Appian (NASDAQ:APPN) Cut to “Underweight” at Barclays

Appian (NASDAQ:APPN) was downgraded by equities researchers at Barclays from an “equal weight” rating to an “underweight” rating in a report released on Monday, January 8th, Marketbeat.com reports. They presently have a $26.00 target price on the stock. Barclays’ price objective would indicate a potential downside of 9.12% from the company’s current price.

Several other analysts have also issued reports on APPN. Zacks Investment Research lowered Appian from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. KeyCorp reaffirmed a “hold” rating on shares of Appian in a research note on Monday, September 18th. Cowen lowered Appian from an “outperform” rating to a “market perform” rating and set a $23.00 price objective on the stock. in a research note on Monday, October 2nd. Canaccord Genuity raised their price objective on Appian from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Monday, October 30th. Finally, Morgan Stanley raised their price objective on Appian from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $23.57.

Appian (NASDAQ APPN) traded down $1.19 on Monday, hitting $28.61. The stock had a trading volume of 452,934 shares, compared to its average volume of 777,021. Appian has a 12 month low of $14.60 and a 12 month high of $43.26.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, November 2nd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.07. research analysts anticipate that Appian will post -0.61 earnings per share for the current year.

In other news, Director Michael J. Mulligan sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $19.49, for a total transaction of $389,800.00. Following the completion of the transaction, the director now directly owns 20,000 shares in the company, valued at $389,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel acquired 171,523 shares of the stock in a transaction dated Wednesday, November 29th. The shares were bought at an average price of $21.24 per share, with a total value of $3,643,148.52. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 962,543 shares of company stock valued at $19,624,763 and sold 1,097,222 shares valued at $21,384,857.

Several institutional investors and hedge funds have recently modified their holdings of APPN. New York State Common Retirement Fund bought a new position in shares of Appian during the third quarter worth about $205,000. Tower Research Capital LLC TRC bought a new position in shares of Appian during the second quarter worth about $238,000. Neuberger Berman Group LLC bought a new position in shares of Appian during the second quarter worth about $292,000. Ameriprise Financial Inc. bought a new position in shares of Appian during the second quarter worth about $323,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Appian during the second quarter worth about $370,000. Institutional investors own 11.83% of the company’s stock.

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Appian Company Profile

Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.

Analyst Recommendations for Appian (NASDAQ:APPN)

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