Appian (NASDAQ:APPN) Shares Down 4.8% – Here’s What Happened

Shares of Appian Corporation (NASDAQ:APPN) fell 4.8% during trading on Wednesday . The stock traded as low as $38.51 and last traded at $38.9670. 415,090 shares changed hands during trading, a decline of 42% from the average session volume of 714,012 shares. The stock had previously closed at $40.93.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley raised their price target on shares of Appian from $29.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Zacks Research downgraded shares of Appian from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. DA Davidson assumed coverage on shares of Appian in a report on Friday, November 7th. They issued a “hold” rating and a $38.00 price target on the stock. Barclays increased their price objective on Appian from $33.00 to $37.00 and gave the company an “underweight” rating in a report on Friday, November 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Appian in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Appian presently has a consensus rating of “Reduce” and a consensus price target of $39.00.

Appian Trading Up 4.0%

The firm has a market cap of $3.02 billion, a price-to-earnings ratio of -409.56 and a beta of 0.84. The company has a fifty day moving average price of $34.66 and a 200-day moving average price of $31.76.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.27. The company had revenue of $187.00 million for the quarter, compared to analysts’ expectations of $174.11 million. During the same quarter in the prior year, the business posted $0.15 earnings per share. The firm’s revenue was up 21.4% compared to the same quarter last year. As a group, research analysts forecast that Appian Corporation will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Appian

Several hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in Appian by 347,121.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,579,858 shares of the company’s stock valued at $45,516,000 after purchasing an additional 1,579,403 shares during the last quarter. Wolf Hill Capital Management LP grew its holdings in shares of Appian by 298.1% during the third quarter. Wolf Hill Capital Management LP now owns 995,210 shares of the company’s stock worth $30,424,000 after buying an additional 745,210 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Appian by 13.0% in the third quarter. Vanguard Group Inc. now owns 5,935,948 shares of the company’s stock valued at $181,462,000 after buying an additional 681,643 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Appian by 86.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,291,124 shares of the company’s stock worth $39,470,000 after buying an additional 600,336 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Appian by 182.7% during the second quarter. Bank of America Corp DE now owns 237,421 shares of the company’s stock worth $7,089,000 after acquiring an additional 524,420 shares during the last quarter. 52.70% of the stock is owned by hedge funds and other institutional investors.

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.