Zacks Investment Research Downgrades Appian (APPN) to Sell
Appian (NASDAQ:APPN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “
Several other research firms have also recently weighed in on APPN. Barclays cut Appian from an “equal weight” rating to an “underweight” rating and set a $26.00 price objective for the company. in a research report on Monday, January 8th. SunTrust Banks cut Appian from a “buy” rating to a “hold” rating and set a $28.00 price target for the company. in a research report on Monday, January 8th. BidaskClub raised Appian from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 6th. Goldman Sachs Group cut Appian from a “neutral” rating to a “sell” rating and set a $17.00 price target for the company. in a research report on Thursday, January 18th. Finally, William Blair cut Appian from an “outperform” rating to a “market perform” rating in a research report on Friday, January 19th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $24.29.
Appian (NASDAQ:APPN) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.10. The firm had revenue of $50.60 million for the quarter, compared to analyst estimates of $41.78 million. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. research analysts predict that Appian will post -0.74 EPS for the current year.
In other Appian news, major shareholder Abdiel Capital Management, Llc acquired 5,258 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was bought at an average cost of $20.48 per share, with a total value of $107,683.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel acquired 17,473 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was acquired at an average cost of $20.14 per share, with a total value of $351,906.22. The disclosure for this purchase can be found here. Insiders have purchased 341,020 shares of company stock valued at $6,914,115 over the last three months.
Several institutional investors and hedge funds have recently added to or reduced their stakes in APPN. Tower Research Capital LLC TRC lifted its position in shares of Appian by 79.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,133 shares of the company’s stock valued at $193,000 after buying an additional 2,715 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Appian in the third quarter valued at approximately $205,000. Citadel Advisors LLC acquired a new stake in shares of Appian in the fourth quarter valued at approximately $220,000. Deutsche Bank AG lifted its position in shares of Appian by 421.7% in the fourth quarter. Deutsche Bank AG now owns 7,945 shares of the company’s stock valued at $250,000 after buying an additional 6,422 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Appian in the second quarter valued at approximately $323,000. 14.22% of the stock is owned by institutional investors.
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.
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