Appian Corporation (NASDAQ:APPN) Receives $35.50 Average Price Target from Brokerages

Appian Corporation (NASDAQ:APPN - Get Free Report) has been assigned an average rating of "Hold" from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $35.50.

APPN has been the subject of several recent research reports. Scotiabank dropped their target price on shares of Appian from $37.00 to $34.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. DA Davidson upgraded Appian to a "hold" rating in a research report on Tuesday, July 22nd. Barclays lifted their price objective on Appian from $28.00 to $33.00 and gave the stock an "underweight" rating in a research report on Friday, May 9th. Morgan Stanley raised their target price on shares of Appian from $27.00 to $29.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, Citigroup increased their price target on Appian from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th.

Appian Price Performance

NASDAQ APPN traded up $0.09 on Thursday, hitting $29.61. 908,134 shares of the company's stock were exchanged, compared to its average volume of 694,636. The firm's 50-day moving average price is $30.29 and its two-hundred day moving average price is $30.97. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -35.67 and a beta of 1.72. Appian has a fifty-two week low of $24.00 and a fifty-two week high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.10. The company had revenue of $166.43 million during the quarter, compared to analysts' expectations of $163.27 million. During the same quarter in the prior year, the business earned ($0.24) EPS. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts predict that Appian will post -0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Appian news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $31.45, for a total value of $328,652.50. Following the transaction, the insider owned 7,736,491 shares in the company, valued at $243,312,641.95. The trade was a 0.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 2,018,625 shares of company stock worth $64,544,615. 43.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Appian

A number of hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in Appian in the fourth quarter valued at $1,688,000. Geode Capital Management LLC increased its holdings in Appian by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 972,203 shares of the company's stock valued at $32,071,000 after buying an additional 14,710 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Appian by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 5,028,472 shares of the company's stock worth $165,839,000 after buying an additional 23,890 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Appian by 1,244.8% in the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock worth $125,000 after acquiring an additional 3,498 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Appian by 418.8% in the 4th quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company's stock valued at $5,303,000 after acquiring an additional 129,800 shares during the last quarter. Institutional investors and hedge funds 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.