Appian (NASDAQ:APPN) Shares Gap Down on Analyst Downgrade

Appian Co. (NASDAQ:APPN)’s share price gapped down prior to trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $58.00 to $50.00. The stock had previously closed at $41.72, but opened at $38.95. The Goldman Sachs Group currently has a buy rating on the stock. Appian shares last traded at $40.00, with a volume of 59,916 shares.

Other research analysts also recently issued research reports about the stock. KeyCorp upped their target price on shares of Appian from $50.00 to $63.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Citigroup decreased their price target on shares of Appian from $56.00 to $48.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 24th. Truist Financial boosted their price target on shares of Appian from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, August 7th. Morgan Stanley boosted their price target on shares of Appian from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Friday, August 4th. Finally, Barclays decreased their price target on shares of Appian from $41.00 to $35.00 and set an “underweight” rating on the stock in a research note on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $45.13.

Insider Activity

In other news, CFO Mark Matheos sold 13,068 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $50.15, for a total transaction of $655,360.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Mark Matheos sold 13,068 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $50.15, for a total transaction of $655,360.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Abdiel Capital Advisors, Lp sold 750,000 shares of the company’s stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $41.43, for a total transaction of $31,072,500.00. Following the sale, the insider now owns 9,371,954 shares in the company, valued at $388,280,054.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 797,568 shares of company stock worth $33,460,255. 43.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Appian

Hedge funds have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its holdings in Appian by 4.1% during the 1st quarter. Chicago Partners Investment Group LLC now owns 33,540 shares of the company’s stock valued at $1,284,000 after purchasing an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Appian during the 1st quarter valued at about $116,000. Jump Financial LLC bought a new position in Appian during the 1st quarter valued at about $923,000. Victory Capital Management Inc. bought a new position in Appian during the 1st quarter valued at about $200,000. Finally, Lattice Capital Management LLC bought a new position in Appian during the 1st quarter valued at about $217,000. 41.15% of the stock is currently owned by institutional investors.

Appian Price Performance

The company has a market capitalization of $2.92 billion, a P/E ratio of -18.39 and a beta of 1.60. The firm’s fifty day moving average is $44.23 and its 200 day moving average is $44.79. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.34 and a current ratio of 1.34.

Appian (NASDAQ:APPN) last issued its earnings results on Thursday, August 3rd. The company reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.02. The business had revenue of $127.72 million for the quarter, compared to the consensus estimate of $123.94 million. Appian had a negative net margin of 31.11% and a negative return on equity of 112.32%. As a group, analysts predict that Appian Co. will post -1.73 earnings per share for the current fiscal year.

Appian Company Profile

Appian Corporation provides low-code process automation platform in the United States and internationally. The company's platform offers workflow, artificial intelligence, robotic process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize end-to-end processes and complex business operations.