Appian (APPN) Upgraded to “Hold” at Zacks Investment Research

Appian (NASDAQ:APPN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “

A number of other equities analysts also recently commented on APPN. BidaskClub upgraded shares of Appian from a “buy” rating to a “strong-buy” rating in a research report on Monday. Canaccord Genuity increased their price target on shares of Appian from $26.00 to $28.00 and gave the company a “hold” rating in a report on Friday, May 4th. SunTrust Banks upgraded shares of Appian from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Tuesday, May 1st. ValuEngine upgraded shares of Appian from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Finally, Cowen reiterated a “hold” rating and issued a $27.00 price target on shares of Appian in a report on Friday, February 23rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.14.

Appian stock traded up $0.37 during trading hours on Wednesday, reaching $30.64. 308,060 shares of the stock were exchanged, compared to its average volume of 464,052. The company has a market cap of $1.89 billion and a P/E ratio of -50.23. Appian has a 52-week low of $30.05 and a 52-week high of $31.13.

Appian (NASDAQ:APPN) last announced its quarterly earnings data on Thursday, May 3rd. The company reported ($0.12) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $0.06. The company had revenue of $51.70 million during the quarter, compared to the consensus estimate of $46.12 million. Appian had a negative net margin of 19.55% and a negative return on equity of 77.57%. The company’s revenue was up 35.0% on a year-over-year basis. equities analysts anticipate that Appian will post -0.75 EPS for the current year.

In related news, Director Bobbie G. Kilberg sold 21,220 shares of the stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $28.01, for a total value of $594,372.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel acquired 141,486 shares of the stock in a transaction that occurred on Tuesday, March 27th. The stock was acquired at an average cost of $26.13 per share, for a total transaction of $3,697,029.18. The disclosure for this purchase can be found here. In the last quarter, insiders bought 780,553 shares of company stock valued at $20,417,533 and sold 81,220 shares valued at $2,257,672.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wexford Capital LP grew its stake in Appian by 22.9% in the 1st quarter. Wexford Capital LP now owns 17,200 shares of the company’s stock valued at $433,000 after acquiring an additional 3,200 shares during the last quarter. Element Capital Management LLC acquired a new stake in Appian in the 1st quarter valued at about $351,000. UBS Group AG grew its stake in Appian by 240.8% in the 1st quarter. UBS Group AG now owns 6,717 shares of the company’s stock valued at $169,000 after acquiring an additional 4,746 shares during the last quarter. Lord Abbett & CO. LLC grew its stake in Appian by 5.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 812,243 shares of the company’s stock valued at $20,452,000 after acquiring an additional 44,842 shares during the last quarter. Finally, Commonwealth Equity Services LLC acquired a new stake in Appian in the 1st quarter valued at about $219,000. 16.33% of the stock is currently owned by hedge funds and other institutional investors.

About Appian

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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