Appian (NASDAQ:APPN) Upgraded to “Buy” at DA Davidson

DA Davidson upgraded shares of Appian (NASDAQ:APPN) from a neutral rating to a buy rating in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $55.00 target price on the stock, up from their prior target price of $50.00.

Several other analysts also recently issued reports on APPN. Morgan Stanley lifted their price target on shares of Appian from $43.00 to $47.00 and gave the company an equal weight rating in a research report on Friday, August 4th. Citigroup reduced their price target on shares of Appian from $56.00 to $48.00 and set a neutral rating for the company in a research report on Tuesday, October 24th. KeyCorp lifted their price target on shares of Appian from $50.00 to $63.00 and gave the company an overweight rating in a research report on Friday, July 21st. Truist Financial lifted their price target on shares of Appian from $50.00 to $55.00 and gave the company a buy rating in a research report on Monday, August 7th. Finally, Barclays reduced their price target on shares of Appian from $41.00 to $35.00 and set an underweight rating for the company in a research report on Thursday, October 12th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $47.00.

Appian Price Performance

Appian stock opened at $38.25 on Tuesday. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -20.56 and a beta of 1.60. Appian has a 52-week low of $29.80 and a 52-week high of $54.26. The stock’s 50 day moving average price is $44.05 and its two-hundred day moving average price is $44.80. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.19 and a current ratio of 1.19.

Insiders Place Their Bets

In other Appian news, CFO Mark Matheos sold 13,068 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $50.15, for a total value of $655,360.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CRO Christopher M. Jones sold 4,500 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $50.11, for a total transaction of $225,495.00. Following the completion of the sale, the executive now owns 7,983 shares of the company’s stock, valued at $400,028.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Matheos sold 13,068 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $50.15, for a total value of $655,360.20. The disclosure for this sale can be found here. Insiders sold a total of 797,568 shares of company stock valued at $33,460,255 over the last quarter. 43.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Appian

A number of institutional investors have recently added to or reduced their stakes in APPN. Quarry LP bought a new position in Appian in the first quarter worth $27,000. Nisa Investment Advisors LLC increased its holdings in shares of Appian by 850.0% during the first quarter. Nisa Investment Advisors LLC now owns 760 shares of the company’s stock valued at $34,000 after acquiring an additional 680 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Appian by 44.1% during the second quarter. Captrust Financial Advisors now owns 1,321 shares of the company’s stock valued at $63,000 after acquiring an additional 404 shares in the last quarter. FMR LLC increased its holdings in shares of Appian by 34.8% during the first quarter. FMR LLC now owns 1,902 shares of the company’s stock valued at $84,000 after acquiring an additional 491 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Appian by 144.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,803 shares of the company’s stock valued at $86,000 after acquiring an additional 1,065 shares in the last quarter. Institutional investors own 41.15% of the company’s stock.

About Appian

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.