Appian (NASDAQ:APPN) Hits New 1-Year High at $63.84

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Appian Corp (NASDAQ:APPN)’s stock price hit a new 52-week high during mid-day trading 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.

Several research firms recently commented on APPN. Canaccord Genuity reduced their price objective on Appian from $44.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, February 24th. Zacks Investment Research cut shares of Appian from a “hold” rating to a “sell” rating in a research report on Thursday, March 12th. Morgan Stanley boosted their price target on shares of Appian from $32.00 to $35.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Barclays reiterated a “hold” rating and issued a $37.00 price objective on shares of Appian in a report on Tuesday, March 17th. Finally, William Blair restated a “buy” rating on shares of Appian in a report on Friday, February 21st. Two research 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 company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.86.

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

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

In related news, major shareholder Abdiel Capital Management, Llc acquired 164,419 shares of the stock in a transaction that occurred on Tuesday, March 31st. The stock was purchased at an average price of $40.44 per share, with a total value of $6,649,104.36. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bobbie G. Kilberg sold 2,868 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $59.85, for a total transaction of $171,649.80. Following the transaction, the director now directly owns 94,604 shares of the company’s stock, valued at approximately $5,662,049.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,708 shares of company stock valued at $2,524,928. Company insiders own 50.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in APPN. Aigen Investment Management LP purchased a new stake in shares of Appian in the 4th quarter valued at $1,247,000. Goldman Sachs Group Inc. increased its stake in Appian by 14.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 118,707 shares of the company’s stock worth $4,535,000 after purchasing an additional 15,293 shares during the period. American International Group Inc. lifted its position in shares of Appian by 8.3% during the fourth quarter. American International Group Inc. now owns 21,329 shares of the company’s stock worth $815,000 after purchasing an additional 1,636 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Appian by 11.3% in the fourth quarter. Amalgamated Bank now owns 6,125 shares of the company’s stock valued at $234,000 after purchasing an additional 622 shares during the period. Finally, California Public Employees Retirement System grew its holdings in shares of 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 purchasing an additional 10,308 shares in 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.

Read More: How are Outstanding Shares Different from Authorized Shares?

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