Appian (NASDAQ:APPN) Announces Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Appian (NASDAQ:APPNGet Rating) posted its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.16, Fidelity Earnings reports. Appian had a negative return on equity of 37.92% and a negative net margin of 29.34%. The firm had revenue of $110.06 million for the quarter, compared to analyst estimates of $103.97 million. During the same period in the previous year, the firm earned ($0.31) earnings per share. Appian’s quarterly revenue was up 32.6% on a year-over-year basis.

Appian Stock Performance

Shares of APPN stock opened at $54.46 on Friday. The stock has a 50 day moving average price of $48.94 and a two-hundred day moving average price of $52.42. The company has a market capitalization of $3.94 billion, a P/E ratio of -31.66 and a beta of 1.60. Appian has a fifty-two week low of $38.78 and a fifty-two week high of $115.68.

Insider Activity

In related news, major shareholder Abdiel Capital Management, Llc acquired 58,462 shares of the firm’s stock in a transaction dated Monday, May 9th. The stock was purchased at an average cost of $44.69 per share, with a total value of $2,612,666.78. Following the completion of the acquisition, the insider now directly owns 7,000,034 shares of the company’s stock, valued at $312,831,519.46. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Appian news, CRO Eric Calvin Cross sold 8,936 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $56.61, for a total transaction of $505,866.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Abdiel Capital Management, Llc purchased 58,462 shares of the stock in a transaction that occurred on Monday, May 9th. The stock was purchased at an average price of $44.69 per share, with a total value of $2,612,666.78. Following the acquisition, the insider now directly owns 7,000,034 shares of the company’s stock, valued at approximately $312,831,519.46. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 417,030 shares of company stock valued at $18,924,261 and have sold 16,082 shares valued at $908,684. Insiders own 43.90% of the company’s stock.

Institutional Trading of Appian

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new position in Appian during the first quarter valued at approximately $109,000. Penserra Capital Management LLC lifted its stake in shares of Appian by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,818 shares of the company’s stock valued at $110,000 after purchasing an additional 606 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Appian by 13.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the company’s stock valued at $153,000 after purchasing an additional 305 shares during the last quarter. Federated Hermes Inc. acquired a new position in shares of Appian in the first quarter valued at approximately $199,000. Finally, Canada Pension Plan Investment Board acquired a new position in Appian during the 1st quarter worth approximately $230,000. Institutional investors and hedge funds own 80.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Berenberg Bank began coverage on shares of Appian in a research note on Friday, June 10th. They issued a “buy” rating and a $63.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Appian in a research note on Wednesday, April 27th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Barclays decreased their price target on shares of Appian from $47.00 to $42.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.33.

About Appian

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Appian Corporation provides low-code automation platform in the United States and internationally. The company's platform automates the creation of forms, workflows, data structures, reports, user interfaces, and other software elements that are needed to be manually coded. The company also offers professional and customer support services.

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Earnings History for Appian (NASDAQ:APPN)

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