Appian (NASDAQ:APPN) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Appian Co. (NASDAQ:APPN) saw unusually-strong trading volume on Tuesday . Approximately 364,650 shares changed hands during trading, a decline of 33% from the previous session’s volume of 540,563 shares.The stock last traded at $32.09 and had previously closed at $31.88.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APPN shares. Barclays reduced their target price on Appian from $32.00 to $29.00 and set an “underweight” rating for the company in a research report on Monday, August 5th. KeyCorp cut shares of Appian from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 2nd. William Blair lowered shares of Appian from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. DA Davidson reissued a “neutral” rating and issued a $33.00 price target on shares of Appian in a research note on Monday. Finally, The Goldman Sachs Group lowered their price objective on shares of Appian from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Appian presently has an average rating of “Hold” and an average target price of $39.20.

Appian Stock Up 0.4 %

The firm’s 50-day simple moving average is $31.93 and its 200-day simple moving average is $32.52. The firm has a market capitalization of $2.25 billion, a PE ratio of -21.16 and a beta of 1.57.

Appian (NASDAQ:APPN) last issued its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.05. The company had revenue of $146.50 million during the quarter, compared to analysts’ expectations of $142.87 million. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. Appian’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.55) EPS. On average, equities research analysts forecast that Appian Co. will post -1.07 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Abdiel Capital Advisors, Lp purchased 150,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $27.11 per share, with a total value of $4,066,500.00. Following the transaction, the insider now directly owns 8,255,847 shares of the company’s stock, valued at approximately $223,816,012.17. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought a total of 1,521,776 shares of company stock valued at $48,666,576 over the last three months. 44.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Appian

A number of large investors have recently modified their holdings of APPN. Vanguard Group Inc. lifted its holdings in Appian by 8.4% in the first quarter. Vanguard Group Inc. now owns 5,081,560 shares of the company’s stock worth $203,008,000 after buying an additional 392,190 shares during the period. Baillie Gifford & Co. boosted its position in shares of Appian by 5.6% during the first quarter. Baillie Gifford & Co. now owns 1,756,419 shares of the company’s stock valued at $70,169,000 after purchasing an additional 93,251 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Appian by 70.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company’s stock valued at $18,922,000 after purchasing an additional 196,435 shares in the last quarter. Empyrean Capital Partners LP purchased a new stake in Appian in the second quarter worth $7,715,000. Finally, Edgestream Partners L.P. purchased a new position in Appian during the second quarter valued at $4,657,000. Institutional investors own 52.70% of the company’s stock.

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.