Appian (NASDAQ:APPN) Releases Q1 2024 Earnings Guidance

Appian (NASDAQ:APPN - Get Free Report) issued an update on its first quarter 2024 earnings guidance on Saturday morning. The company provided earnings per share (EPS) guidance of -0.210--0.160 for the period, compared to the consensus estimate of -0.180. The company issued revenue guidance of $148.0 million-$150.0 million, compared to the consensus revenue estimate of $149.5 million. Appian also updated its FY 2024 guidance to -0.730--0.660 EPS.

Appian Stock Up 2.1 %

NASDAQ:APPN traded up $0.78 on Friday, hitting $38.03. 321,518 shares of the company's stock traded hands, compared to its average volume of 540,082. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.68. Appian has a 1 year low of $30.87 and a 1 year high of $54.26. The firm has a 50-day moving average price of $35.48 and a 200-day moving average price of $37.39. The company has a market cap of $2.79 billion, a PE ratio of -24.86 and a beta of 1.46.

Appian (NASDAQ:APPN - Get Free Report) last released its earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.33. Appian had a negative return on equity of 127.40% and a negative net margin of 20.43%. The company had revenue of $145.32 million for the quarter, compared to analysts' expectations of $140.41 million. Equities analysts anticipate that Appian will post -0.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays lowered their price target on Appian from $40.00 to $35.00 and set an underweight rating for the company in a research note on Friday, January 12th. William Blair reissued an outperform rating on shares of Appian in a research note on Wednesday, March 20th. Citigroup boosted their target price on Appian from $48.00 to $52.00 and gave the stock a neutral rating in a report on Friday, March 22nd. KeyCorp boosted their target price on Appian from $45.00 to $50.00 and gave the stock an overweight rating in a report on Friday, February 16th. Finally, DA Davidson reduced their target price on Appian from $55.00 to $52.00 and set a buy rating for the company in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $48.71.

Insider Transactions at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the completion of the transaction, the insider now directly owns 5,890,304 shares in the company, valued at $191,081,461.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 43.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of APPN. Vanguard Group Inc. increased its position in shares of Appian by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 4,689,370 shares of the company's stock valued at $176,602,000 after purchasing an additional 132,827 shares during the period. BlackRock Inc. increased its position in shares of Appian by 7.7% during the second quarter. BlackRock Inc. now owns 2,933,839 shares of the company's stock valued at $139,651,000 after purchasing an additional 208,857 shares during the period. State Street Corp increased its position in shares of Appian by 2.5% during the second quarter. State Street Corp now owns 873,935 shares of the company's stock valued at $41,599,000 after purchasing an additional 21,046 shares during the period. Geode Capital Management LLC increased its position in shares of Appian by 5.0% during the second quarter. Geode Capital Management LLC now owns 846,139 shares of the company's stock valued at $40,276,000 after purchasing an additional 40,132 shares during the period. Finally, Morgan Stanley increased its position in shares of Appian by 40.0% during the fourth quarter. Morgan Stanley now owns 530,277 shares of the company's stock valued at $17,266,000 after purchasing an additional 151,482 shares during the period. 52.70% of the stock is currently owned by institutional investors and hedge funds.

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.