DA Davidson Reaffirms Neutral Rating for Appian (NASDAQ:APPN)

DA Davidson restated their neutral rating on shares of Appian (NASDAQ:APPN) in a research report sent to investors on Monday, Benzinga reports. They currently have a $33.00 price target on the stock.

A number of other brokerages also recently commented on APPN. William Blair downgraded shares of Appian from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Barclays cut their price target on Appian from $32.00 to $29.00 and set an “underweight” rating for the company in a report on Monday, August 5th. KeyCorp cut Appian from an “overweight” rating to a “sector weight” rating in a report on Friday, August 2nd. Finally, The Goldman Sachs Group dropped their target price on Appian from $47.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $39.20.

Appian Price Performance

Shares of APPN opened at $31.11 on Monday. Appian has a 1-year low of $26.28 and a 1-year high of $44.28. The firm has a 50 day simple moving average of $31.93 and a 200-day simple moving average of $32.52. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -21.16 and a beta of 1.57.

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

Insider Transactions at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp bought 274,583 shares of Appian stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average price of $30.05 per share, for a total transaction of $8,251,219.15. Following the completion of the acquisition, the insider now owns 9,092,617 shares of the company’s stock, valued at $273,233,140.85. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought a total of 1,521,776 shares of company stock worth $48,666,576 in the last ninety days. Insiders own 44.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co increased its position in shares of Appian by 70.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company’s stock worth $18,922,000 after acquiring an additional 196,435 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Appian during the 1st quarter worth $1,708,000. Vanguard Group Inc. increased its holdings in Appian by 8.4% in the 1st quarter. Vanguard Group Inc. now owns 5,081,560 shares of the company’s stock valued at $203,008,000 after purchasing an additional 392,190 shares in the last quarter. 272 Capital LP purchased a new position in Appian in the second quarter valued at about $2,179,000. Finally, Empyrean Capital Partners LP purchased a new position in Appian in the second quarter valued at about $7,715,000. Hedge funds and other institutional investors own 52.70% 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.