Appian (NASDAQ:APPN) Price Target Cut to $37.00 by Analysts at KeyCorp

Appian (NASDAQ:APPN) had its target price reduced by equities research analysts at KeyCorp from $50.00 to $37.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 15.70% from the stock’s previous close.

Several other brokerages have also weighed in on APPN. Citigroup lifted their price target on shares of Appian from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, March 22nd. DA Davidson cut their target price on Appian from $55.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, March 4th. Barclays reduced their target price on shares of Appian from $36.00 to $32.00 and set an “underweight” rating for the company in a research note on Friday. Finally, William Blair reissued an “outperform” rating on shares of Appian in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.43.

Appian Stock Performance

Shares of APPN stock traded up $0.95 on Friday, reaching $31.98. The stock had a trading volume of 795,530 shares, compared to its average volume of 515,998. The stock has a market cap of $2.35 billion, a P/E ratio of -20.90 and a beta of 1.46. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.12 and a current ratio of 1.12. Appian has a 1 year low of $28.22 and a 1 year high of $54.26. The company has a 50 day simple moving average of $36.71 and a 200 day simple moving average of $36.58.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.33. The firm had revenue of $145.32 million during the quarter, compared to analyst estimates of $140.41 million. Appian had a negative net margin of 20.43% and a negative return on equity of 127.40%. Equities research analysts expect that Appian will post -0.9 EPS for the current year.

Insider Activity at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp sold 400,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.44, for a total transaction of $12,976,000.00. Following the sale, the insider now owns 5,890,304 shares in the company, valued at $191,081,461.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 43.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of APPN. Headlands Technologies LLC acquired a new position in shares of Appian in the fourth quarter valued at approximately $47,000. Concord Wealth Partners bought a new position in Appian during the first quarter worth about $85,000. Quest Partners LLC acquired a new position in shares of Appian in the fourth quarter valued at $177,000. Victory Capital Management Inc. grew its stake in Appian by 22.9% in the 4th quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock valued at $207,000 after buying an additional 1,027 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Appian in the 4th quarter valued at $210,000. Institutional investors and hedge funds own 52.70% of the company’s stock.

About Appian

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.