Barclays Downgrades Appian (APPN) to Underweight

Barclays lowered shares of Appian (NASDAQ:APPN) from an equal weight rating to an underweight rating in a research note published on Monday morning, MarketBeat reports. Barclays currently has $26.00 target price on the stock.

A number of other brokerages have also recently issued reports on APPN. BidaskClub raised Appian from a buy rating to a strong-buy rating in a research note on Saturday, January 6th. Zacks Investment Research raised Appian from a sell rating to a hold rating in a research note on Tuesday, January 2nd. Cowen cut Appian from an outperform rating to a market perform rating and set a $23.00 price objective on the stock. in a research note on Monday, October 2nd. KeyCorp reaffirmed a hold rating on shares of Appian in a research note on Monday, September 18th. Finally, Canaccord Genuity raised their price objective on Appian from $19.00 to $22.00 and gave the company a hold rating in a research note on Monday, October 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $23.57.

Appian (NASDAQ APPN) opened at $36.75 on Monday. Appian has a 12 month low of $14.60 and a 12 month high of $43.26.

In other Appian news, major shareholder Qualified Master Fund L. Abdiel bought 17,473 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were bought at an average cost of $20.14 per share, with a total value of $351,906.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Abdiel Capital Management, Llc bought 23,443 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The stock was acquired at an average cost of $22.24 per share, for a total transaction of $521,372.32. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 1,051,519 shares of company stock worth $21,602,934 and sold 1,097,222 shares worth $21,384,857.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Abdiel Capital Advisors LP bought a new stake in shares of Appian in the second quarter worth about $56,982,000. JPMorgan Chase & Co. boosted its position in Appian by 27.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock valued at $14,673,000 after acquiring an additional 127,545 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in Appian during the 2nd quarter valued at approximately $8,134,000. Vanguard Group Inc. bought a new stake in Appian during the 2nd quarter valued at approximately $7,105,000. Finally, Whale Rock Capital Management LLC bought a new stake in Appian during the 2nd quarter valued at approximately $4,447,000. 11.61% of the stock is currently owned by institutional investors.

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Appian 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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