Appian (NASDAQ:APPN) Cut to Hold at BidaskClub

Appian (NASDAQ:APPN) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, BidAskClub reports.

APPN has been the topic of a number of other reports. SunTrust Banks upped their price objective on Appian from $32.00 to $46.00 and gave the company a “hold” rating in a report on Friday, August 9th. Zacks Investment Research cut Appian from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Barclays set a $41.00 price objective on Appian and gave the company a “hold” rating in a report on Friday, August 9th. Finally, ValuEngine cut Appian from a “buy” rating to a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Appian has an average rating of “Hold” and a consensus target price of $38.16.

Shares of Appian stock traded down $0.50 on Thursday, hitting $41.77. 5,146 shares of the company were exchanged, compared to its average volume of 658,126. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -52.03 and a beta of 0.99. The company has a 50-day moving average price of $46.23 and a 200 day moving average price of $42.28. Appian has a 1-year low of $24.03 and a 1-year high of $62.94. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.02.

Appian (NASDAQ:APPN) last issued its earnings results on Thursday, October 31st. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The business had revenue of $69.39 million for the quarter, compared to analysts’ expectations of $65.26 million. Appian had a negative return on equity of 61.04% and a negative net margin of 20.80%. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.13) EPS. Research analysts forecast that Appian will post -0.79 EPS for the current year.

In related news, Director Michael G. Devine sold 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.00, for a total transaction of $675,000.00. Following the completion of the transaction, the director now owns 22,514 shares in the company, valued at $1,013,130. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Prashanth Boccassam sold 3,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $46.40, for a total transaction of $139,200.00. Following the transaction, the director now owns 110,582 shares of the company’s stock, valued at approximately $5,131,004.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 599,113 shares of company stock valued at $32,662,886. Insiders own 50.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Bank of Montreal Can boosted its stake in shares of Appian by 242.1% during the second quarter. Bank of Montreal Can now owns 3,678 shares of the company’s stock worth $133,000 after buying an additional 2,603 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Appian by 9.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 24,130 shares of the company’s stock worth $866,000 after buying an additional 2,094 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Appian by 54.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 14,638 shares of the company’s stock worth $528,000 after buying an additional 5,138 shares during the period. Aubrey Capital Management Ltd acquired a new stake in shares of Appian during the second quarter worth about $3,535,000. Finally, Northern Trust Corp boosted its stake in shares of Appian by 193.8% during the second quarter. Northern Trust Corp now owns 185,645 shares of the company’s stock worth $6,695,000 after buying an additional 122,460 shares during the period. Hedge funds and other institutional investors own 35.96% of the company’s stock.

About Appian

Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.

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Analyst Recommendations for Appian (NASDAQ:APPN)

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