Appian (NASDAQ:APPN) was upgraded by research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has a $36.00 price target on the stock, up from their previous price target of $30.00. Morgan Stanley’s price objective would indicate a potential upside of 3.75% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other equities analysts have also recently weighed in on the company. BidaskClub raised Appian from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 30th. William Blair raised Appian from a “market perform” rating to an “outperform” rating and set a $35.10 price target for the company in a report on Thursday, May 16th. Goldman Sachs Group initiated coverage on Appian in a report on Friday, February 1st. They issued a “sell” rating and a $26.00 price target for the company. Barclays reissued a “hold” rating and issued a $32.00 price target on shares of Appian in a report on Sunday, May 5th. Finally, SunTrust Banks boosted their price target on Appian to $32.00 and gave the stock a “hold” rating in a report on Monday, February 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Appian currently has an average rating of “Hold” and a consensus price target of $33.59.
APPN opened at $34.70 on Thursday. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -43.38 and a beta of 1.79. Appian has a one year low of $22.61 and a one year high of $43.61.
Appian (NASDAQ:APPN) last posted its earnings results on Thursday, May 2nd. The company reported ($0.16) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.16). The company had revenue of $59.58 million for the quarter, compared to the consensus estimate of $59.71 million. Appian had a negative return on equity of 91.41% and a negative net margin of 24.48%. Appian’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.12) earnings per share. As a group, equities analysts predict that Appian will post -0.83 EPS for the current year.
In related news, Director Michael J. Mulligan sold 30,000 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $36.46, for a total value of $1,093,800.00. Following the completion of the transaction, the director now directly owns 62,029 shares in the company, valued at $2,261,577.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Steven Lynch sold 15,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $34.14, for a total value of $512,100.00. Following the completion of the transaction, the chief financial officer now owns 16,950 shares of the company’s stock, valued at $578,673. The disclosure for this sale can be found here. Insiders sold 111,224 shares of company stock valued at $3,971,764 over the last quarter. Insiders own 50.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in APPN. Vanguard Group Inc. increased its stake in Appian by 78.1% in the third quarter. Vanguard Group Inc. now owns 1,930,924 shares of the company’s stock valued at $63,914,000 after purchasing an additional 847,007 shares during the last quarter. Baillie Gifford & Co. acquired a new position in Appian in the first quarter valued at $27,245,000. Renaissance Technologies LLC acquired a new stake in Appian during the first quarter worth about $8,129,000. Morgan Stanley increased its stake in Appian by 165.4% during the first quarter. Morgan Stanley now owns 353,034 shares of the company’s stock worth $12,154,000 after acquiring an additional 220,030 shares during the last quarter. Finally, BlackRock Inc. increased its stake in Appian by 101.7% during the third quarter. BlackRock Inc. now owns 408,944 shares of the company’s stock worth $13,536,000 after acquiring an additional 206,211 shares during the last quarter. Hedge funds and other institutional investors own 27.34% of the company’s stock.
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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