Appian (NASDAQ:APPN) Downgraded by KeyCorp

KeyCorp cut shares of Appian (NASDAQ:APPN) from an overweight rating to a sector weight rating in a research note published on Friday morning, Marketbeat Ratings reports.

Other analysts also recently issued research reports about the stock. DA Davidson downgraded shares of Appian from a strong-buy rating to a hold rating in a report on Wednesday, July 31st. Barclays cut their price objective on shares of Appian from $36.00 to $32.00 and set an underweight rating for the company in a research report on Friday, May 3rd. Finally, William Blair lowered shares of Appian from an outperform rating to a market perform rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $42.33.

Appian Stock Performance

APPN opened at $29.84 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.68. The company’s fifty day moving average price is $31.20 and its two-hundred day moving average price is $33.73. Appian has a 1-year low of $26.28 and a 1-year high of $52.99. The company has a market cap of $2.16 billion, a price-to-earnings ratio of -20.30 and a beta of 1.47.

Appian (NASDAQ:APPN) last announced its earnings results on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.05. The company had revenue of $146.50 million during the quarter, compared to the consensus estimate of $142.87 million. Appian had a negative net margin of 18.80% and a negative return on equity of 234.57%. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.55) earnings per share. On average, analysts expect that Appian will post -1.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Albert G.W. Biddle III bought 3,225 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were bought at an average cost of $28.02 per share, with a total value of $90,364.50. Following the completion of the purchase, the director now directly owns 19,689 shares in the company, valued at $551,685.78. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Appian news, major shareholder Abdiel Capital Advisors, Lp bought 475,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were purchased at an average price of $30.94 per share, for a total transaction of $14,696,500.00. Following the acquisition, the insider now owns 6,365,304 shares in the company, valued at approximately $196,942,505.76. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Albert G.W. Biddle III bought 3,225 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $28.02 per share, for a total transaction of $90,364.50. Following the acquisition, the director now owns 19,689 shares in the company, valued at approximately $551,685.78. The disclosure for this purchase can be found here. Insiders have bought a total of 1,381,568 shares of company stock valued at $46,783,802 over the last three months. 44.00% of the stock is owned by company insiders.

Institutional Trading of Appian

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Appian by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 5,081,560 shares of the company’s stock valued at $203,008,000 after buying an additional 392,190 shares in the last quarter. Hawk Ridge Capital Management LP boosted its stake in Appian by 14.5% in the 4th quarter. Hawk Ridge Capital Management LP now owns 1,859,877 shares of the company’s stock worth $70,043,000 after purchasing an additional 236,230 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Appian by 5.6% in the 1st quarter. Baillie Gifford & Co. now owns 1,756,419 shares of the company’s stock worth $70,169,000 after purchasing an additional 93,251 shares in the last quarter. First Trust Advisors LP raised its position in Appian by 31.6% in the 4th quarter. First Trust Advisors LP now owns 1,322,675 shares of the company’s stock worth $49,812,000 after buying an additional 317,411 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Appian by 70.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company’s stock worth $18,922,000 after buying an additional 196,435 shares during the last quarter. Institutional investors own 52.70% of the company’s stock.

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.