Appian (NASDAQ:APPN) Trading Down 6.2% – Here’s Why

Appian Co. (NASDAQ:APPN) was down 6.2% during mid-day trading on Thursday . The company traded as low as $32.42 and last traded at $31.97. Approximately 51,353 shares were traded during trading, a decline of 86% from the average daily volume of 355,081 shares. The stock had previously closed at $34.10.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Scotiabank started coverage on shares of Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price target for the company. Barclays upped 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. Finally, KeyCorp reissued a “sector weight” rating on shares of Appian in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.17.

Appian Price Performance

The stock has a market cap of $2.70 billion, a PE ratio of -25.94 and a beta of 1.64. The company has a 50 day moving average price of $34.76 and a two-hundred day moving average price of $34.09.

Insiders Place Their Bets

In other Appian news, Director William D. Mccarthy sold 700 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total transaction of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares in the company, valued at approximately $308,921.48. The trade was a 8.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 44.00% of the stock is owned by insiders.

Institutional Trading of Appian

Several large investors have recently modified their holdings of the company. Abdiel Capital Advisors LP raised its position in Appian by 72.6% in the third 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. Arrowstreet Capital Limited Partnership bought a new position in Appian in the 4th quarter worth $4,918,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Appian by 184.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company’s stock valued at $6,637,000 after acquiring an additional 130,606 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Appian by 418.8% in the fourth quarter. JPMorgan Chase & Co. now owns 160,793 shares of the company’s stock valued at $5,303,000 after acquiring an additional 129,800 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Appian in the fourth quarter worth about $4,046,000. 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.