Appian (NASDAQ:APPN) Shares Gap Up – Should You Buy?

Shares of Appian Corporation (NASDAQ:APPN) gapped up prior to trading on Thursday . The stock had previously closed at $29.33, but opened at $32.01. Appian shares last traded at $34.5080, with a volume of 549,339 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on APPN shares. Zacks Research upgraded shares of Appian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Appian in a research note on Wednesday, October 8th. Finally, DA Davidson started coverage on shares of Appian in a research note on Friday, August 8th. They set a “neutral” rating and a $30.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $33.40.

Appian Trading Up 28.4%

The firm’s 50 day simple moving average is $30.51 and its two-hundred day simple moving average is $30.23. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -162.82 and a beta of 1.77.

Appian (NASDAQ:APPN) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The business had revenue of $170.64 million for the quarter, compared to analyst estimates of $160.01 million. During the same period last year, the business earned ($0.26) EPS. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts anticipate that Appian Corporation will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Appian

Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its holdings in Appian by 89.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock valued at $36,000 after buying an additional 564 shares during the period. Jones Financial Companies Lllp increased its holdings in Appian by 115.5% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,653 shares of the company’s stock valued at $51,000 after buying an additional 886 shares during the period. Concord Wealth Partners increased its holdings in Appian by 21.7% in the 1st quarter. Concord Wealth Partners now owns 2,581 shares of the company’s stock valued at $74,000 after buying an additional 461 shares during the period. Globeflex Capital L P bought a new position in Appian in the 2nd quarter valued at about $90,000. Finally, Headlands Technologies LLC increased its holdings in Appian by 2,052.0% in the 1st quarter. Headlands Technologies LLC now owns 4,218 shares of the company’s stock valued at $122,000 after buying an additional 4,022 shares during the period. 52.70% of the stock is owned by institutional investors.

About Appian

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.