William Blair Downgrades Appian (APPN) to Market Perform

William Blair downgraded shares of Appian (NASDAQ:APPN) from an outperform rating to a market perform rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. The analysts noted that the move was a valuation call.

Other analysts have also recently issued research reports about the company. BidaskClub upgraded Appian from a hold rating to a buy rating in a research report on Friday, December 29th. SunTrust Banks initiated coverage on Appian in a research report on Tuesday, November 21st. They set a buy rating and a $28.00 target price on the stock. Zacks Investment Research upgraded Appian from a hold rating to a buy rating and set a $25.00 target price on the stock in a research report on Tuesday, November 7th. Morgan Stanley lifted their target price on Appian from $18.00 to $19.00 and gave the stock an equal weight rating in a research report on Friday, November 3rd. Finally, Canaccord Genuity reiterated a hold rating on shares of Appian in a research report on Monday, November 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $23.57.

Appian (APPN) traded down $0.64 on Friday, hitting $35.51. The stock had a trading volume of 372,934 shares, compared to its average volume of 848,738. Appian has a twelve month low of $14.60 and a twelve month high of $43.26.

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

In related news, major shareholder Qualified Master Fund L. Abdiel purchased 65,533 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were purchased at an average price of $22.23 per share, for a total transaction of $1,456,798.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Abdiel Capital Management, Llc purchased 23,443 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was bought at an average price of $22.24 per share, for a total transaction of $521,372.32. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 1,051,519 shares of company stock worth $21,602,934 and sold 1,097,222 shares worth $21,384,857.

A number of hedge funds have recently modified their holdings of APPN. Abdiel Capital Advisors LP acquired a new position in Appian in the 2nd quarter valued at about $56,982,000. JPMorgan Chase & Co. acquired a new position in Appian in the 2nd quarter valued at about $8,303,000. Lord Abbett & CO. LLC acquired a new position in Appian in the 2nd quarter valued at about $8,134,000. Vanguard Group Inc. acquired a new position in Appian in the 2nd quarter valued at about $7,105,000. Finally, Whale Rock Capital Management LLC acquired a new position in Appian in the 2nd quarter valued at about $4,447,000. Hedge funds and other institutional investors own 11.61% of the company’s stock.

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About Appian

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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