Appian (NASDAQ:APPN) Shares Gap Up to $28.99

Appian Co. (NASDAQ:APPN) shares gapped up prior to trading on Thursday . The stock had previously closed at $28.99, but opened at $29.68. Appian shares last traded at $29.76, with a volume of 8,000 shares.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on APPN. Barclays decreased their target price on Appian from $36.00 to $32.00 and set an “underweight” rating for the company in a research report on Friday, May 3rd. William Blair reiterated an “outperform” rating on shares of Appian in a research note on Wednesday, March 20th. KeyCorp decreased their target price on shares of Appian from $50.00 to $37.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Citigroup lifted their price target on shares of Appian from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, March 22nd. Finally, DA Davidson decreased their price objective on shares of Appian from $55.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.43.

Appian Stock Up 0.7 %

The business’s 50 day moving average price is $31.45 and its two-hundred day moving average price is $34.31. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.68.

Appian (NASDAQ:APPN) last announced its earnings results on Thursday, May 2nd. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.09). Appian had a negative net margin of 19.20% and a negative return on equity of 204.82%. The firm had revenue of $149.80 million for the quarter, compared to the consensus estimate of $149.78 million. During the same period in the prior year, the business earned ($0.42) EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts forecast that Appian Co. will post -1.38 earnings per share for the current year.

Insider Activity at Appian

In related news, Director Albert G.W. Biddle III bought 3,225 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $28.02 per share, for a total transaction of $90,364.50. Following the transaction, the director now directly owns 19,689 shares in the company, valued at $551,685.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 44.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Appian

Several institutional investors have recently modified their holdings of APPN. Vanguard Group Inc. increased its stake in shares of Appian by 8.4% in the first quarter. Vanguard Group Inc. now owns 5,081,560 shares of the company’s stock valued at $203,008,000 after buying an additional 392,190 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in shares of Appian by 14.5% during the fourth quarter. Hawk Ridge Capital Management LP now owns 1,859,877 shares of the company’s stock worth $70,043,000 after buying an additional 236,230 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Appian by 5.6% in the first quarter. Baillie Gifford & Co. now owns 1,756,419 shares of the company’s stock valued at $70,169,000 after acquiring an additional 93,251 shares during the last quarter. First Trust Advisors LP grew its holdings in Appian by 31.6% during the 4th quarter. First Trust Advisors LP now owns 1,322,675 shares of the company’s stock worth $49,812,000 after acquiring an additional 317,411 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Appian by 70.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company’s stock valued at $18,922,000 after acquiring an additional 196,435 shares during the last quarter. 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.