Appian (APPN) Cut to “Market Perform” at William Blair
Appian (NASDAQ:APPN) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, Marketbeat.com reports. The analysts noted that the move was a valuation call.
APPN has been the topic of a number of other reports. Morgan Stanley lowered shares of Appian from an “equal weight” rating to an “underweight” rating and set a $24.00 target price on the stock. in a report on Thursday, January 11th. Canaccord Genuity increased their target price on shares of Appian from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, October 30th. Cowen lowered shares of Appian from an “outperform” rating to a “market perform” rating and set a $23.00 target price on the stock. in a report on Monday, October 2nd. BidaskClub upgraded shares of Appian from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 6th. Finally, Zacks Investment Research lowered shares of Appian from a “buy” rating to a “hold” rating in a report on Monday, October 16th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company. Appian currently has an average rating of “Hold” and a consensus price target of $23.57.
Appian (NASDAQ APPN) opened at $35.51 on Friday. Appian has a fifty-two week low of $14.60 and a fifty-two week high of $43.26.
In other news, major shareholder Abdiel Capital Management, Llc acquired 5,258 shares of Appian stock in a transaction dated Monday, December 4th. The shares were acquired at an average cost of $20.48 per share, for a total transaction of $107,683.84. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder M James Barrett sold 569,620 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $19.49, for a total transaction of $11,101,893.80. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 1,051,519 shares of company stock worth $21,602,934 and sold 1,097,222 shares worth $21,384,857.
Institutional investors and hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund acquired a new stake in shares of Appian in the 3rd quarter valued at $205,000. Tower Research Capital LLC TRC acquired a new stake in shares of Appian in the 2nd quarter valued at $238,000. Neuberger Berman Group LLC acquired a new stake in shares of Appian in the 2nd quarter valued at $292,000. Ameriprise Financial Inc. acquired a new stake in shares of Appian in the 2nd quarter valued at $323,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Appian in the 2nd quarter valued at $370,000. Institutional investors and hedge funds own 11.61% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “Appian (APPN) Cut to “Market Perform” at William Blair” was originally posted by Daily Political and is owned by of Daily Political. If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and international copyright and trademark laws. The legal version of this piece can be accessed at https://www.dailypolitical.com/2018/01/21/appian-appn-cut-to-market-perform-at-william-blair.html.
Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.
Receive News & Ratings for Appian Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Appian and related companies with MarketBeat.com's FREE daily email newsletter.