Appian (NASDAQ:APPN) Trading Down 2.5% – Here’s What Happened

Appian Co. (NASDAQ:APPN)’s share price was down 2.5% during trading on Friday . The stock traded as low as $31.16 and last traded at $31.32. Approximately 266,143 shares changed hands during trading, a decline of 51% from the average daily volume of 540,599 shares. The stock had previously closed at $32.13.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. DA Davidson downgraded Appian from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 31st. Barclays cut their price objective on shares of Appian from $32.00 to $29.00 and set an “underweight” rating for the company in a report on Monday, August 5th. The Goldman Sachs Group lowered their target price on shares of Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. William Blair lowered Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, KeyCorp downgraded Appian from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Appian currently has an average rating of “Hold” and an average target price of $39.20.

Appian Stock Performance

The company has a 50 day simple moving average of $31.69 and a 200 day simple moving average of $32.78. The company has a market capitalization of $2.27 billion, a PE ratio of -21.23 and a beta of 1.57.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. The business had revenue of $146.50 million during the quarter, compared to analyst estimates of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 532.05%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.55) earnings per share. As a group, equities research analysts anticipate that Appian Co. will post -1.07 EPS for the current year.

Insider Transactions at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp acquired 150,000 shares of Appian stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $27.11 per share, for a total transaction of $4,066,500.00. Following the completion of the transaction, the insider now owns 8,255,847 shares in the company, valued at $223,816,012.17. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 1,761,776 shares of company stock worth $57,130,976 in the last ninety days. Insiders own 44.00% of the company’s stock.

Institutional Investors Weigh In On Appian

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hawk Ridge Capital Management LP increased its holdings in shares of Appian by 14.5% during the 4th quarter. Hawk Ridge Capital Management LP now owns 1,859,877 shares of the company’s stock worth $70,043,000 after buying an additional 236,230 shares during the last quarter. Vanguard Group Inc. raised its position in Appian by 2.9% in 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. Quadrature Capital Ltd acquired a new position in shares of Appian in the 4th quarter valued at $210,000. Los Angeles Capital Management LLC grew its holdings in shares of Appian by 14.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 23,285 shares of the company’s stock worth $930,000 after purchasing an additional 2,881 shares during the period. Finally, Principal Financial Group Inc. acquired a new stake in shares of Appian during the 1st quarter worth about $220,000. 52.70% of the stock is currently 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.