Appian (NASDAQ:APPN) Reaches New 12-Month High at $63.84

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Appian Corp (NASDAQ:APPN) shares reached a new 52-week high on Friday . The company traded as high as $63.84 and last traded at $63.84, with a volume of 35361 shares traded. The stock had previously closed at $60.73.

APPN has been the subject of several research analyst reports. Zacks Investment Research downgraded Appian from a “hold” rating to a “sell” rating in a research note on Thursday, March 12th. Cowen raised their price target on Appian from $42.00 to $48.00 and gave the company a “market perform” rating in a research report on Friday, February 21st. BidaskClub upgraded shares of Appian from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 8th. Needham & Company LLC downgraded shares of Appian from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Canaccord Genuity cut their target price on shares of Appian from $44.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $44.86.

The business has a 50-day moving average of $43.62 and a 200 day moving average of $44.31. The stock has a market cap of $4.11 billion, a PE ratio of -92.60 and a beta of 0.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.35 and a current ratio of 2.35.

Appian (NASDAQ:APPN) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.08. The company had revenue of $78.86 million for the quarter, compared to analysts’ expectations of $70.32 million. Appian had a negative net margin of 15.61% and a negative return on equity of 28.77%. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period last year, the company earned ($0.12) EPS. Equities analysts expect that Appian Corp will post -0.89 EPS for the current fiscal year.

In related news, CFO Mark Steven Lynch sold 16,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $50.16, for a total transaction of $802,560.00. Following the transaction, the chief financial officer now directly owns 21,400 shares in the company, valued at $1,073,424. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David Leon Mitchell sold 3,191 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $46.84, for a total value of $149,466.44. Following the completion of the sale, the vice president now directly owns 18,837 shares in the company, valued at $882,325.08. The disclosure for this sale can be found here. Insiders sold a total of 52,708 shares of company stock valued at $2,524,928 over the last quarter. 50.00% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in APPN. Aigen Investment Management LP acquired a new stake in shares of Appian in the fourth quarter worth approximately $1,247,000. Goldman Sachs Group Inc. boosted its holdings in shares of Appian by 14.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 118,707 shares of the company’s stock valued at $4,535,000 after purchasing an additional 15,293 shares during the last quarter. American International Group Inc. grew its stake in shares of Appian by 8.3% during the 4th quarter. American International Group Inc. now owns 21,329 shares of the company’s stock valued at $815,000 after buying an additional 1,636 shares during the period. Amalgamated Bank increased its holdings in shares of Appian by 11.3% during the 4th quarter. Amalgamated Bank now owns 6,125 shares of the company’s stock worth $234,000 after buying an additional 622 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Appian by 17.6% in the fourth quarter. California Public Employees Retirement System now owns 68,965 shares of the company’s stock valued at $2,635,000 after acquiring an additional 10,308 shares during the last quarter. Institutional investors and hedge funds own 41.84% of the company’s stock.

About Appian (NASDAQ:APPN)

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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