Appian (NASDAQ:APPN) Shares Gap Down to $37.80

Shares of Appian Co. (NASDAQ:APPN) gapped down prior to trading on Tuesday . The stock had previously closed at $37.80, but opened at $36.40. Appian shares last traded at $38.01, with a volume of 141,338 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on APPN shares. Barclays decreased their price objective on Appian from $36.00 to $32.00 and set an “underweight” rating for the company in a report on Friday, May 3rd. KeyCorp increased their price objective on Appian from $37.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One equities 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Appian Price Performance

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.68. The company has a fifty day moving average of $31.07 and a two-hundred day moving average of $33.73.

Appian (NASDAQ:APPN) last issued its quarterly 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 return on equity of 204.82% and a negative net margin of 19.20%. The company had revenue of $149.80 million for the quarter, compared to analyst estimates of $149.78 million. During the same period in the prior year, the business earned ($0.42) earnings per share. Appian’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Appian Co. will post -1.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Appian

In other news, major shareholder Abdiel Capital Advisors, Lp purchased 32,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $37.54 per share, for a total transaction of $1,220,050.00. Following the completion of the transaction, the insider now directly owns 7,655,847 shares in the company, valued at approximately $287,400,496.38. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Abdiel Capital Advisors, Lp purchased 32,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $37.54 per share, for a total transaction of $1,220,050.00. Following the completion of the transaction, the insider now directly owns 7,655,847 shares in the company, valued at approximately $287,400,496.38. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Albert G.W. Biddle III purchased 3,225 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was purchased at an average price of $28.02 per share, with a total value of $90,364.50. Following the transaction, the director now owns 19,689 shares of the company’s stock, valued at $551,685.78. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,081,568 shares of company stock valued at $35,608,802. 44.00% of the stock is owned by company insiders.

Institutional Trading of Appian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. increased its position in Appian by 3.0% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 9,693 shares of the company’s stock worth $299,000 after purchasing an additional 280 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Appian by 36.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,280 shares of the company’s stock valued at $348,000 after buying an additional 2,993 shares during the period. Bank of New York Mellon Corp grew its holdings in Appian by 10.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 143,983 shares of the company’s stock valued at $4,443,000 after buying an additional 13,046 shares during the period. Neo Ivy Capital Management purchased a new stake in Appian in the 2nd quarter valued at about $65,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Appian by 5.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,097 shares of the company’s stock valued at $1,203,000 after purchasing an additional 1,494 shares in the last quarter. Hedge funds and other institutional investors 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.