Morgan Stanley upgraded shares of Appian (NASDAQ:APPN) from an underweight rating to an equal weight rating in a report published on Thursday morning, Benzinga reports. They currently have $36.00 price objective on the stock, up from their previous price objective of $30.00. The analysts noted that the move was a valuation call.
A number of other research analysts also recently issued reports on APPN. BidaskClub raised shares of Appian from a buy rating to a strong-buy rating in a research report on Friday, May 3rd. SunTrust Banks lifted their price objective on shares of Appian to $32.00 and gave the stock a hold rating in a research report on Monday, February 25th. Zacks Investment Research downgraded shares of Appian from a buy rating to a hold rating in a research report on Wednesday, February 27th. Goldman Sachs Group initiated coverage on shares of Appian in a research report on Friday, February 1st. They issued a sell rating and a $26.00 price objective on the stock. Finally, Barclays reaffirmed a hold rating and issued a $32.00 price objective on shares of Appian in a research report on Sunday, May 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $33.59.
NASDAQ:APPN opened at $34.70 on Thursday. Appian has a one year low of $22.61 and a one year high of $43.61. The stock has a market capitalization of $2.25 billion, a PE ratio of -43.38 and a beta of 1.79.
Appian (NASDAQ:APPN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.16) EPS for the quarter, meeting the consensus estimate of ($0.16). Appian had a negative net margin of 24.48% and a negative return on equity of 91.41%. The business had revenue of $59.58 million during the quarter, compared to analyst estimates of $59.71 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, sell-side analysts expect that Appian will post -0.83 earnings per share for the current year.
In other news, CFO Mark Steven Lynch sold 15,000 shares of Appian stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $34.14, for a total value of $512,100.00. Following the transaction, the chief financial officer now owns 16,950 shares of the company’s stock, valued at approximately $578,673. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert Charles Kramer sold 38,947 shares of Appian stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $35.61, for a total transaction of $1,386,902.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,224 shares of company stock worth $3,971,764. Insiders own 50.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Lindbrook Capital LLC grew its position in Appian by 50.0% during the 1st quarter. Lindbrook Capital LLC now owns 900 shares of the company’s stock worth $30,000 after purchasing an additional 300 shares during the last quarter. Great West Life Assurance Co. Can purchased a new stake in Appian during the 4th quarter worth approximately $38,000. IFP Advisors Inc grew its position in Appian by 29.6% during the 4th quarter. IFP Advisors Inc now owns 1,451 shares of the company’s stock worth $40,000 after purchasing an additional 331 shares during the last quarter. Advisor Group Inc. grew its position in Appian by 12.2% during the 4th quarter. Advisor Group Inc. now owns 2,759 shares of the company’s stock worth $74,000 after purchasing an additional 300 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in Appian during the 1st quarter worth approximately $85,000. 27.34% of the stock is currently owned by hedge funds and other institutional investors.
Appian Corporation provides low-code software development platform that enables organizations to develop various applications in the United States and internationally. The company's platform automates the creation of forms, data flows, records, reports, and other software elements that are needed to be manually coded or configured.
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