Zacks Investment Research Upgrades Appian (NASDAQ:APPN) to Buy

Appian (NASDAQ:APPNGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $60.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 16.12% from the company’s current price.

According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial dropped their price target on shares of Appian from $100.00 to $65.00 in a research note on Friday, February 18th. Morgan Stanley reissued a “hold” rating and issued a $60.00 price target on shares of Appian in a research note on Friday, February 18th. Finally, Barclays dropped their price target on shares of Appian from $47.00 to $42.00 and set an “underweight” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $79.50.

Shares of NASDAQ:APPN traded down $2.13 during trading on Wednesday, hitting $51.67. 11,570 shares of the stock traded hands, compared to its average volume of 543,175. The company has a market cap of $3.68 billion, a price-to-earnings ratio of -41.28 and a beta of 1.70. The company has a fifty day moving average price of $57.16 and a two-hundred day moving average price of $68.53. Appian has a 52-week low of $46.85 and a 52-week high of $149.82.

Appian (NASDAQ:APPNGet Rating) last posted its earnings results on Thursday, February 17th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $104.99 million during the quarter, compared to analyst estimates of $95.28 million. Appian had a negative net margin of 24.00% and a negative return on equity of 27.17%. During the same period in the previous year, the firm earned ($0.09) EPS. As a group, equities research analysts anticipate that Appian will post -1.05 EPS for the current fiscal year.

In other news, major shareholder Abdiel Capital Management, Llc purchased 26,500 shares of the stock in a transaction dated Monday, January 24th. The shares were purchased at an average price of $48.41 per share, with a total value of $1,282,865.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have bought 471,350 shares of company stock worth $25,265,049. Corporate insiders own 43.90% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Signaturefd LLC increased its holdings in Appian by 23.7% in the 3rd quarter. Signaturefd LLC now owns 715 shares of the company’s stock valued at $66,000 after purchasing an additional 137 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Appian by 5.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 3,013 shares of the company’s stock valued at $279,000 after buying an additional 150 shares during the period. Cetera Investment Advisers boosted its position in Appian by 7.4% in the 3rd quarter. Cetera Investment Advisers now owns 2,218 shares of the company’s stock valued at $205,000 after buying an additional 152 shares during the period. Legal & General Group Plc boosted its position in Appian by 0.6% in the 4th quarter. Legal & General Group Plc now owns 33,299 shares of the company’s stock valued at $2,172,000 after buying an additional 191 shares during the period. Finally, Advisory Services Network LLC lifted its position in shares of Appian by 0.7% during the 3rd quarter. Advisory Services Network LLC now owns 26,920 shares of the company’s stock worth $2,490,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 81.02% of the company’s stock.

About Appian (Get Rating)

Appian Corporation provides low-code automation platform in the United States and internationally. The company's platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that are needed to be manually coded. The company also offers professional and customer support services.

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Analyst Recommendations for Appian (NASDAQ:APPN)

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