DA Davidson Has Lowered Expectations for Appian (NASDAQ:APPN) Stock Price

Appian (NASDAQ:APPN) had its target price cut by equities researchers at DA Davidson from $40.00 to $28.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective points to a potential upside of 2.08% from the company’s previous close.

A number of other brokerages have also issued reports on APPN. KeyCorp reissued a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. Scotiabank initiated coverage on Appian in a report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 price objective for the company. One equities 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’s stock. According to data from MarketBeat, Appian has a consensus rating of “Hold” and an average price target of $36.80.

Appian Stock Performance

Shares of APPN opened at $27.43 on Monday. Appian has a fifty-two week low of $24.00 and a fifty-two week high of $43.33. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -21.77 and a beta of 1.78. The firm has a 50 day moving average price of $30.61 and a 200-day moving average price of $33.64.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The business had revenue of $166.70 million for the quarter, compared to analysts’ expectations of $164.31 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. During the same quarter in the previous year, the company earned $0.06 earnings per share. The business’s quarterly revenue was up 14.7% on a year-over-year basis. As a group, equities research analysts predict that Appian will post -0.28 earnings per share for the current year.

Insider Activity at Appian

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $33.21, for a total value of $32,877.90. Following the completion of the transaction, the director now owns 29,348 shares of the company’s stock, valued at approximately $974,647.08. The trade was a 3.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Abdiel Capital Advisors, Lp sold 57,975 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $29.52, for a total transaction of $1,711,422.00. Following the sale, the insider now directly owns 10,121,563 shares in the company, valued at approximately $298,788,539.76. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,407 shares of company stock valued at $5,616,122 in the last 90 days. Corporate insiders own 44.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APPN. Barclays PLC boosted its stake in shares of Appian by 285.9% in the 3rd quarter. Barclays PLC now owns 71,771 shares of the company’s stock worth $2,451,000 after buying an additional 53,172 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Appian during the 4th quarter valued at about $1,688,000. Handelsbanken Fonder AB increased its position in shares of Appian by 14.7% during the 4th quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company’s stock valued at $284,000 after purchasing an additional 1,100 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Appian by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 5,028,472 shares of the company’s stock worth $165,839,000 after purchasing an additional 23,890 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Appian by 0.6% in the third quarter. Geode Capital Management LLC now owns 957,493 shares of the company’s stock worth $32,695,000 after buying an additional 5,772 shares during the last quarter. Institutional investors own 52.70% of the company’s stock.

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.