Appian (NASDAQ:APPN) Trading Down 6.2% – What’s Next?

Shares of Appian Corporation (NASDAQ:APPN) were down 6.2% during mid-day trading on Thursday . The company traded as low as $38.34 and last traded at $38.4050. Approximately 469,987 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 718,201 shares. The stock had previously closed at $40.95.

Wall Street Analysts Forecast Growth

APPN has been the subject of a number of analyst reports. Zacks Research raised shares of Appian from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 5th. Morgan Stanley increased their price target on Appian from $29.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 11th. Wall Street Zen raised Appian from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 6th. DA Davidson initiated coverage on shares of Appian in a report on Friday, November 7th. They issued a “hold” rating and a $38.00 price objective for the company. Finally, Cowen reiterated a “hold” rating on shares of Appian in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $39.00.

Appian Price Performance

The stock has a market capitalization of $2.81 billion, a P/E ratio of -380.66 and a beta of 0.84. The stock’s fifty day moving average is $35.56 and its two-hundred day moving average is $32.06.

Appian (NASDAQ:APPN) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.27. The company had revenue of $187.00 million for the quarter, compared to analyst estimates of $174.11 million. Appian’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the company posted $0.15 EPS. Analysts expect that Appian Corporation will post -0.28 EPS for the current year.

Institutional Investors Weigh In On Appian

Several hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Appian by 282.5% in the third quarter. EverSource Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $25,000 after purchasing an additional 599 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Appian by 693.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the company’s stock worth $30,000 after acquiring an additional 846 shares during the period. Allworth Financial LP grew its stake in Appian by 175.2% during the 3rd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after acquiring an additional 720 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Appian by 89.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock valued at $36,000 after purchasing an additional 564 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of Appian by 115.5% in the third quarter. Jones Financial Companies Lllp now owns 1,653 shares of the company’s stock worth $51,000 after purchasing an additional 886 shares in the last quarter. Hedge funds and other institutional investors own 52.70% of the company’s stock.

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.