Appian (NASDAQ:APPN) Stock Price Up 7.1% – Here’s Why

Appian Co. (NASDAQ:APPN)’s share price rose 7.1% during trading on Tuesday . The stock traded as high as $37.25 and last traded at $37.16. Approximately 122,946 shares traded hands during trading, a decline of 67% from the average daily volume of 369,988 shares. The stock had previously closed at $34.70.

Wall Street Analyst Weigh In

APPN has been the topic of several analyst reports. KeyCorp reissued a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. Barclays raised their price target on Appian from $34.00 to $37.00 and gave the company an “underweight” rating in a research report on Friday, December 6th. Scotiabank initiated coverage on Appian in a research report on Monday, January 6th. They issued a “sector perform” rating and a $37.00 price target on the stock. Finally, DA Davidson reissued a “neutral” rating and set a $33.00 target price on shares of Appian in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $40.17.

Appian Price Performance

The stock has a market cap of $3.00 billion, a P/E ratio of -28.83 and a beta of 1.61. The business’s 50 day simple moving average is $35.68 and its 200 day simple moving average is $34.19.

Insider Activity

In other news, Director William D. Mccarthy sold 700 shares of Appian stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the completion of the transaction, the director now owns 7,966 shares in the company, valued at approximately $308,921.48. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 44.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Barclays PLC raised its position in Appian by 285.9% in the 3rd quarter. Barclays PLC now owns 71,771 shares of the company’s stock worth $2,451,000 after purchasing an additional 53,172 shares during the last quarter. Abdiel Capital Advisors LP grew its holdings in Appian by 72.6% during the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock worth $347,179,000 after acquiring an additional 4,278,969 shares during the period. BNP Paribas Financial Markets lifted its position in Appian by 282.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 134,274 shares of the company’s stock valued at $4,584,000 after acquiring an additional 99,198 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Appian by 88.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 70,639 shares of the company’s stock valued at $2,412,000 after acquiring an additional 33,232 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in Appian by 33.2% during the 3rd quarter. Holocene Advisors LP now owns 75,097 shares of the company’s stock worth $2,564,000 after buying an additional 18,729 shares in the last quarter. Institutional investors own 52.70% of the company’s stock.

Appian Company Profile

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.