12-month low of $26.28 and a 12-month high of $44.28.

Appian (NASDAQ:APPN) last announced its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. The business had revenue of $146.50 million for the quarter, compared to analyst estimates of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 532.05%. Appian’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.55) earnings per share. As a group, analysts anticipate that Appian will post -1.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on APPN shares. The Goldman Sachs Group reduced their target price on shares of Appian from $47.00 to $41.00 and set a buy rating for the company in a research note on Friday, August 2nd. Barclays reduced their price objective on Appian from $32.00 to $29.00 and set an underweight rating for the company in a research report on Monday, August 5th. KeyCorp cut Appian from an overweight rating to a sector weight rating in a research report on Friday, August 2nd. DA Davidson cut Appian from a strong-buy rating to a hold rating in a research report on Wednesday, July 31st. Finally, William Blair downgraded shares of Appian from an outperform rating to a market perform rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Appian has a consensus rating of Hold and a consensus price target of $39.20.

Insider Transactions at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp purchased 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $27.11 per share, with a total value of $4,066,500.00. Following the purchase, the insider now directly owns 8,255,847 shares in the company, valued at $223,816,012.17. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders purchased 1,761,776 shares of company stock valued at $57,130,976. Corporate insiders own 44.00% of the company’s stock.

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.