Appian (NASDAQ:APPN) Shares Gap Up – Here’s What Happened

Appian Co. (NASDAQ:APPN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $32.04, but opened at $38.11. Appian shares last traded at $37.26, with a volume of 501,794 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Scotiabank began coverage on Appian in a research report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 target price for the company. KeyCorp reiterated a “sector weight” rating on shares of Appian in a research note on Tuesday, January 14th. Finally, Barclays increased their price objective on shares of Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Appian has a consensus rating of “Hold” and a consensus target price of $40.17.

Appian Stock Performance

The company’s 50-day moving average price is $34.20 and its 200 day moving average price is $34.06. The stock has a market cap of $2.85 billion, a PE ratio of -26.46 and a beta of 1.64.

Appian (NASDAQ:APPN) last announced its earnings results on Wednesday, February 19th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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%. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 earnings per share. On average, sell-side analysts anticipate that Appian Co. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William D. Mccarthy sold 700 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares of the company’s stock, valued at approximately $308,921.48. This represents a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 44.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Appian

Hedge funds have recently modified their holdings of the company. Creative Planning lifted its stake in shares of Appian by 22.3% during the 3rd quarter. Creative Planning now owns 8,197 shares of the company’s stock valued at $280,000 after buying an additional 1,493 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Appian in the third quarter valued at about $29,000. Chicago Partners Investment Group LLC boosted its stake in shares of Appian by 9.7% in the third quarter. Chicago Partners Investment Group LLC now owns 26,314 shares of the company’s stock worth $898,000 after acquiring an additional 2,337 shares during the period. GSA Capital Partners LLP grew its position in shares of Appian by 354.7% during the third quarter. GSA Capital Partners LLP now owns 57,630 shares of the company’s stock worth $1,967,000 after purchasing an additional 44,957 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in Appian during the 3rd quarter valued at approximately $266,000. 52.70% of the stock is currently owned by institutional investors.

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.