Weekly Analysts’ Ratings Changes for Appian (APPN)

Several analysts have recently updated their ratings and price targets for Appian (NASDAQ: APPN):

• 8/5/2024 – Appian had its price target lowered by analysts at Barclays PLC from $32.00 to $29.00. They now have an “underweight” rating on the stock.
• 8/2/2024 – Appian was downgraded by analysts at KeyCorp from an “overweight” rating to a “sector weight” rating.
• 8/2/2024 – Appian had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $47.00 to $41.00. They now have a “buy” rating on the stock.
• 8/1/2024 – Appian was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating.
• 7/31/2024 – Appian was downgraded by analysts at DA Davidson from a “strong-buy” rating to a “hold” rating.
• 7/30/2024 – Appian had its “neutral” rating reaffirmed by analysts at DA Davidson. They now have a $33.00 price target on the stock, down previously from $48.00.
• 7/24/2024 – Appian had its price target raised by analysts at KeyCorp from $37.00 to $41.00. They now have an “overweight” rating on the stock.

Appian Stock Performance

NASDAQ:APPN opened at $31.23 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.68. The company has a market cap of $2.26 billion, a P/E ratio of -21.24 and a beta of 1.47. Appian Co. has a fifty-two week low of $26.28 and a fifty-two week high of $52.99. The firm’s 50 day moving average is $31.30 and its two-hundred day moving average is $33.40.

Appian (NASDAQ:APPN) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. The company had revenue of $146.50 million for the quarter, compared to the consensus estimate of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 234.57%. Appian’s revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.55) earnings per share. Analysts expect that Appian Co. will post -1.38 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Abdiel Capital Advisors, Lp purchased 266,976 shares of the business’s stock in a transaction on Friday, August 16th. The shares were bought at an average price of $30.50 per share, with a total value of $8,142,768.00. Following the completion of the purchase, the insider now directly owns 9,644,390 shares in the company, valued at approximately $294,153,895. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Appian news, Director Albert G.W. Biddle III bought 3,225 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $28.02 per share, with a total value of $90,364.50. Following the purchase, the director now owns 19,689 shares in the company, valued at approximately $551,685.78. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Abdiel Capital Advisors, Lp bought 266,976 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was acquired at an average cost of $30.50 per share, for a total transaction of $8,142,768.00. Following the purchase, the insider now owns 9,644,390 shares in the company, valued at approximately $294,153,895. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,201,127 shares of company stock valued at $70,835,299 over the last quarter. Company insiders own 44.00% of the company’s stock.

Hedge Funds Weigh In On Appian

A number of hedge funds have recently made changes to their positions in APPN. Algert Global LLC increased its stake in Appian by 7.7% during the 2nd quarter. Algert Global LLC now owns 50,263 shares of the company’s stock worth $1,551,000 after buying an additional 3,614 shares during the period. The Manufacturers Life Insurance Company increased its stake in Appian by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,002 shares of the company’s stock worth $648,000 after buying an additional 689 shares during the period. Deerfield Management Company L.P. Series C purchased a new stake in Appian during the 2nd quarter worth $433,000. Empyrean Capital Partners LP purchased a new stake in Appian during the 2nd quarter worth $7,715,000. Finally, AQR Capital Management LLC increased its stake in Appian by 25.8% during the 2nd quarter. AQR Capital Management LLC now owns 78,150 shares of the company’s stock worth $2,412,000 after buying an additional 16,031 shares during the period. Hedge funds and other institutional investors own 52.70% of the company’s stock.

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.