Appian (NASDAQ:APPN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “
APPN has been the topic of several other reports. Canaccord Genuity boosted their price objective on shares of Appian from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, May 4th. Barclays upped their target price on shares of Appian to $27.00 and gave the company an “underweight” rating in a report on Friday, February 23rd. BidaskClub lowered shares of Appian from a “buy” rating to a “hold” rating in a report on Tuesday, February 27th. Goldman Sachs lowered shares of Appian from a “neutral” rating to a “sell” rating and set a $17.00 target price on the stock. in a report on Thursday, January 18th. Finally, ValuEngine upgraded shares of Appian from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $26.14.
Appian (NASDAQ:APPN) last released its quarterly earnings data on Thursday, May 3rd. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.06. Appian had a negative net margin of 19.55% and a negative return on equity of 77.57%. The business had revenue of $51.70 million for the quarter, compared to analyst estimates of $46.12 million. Appian’s quarterly revenue was up 35.0% compared to the same quarter last year. analysts anticipate that Appian will post -0.75 earnings per share for the current fiscal year.
In other news, major shareholder Qualified Master Fund L. Abdiel bought 179,890 shares of Appian stock in a transaction on Tuesday, May 8th. The shares were bought at an average cost of $26.23 per share, for a total transaction of $4,718,514.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Mulligan sold 25,000 shares of the company’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $30.05, for a total transaction of $751,250.00. Following the completion of the transaction, the director now owns 29,475 shares in the company, valued at $885,723.75. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 780,553 shares of company stock worth $20,417,533 and sold 81,220 shares worth $2,257,672.
Several hedge funds have recently made changes to their positions in APPN. Tower Research Capital LLC TRC lifted its holdings in shares of Appian by 79.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,133 shares of the company’s stock worth $193,000 after acquiring an additional 2,715 shares during the period. Wexford Capital LP lifted its holdings in shares of Appian by 22.9% during the 1st quarter. Wexford Capital LP now owns 17,200 shares of the company’s stock worth $433,000 after acquiring an additional 3,200 shares during the period. UBS Group AG lifted its holdings in shares of Appian by 240.8% during the 1st quarter. UBS Group AG now owns 6,717 shares of the company’s stock worth $169,000 after acquiring an additional 4,746 shares during the period. Deutsche Bank AG lifted its holdings in shares of Appian by 421.7% during the 4th quarter. Deutsche Bank AG now owns 7,945 shares of the company’s stock worth $250,000 after acquiring an additional 6,422 shares during the period. Finally, Citadel Advisors LLC purchased a new position in shares of Appian during the 4th quarter worth about $220,000. Institutional investors and hedge funds own 16.33% of the company’s stock.
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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