Morgan Stanley lowered shares of Appian (NASDAQ:APPN) from an equal weight rating to an underweight rating in a report released on Thursday, January 11th, Marketbeat Ratings reports. The brokerage currently has $24.00 price target on the stock.
Other research analysts have also recently issued reports about the company. SunTrust Banks initiated coverage on Appian in a research report on Tuesday, November 21st. They issued a buy rating and a $28.00 target price for the company. Zacks Investment Research raised Appian from a hold rating to a buy rating and set a $25.00 target price for the company in a research report on Tuesday, November 7th. BidaskClub upgraded Appian from a hold rating to a buy rating in a research note on Friday, December 29th. KeyCorp reiterated a hold rating on shares of Appian in a research note on Monday, September 18th. Finally, Canaccord Genuity restated a hold rating on shares of Appian in a research note on Monday, November 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $23.57.
Shares of Appian (APPN) opened at $27.53 on Thursday. Appian has a 12-month low of $14.60 and a 12-month high of $43.26.
In other news, major shareholder Abdiel Capital Management, Llc acquired 5,258 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was purchased at an average cost of $20.48 per share, for a total transaction of $107,683.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel bought 171,523 shares of Appian stock in a transaction on Wednesday, November 29th. The shares were bought at an average price of $21.24 per share, for a total transaction of $3,643,148.52. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 962,543 shares of company stock valued at $19,624,763 and sold 1,097,222 shares valued at $21,384,857.
Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in Appian by 27.9% during the third quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock worth $14,673,000 after buying an additional 127,545 shares during the last quarter. Wells Fargo & Company MN bought a new position in Appian during the second quarter worth about $2,162,000. Nepsis Capital Management Inc. bought a new position in Appian during the fourth quarter worth about $4,306,000. Abdiel Capital Advisors LP bought a new position in Appian during the second quarter worth about $56,982,000. Finally, Lord Abbett & CO. LLC bought a new position in Appian during the second quarter worth about $8,134,000. Hedge funds and other institutional investors own 11.83% of the company’s stock.
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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.
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