Morgan Stanley Raises Appian Corporation (APPN) Price Target to $19.00

Appian Corporation (NASDAQ:APPN) had its target price hoisted by Morgan Stanley from $18.00 to $19.00 in a research report sent to investors on Friday morning. The firm currently has an equal weight rating on the stock.

APPN has been the subject of several other research reports. Zacks Investment Research cut Appian Corporation from a buy rating to a hold rating in a report on Tuesday, September 12th. Barclays PLC restated an equal weight rating and issued a $20.00 price objective (up previously from $19.00) on shares of Appian Corporation in a report on Friday, August 4th. Canaccord Genuity raised their price objective on Appian Corporation from $18.00 to $19.00 and gave the company a hold rating in a report on Friday, August 4th. KeyCorp restated a hold rating on shares of Appian Corporation in a report on Monday, September 18th. Finally, Cowen and Company cut Appian Corporation from an outperform rating to a market perform rating and set a $23.00 price objective for the company. in a report on Monday, October 2nd. Seven analysts have rated the stock with a hold rating, The stock has an average rating of Hold and an average price target of $21.83.

Appian Corporation (APPN) traded up $0.28 during mid-day trading on Friday, reaching $22.94. The company’s stock had a trading volume of 15,556 shares, compared to its average volume of 128,954.

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In other news, major shareholder Abdiel Capital Management, Llc bought 28,600 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The stock was acquired at an average cost of $22.14 per share, for a total transaction of $633,204.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel acquired 28,800 shares of the business’s stock in a transaction on Tuesday, September 26th. The shares were bought at an average price of $22.14 per share, with a total value of $637,632.00. The disclosure for this purchase can be found here. Insiders purchased a total of 146,376 shares of company stock valued at $3,249,007 over the last quarter.

A number of hedge funds have recently modified their holdings of APPN. Abdiel Capital Advisors LP acquired a new stake in Appian Corporation during the second quarter worth approximately $56,982,000. JPMorgan Chase & Co. acquired a new stake in Appian Corporation during the second quarter worth approximately $8,303,000. Lord Abbett & CO. LLC acquired a new stake in Appian Corporation during the second quarter worth approximately $8,134,000. Vanguard Group Inc. acquired a new stake in Appian Corporation during the second quarter worth approximately $7,105,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Appian Corporation during the second quarter worth approximately $5,282,000. Hedge funds and other institutional investors own 11.61% of the company’s stock.

Appian Corporation Company Profile

Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.

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