Appian (NASDAQ:APPN) PT Raised to $46.00

Appian (NASDAQ:APPN) had its price objective boosted by equities research analysts at Goldman Sachs Group from $42.00 to $46.00 in a research note issued to investors on Monday, The Fly reports. Goldman Sachs Group’s target price would suggest a potential downside of 10.24% from the company’s previous close.

A number of other research firms have also commented on APPN. Barclays reaffirmed a “hold” rating and set a $37.00 price target on shares of Appian in a research report on Tuesday, March 17th. Morgan Stanley upped their target price on Appian from $32.00 to $35.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Needham & Company LLC assumed coverage on Appian in a research note on Tuesday, June 16th. They issued a “hold” rating for the company. Zacks Investment Research downgraded shares of Appian from a “buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, BidaskClub cut shares of Appian from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $45.00.

Shares of Appian stock opened at $51.25 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.35 and a current ratio of 2.35. Appian has a 52-week low of $29.07 and a 52-week high of $64.72. The company’s 50 day moving average price is $54.27 and its 200-day moving average price is $46.73. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of -76.49 and a beta of 1.01.

Appian (NASDAQ:APPN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.08. The business had revenue of $78.86 million for the quarter, compared to analyst estimates of $70.32 million. Appian had a negative net margin of 15.61% and a negative return on equity of 28.77%. The company’s revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. As a group, equities research analysts forecast that Appian will post -0.89 earnings per share for the current fiscal year.

In other Appian news, Director Prashanth Boccassam sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $63.47, for a total transaction of $190,410.00. Following the completion of the transaction, the director now owns 84,021 shares of the company’s stock, valued at $5,332,812.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Abdiel Capital Management, Llc bought 250,000 shares of the stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $56.50 per share, with a total value of $14,125,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 44,517 shares of company stock valued at $2,272,192. 46.80% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its holdings in Appian by 14.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 118,707 shares of the company’s stock worth $4,535,000 after acquiring an additional 15,293 shares in the last quarter. Amalgamated Bank boosted its stake in Appian by 11.3% in the 4th quarter. Amalgamated Bank now owns 6,125 shares of the company’s stock worth $234,000 after purchasing an additional 622 shares in the last quarter. Calamos Advisors LLC bought a new position in Appian in the 1st quarter worth about $828,000. Baird Financial Group Inc. purchased a new stake in Appian during the 1st quarter valued at about $1,762,000. Finally, Citigroup Inc. increased its stake in Appian by 49.4% during the 1st quarter. Citigroup Inc. now owns 14,871 shares of the company’s stock valued at $598,000 after purchasing an additional 4,919 shares in the last quarter. Institutional investors and hedge funds own 40.19% of the company’s stock.

Appian Company Profile

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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