Appian (NASDAQ:APPN) Issues Q3 Earnings Guidance

Appian (NASDAQ:APPN) updated its third quarter earnings guidance on Friday. The company provided earnings per share guidance of ($0.10)-($0.06) for the period, compared to the consensus earnings per share estimate of ($0.09). The company issued revenue guidance of $149-153 million, compared to the consensus revenue estimate of $151.93 million. Appian also updated its FY24 guidance to ($0.61)-($0.52) EPS.

Analyst Upgrades and Downgrades

APPN has been the subject of a number of recent research reports. KeyCorp downgraded shares of Appian from an overweight rating to a sector weight rating in a research note on Friday, August 2nd. The Goldman Sachs Group decreased their price target on Appian from $47.00 to $41.00 and set a buy rating for the company in a research note on Friday, August 2nd. Barclays lowered their price target on Appian from $32.00 to $29.00 and set an underweight rating on the stock in a research report on Monday, August 5th. William Blair downgraded Appian from an outperform rating to a market perform rating in a report on Thursday, August 1st. Finally, DA Davidson downgraded shares of Appian from a strong-buy rating to a hold rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $39.20.

Appian Stock Down 0.6 %

Shares of Appian stock opened at $32.13 on Friday. Appian has a 1 year low of $26.28 and a 1 year high of $44.28. The firm’s 50 day moving average is $31.64 and its 200 day moving average is $32.78.

Appian (NASDAQ:APPN) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The company had revenue of $146.50 million for the quarter, compared to analyst estimates of $142.87 million. During the same period in the previous year, the firm earned ($0.55) earnings per share. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. As a group, analysts predict that Appian will post -1.07 earnings per share for the current year.

Insider Activity at Appian

In related news, major shareholder Abdiel Capital Advisors, Lp bought 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were bought at an average price of $35.16 per share, for a total transaction of $1,406,400.00. Following the transaction, the insider now directly owns 7,085,647 shares of the company’s stock, valued at approximately $249,131,348.52. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have acquired a total of 1,761,776 shares of company stock worth $57,130,976 in the last 90 days. Corporate insiders own 44.00% 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.