Appian (NASDAQ:APPN) Stock Price Down 8.4% – Here’s Why

Appian Corporation (NASDAQ:APPN) shares dropped 8.4% on Wednesday . The company traded as low as $24.53 and last traded at $24.0720. Approximately 258,814 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,049,764 shares. The stock had previously closed at $26.28.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on APPN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Appian in a research report on Monday, December 29th. Zacks Research lowered Appian from a “strong-buy” rating to a “hold” rating in a report on Friday, January 9th. Citigroup reiterated a “buy” rating on shares of Appian in a report on Tuesday, January 27th. Barclays dropped their target price on Appian from $37.00 to $34.00 and set an “underweight” rating on the stock in a research report on Monday, January 12th. Finally, Wall Street Zen cut shares of Appian from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $38.40.

Appian Price Performance

The firm has a market capitalization of $1.72 billion, a P/E ratio of -232.96 and a beta of 0.90. The firm’s 50 day moving average is $33.23 and its two-hundred day moving average is $32.69.

Hedge Funds Weigh In On Appian

Institutional investors have recently bought and sold shares of the business. State of Wyoming lifted its position in shares of Appian by 55.0% in the fourth quarter. State of Wyoming now owns 1,462 shares of the company’s stock valued at $52,000 after buying an additional 519 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Appian by 7.8% during the 4th quarter. ProShare Advisors LLC now owns 7,481 shares of the company’s stock valued at $265,000 after purchasing an additional 543 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Appian by 89.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock valued at $36,000 after purchasing an additional 564 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Appian by 282.5% during the third quarter. EverSource Wealth Advisors LLC now owns 811 shares of the company’s stock worth $25,000 after purchasing an additional 599 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Appian by 1.7% in the third quarter. Legal & General Group Plc now owns 37,730 shares of the company’s stock valued at $1,153,000 after purchasing an additional 632 shares during the last quarter. Institutional investors and hedge funds own 52.70% of the company’s stock.

Appian Company Profile

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.