Appian (NASDAQ:APPN) Stock Price Down 6.7% - What's Next?

Appian Corporation (NASDAQ:APPN - Get Free Report) was down 6.7% during trading on Friday . The stock traded as low as $28.09 and last traded at $28.10. Approximately 412,307 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 557,499 shares. The stock had previously closed at $30.12.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup boosted their price target on Appian from $40.00 to $41.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley boosted their price target on Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. DA Davidson upgraded Appian to a "hold" rating in a research note on Monday, June 9th. Barclays boosted their price target on Appian from $28.00 to $33.00 and gave the company an "underweight" rating in a research note on Friday, May 9th. Finally, Scotiabank cut their price target on Appian from $37.00 to $34.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Appian has an average rating of "Hold" and an average price target of $36.29.

Appian Stock Performance

The stock has a market capitalization of $2.09 billion, a PE ratio of -33.98 and a beta of 1.75. The stock has a 50-day moving average price of $30.60 and a two-hundred day moving average price of $32.11.

Appian (NASDAQ:APPN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. The business had revenue of $166.43 million during the quarter, compared to analysts' expectations of $163.27 million. During the same period in the prior year, the firm posted ($0.24) earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Appian Corporation will post -0.28 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Abdiel Capital Advisors, Lp sold 10,450 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $31.45, for a total transaction of $328,652.50. Following the sale, the insider now directly owns 7,736,491 shares of the company's stock, valued at $243,312,641.95. This represents a 0.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 2,258,145 shares of company stock valued at $71,160,372. Corporate insiders own 43.00% of the company's stock.

Hedge Funds Weigh In On Appian

Several large investors have recently modified their holdings of APPN. Point72 Hong Kong Ltd bought a new position in shares of Appian during the 4th quarter valued at approximately $35,000. Concord Wealth Partners increased its position in shares of Appian by 21.7% during the 1st quarter. Concord Wealth Partners now owns 2,581 shares of the company's stock valued at $74,000 after purchasing an additional 461 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Appian by 27.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company's stock valued at $76,000 after purchasing an additional 500 shares during the last quarter. Headlands Technologies LLC increased its position in shares of Appian by 2,052.0% during the 1st quarter. Headlands Technologies LLC now owns 4,218 shares of the company's stock valued at $122,000 after purchasing an additional 4,022 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Appian by 1,244.8% during the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock valued at $125,000 after purchasing an additional 3,498 shares during the last quarter. 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.