Appian (NASDAQ:APPN) Upgraded at DA Davidson

Appian (NASDAQ:APPN - Get Free Report) was upgraded by equities research analysts at DA Davidson to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Barclays increased their target price on Appian from $28.00 to $33.00 and gave the company an "underweight" rating in a report on Friday, May 9th. Citigroup raised their price objective on Appian from $40.00 to $41.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Scotiabank cut their price objective on Appian from $37.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Finally, Morgan Stanley raised their price objective on Appian from $27.00 to $29.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Appian currently has an average rating of "Hold" and an average price target of $36.29.

Appian Stock Performance

NASDAQ:APPN opened at $29.24 on Tuesday. The stock has a 50-day simple moving average of $30.61 and a 200-day simple moving average of $31.13. The stock has a market cap of $2.17 billion, a P/E ratio of -35.23 and a beta of 1.72. Appian has a 1 year low of $24.00 and a 1 year high of $43.33.

Appian (NASDAQ:APPN - Get Free Report) last announced its 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 firm had revenue of $166.43 million during the quarter, compared to analyst estimates of $163.27 million. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company earned ($0.24) earnings per share. On average, equities research analysts predict that Appian will post -0.28 EPS for the current year.

Insider Activity at Appian

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 transaction of $328,652.50. Following the sale, the insider directly owned 7,736,491 shares of the company's stock, valued at $243,312,641.95. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 2,018,625 shares of company stock worth $64,544,615. 44.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Appian

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Appian by 7.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,386 shares of the company's stock worth $221,000 after buying an additional 507 shares during the last quarter. Rhumbline Advisers increased its position in Appian by 4.4% during the first quarter. Rhumbline Advisers now owns 60,088 shares of the company's stock worth $1,731,000 after buying an additional 2,528 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Appian during the first quarter worth $2,300,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Appian by 2.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 90,080 shares of the company's stock worth $2,595,000 after buying an additional 2,244 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Appian by 2.2% during the first quarter. Goldman Sachs Group Inc. now owns 385,731 shares of the company's stock worth $11,113,000 after buying an additional 8,319 shares during the last quarter. 52.70% of the stock is owned by institutional investors and hedge funds.

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.

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