Appian (NASDAQ:APPN) Reaches New 52-Week Low – Time to Sell?

Appian Corporation (NASDAQ:APPN)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $23.88 and last traded at $24.7130, with a volume of 253899 shares. The stock had previously closed at $24.89.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on APPN. Barclays lowered their target price on Appian from $37.00 to $34.00 and set an “underweight” rating for the company in a report on Monday, January 12th. Morgan Stanley raised shares of Appian from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, January 12th. Wall Street Zen cut shares of Appian from a “strong-buy” rating to a “buy” rating in a report on Friday, January 23rd. Citigroup restated a “buy” rating on shares of Appian in a report on Tuesday, January 27th. Finally, DA Davidson started coverage on shares of Appian in a research note on Friday, November 7th. They set a “hold” rating and a $38.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.40.

Appian Price Performance

The company’s fifty day simple moving average is $34.13 and its 200-day simple moving average is $32.73. The firm has a market capitalization of $1.85 billion, a PE ratio of -250.12 and a beta of 0.90.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.05 by $0.27. The business had revenue of $187.00 million for the quarter, compared to analysts’ expectations of $174.11 million. During the same quarter in the prior year, the company posted $0.15 EPS. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, equities research analysts anticipate that Appian Corporation will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Appian

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in Appian by 282.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 811 shares of the company’s stock worth $25,000 after purchasing an additional 599 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Appian by 693.4% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the company’s stock worth $30,000 after buying an additional 846 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Appian by 175.2% during the third quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after buying an additional 720 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Appian by 89.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock valued at $36,000 after buying an additional 564 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Appian by 191.5% in the 4th quarter. Farther Finance Advisors LLC now owns 1,615 shares of the company’s stock valued at $57,000 after acquiring an additional 1,061 shares during the period. 52.70% of the stock is owned by hedge funds and other institutional investors.

About Appian

Appian Corporation is a global technology company specializing in low-code automation platforms designed to streamline business processes. Founded in 1999 by Matt Calkins, the company provides an integrated suite of tools that enables organizations to build enterprise applications and workflows rapidly with minimal hand coding. The platform combines process management, robotic process automation (RPA), artificial intelligence (AI) capabilities and data integration into a single environment, allowing businesses to accelerate digital transformation initiatives.

The core offering, the Appian Low-Code Platform, empowers users—ranging from professional developers to business analysts—to visually model, design and deploy applications that can automate complex operations, orchestrate tasks across systems, and deliver real-time analytics.