Appian (APPN) Lowered to Underweight at Barclays
Appian (NASDAQ:APPN) was downgraded by research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a report issued on Monday, Marketbeat reports. They presently have a $26.00 price target on the stock. Barclays’ price target points to a potential downside of 29.25% from the stock’s previous close.
Several other brokerages also recently weighed in on APPN. BidaskClub raised Appian from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 6th. Zacks Investment Research raised Appian from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Cowen downgraded Appian from an “outperform” rating to a “market perform” rating and set a $23.00 price target for the company. in a report on Monday, October 2nd. KeyCorp reaffirmed a “hold” rating on shares of Appian in a report on Monday, September 18th. Finally, Canaccord Genuity lifted their target price on Appian from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, October 30th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $23.57.
Shares of Appian (NASDAQ:APPN) opened at $36.75 on Monday. Appian has a twelve month low of $14.60 and a twelve month high of $43.26.
In other Appian news, 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, for a total transaction of $351,906.22. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Abdiel Capital Management, Llc acquired 23,443 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was acquired at an average price of $22.24 per share, with a total value of $521,372.32. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,051,519 shares of company stock valued at $21,602,934 and sold 1,097,222 shares valued at $21,384,857.
Several institutional investors have recently bought and sold shares of APPN. New York State Common Retirement Fund purchased a new stake in shares of Appian during the third quarter worth approximately $205,000. Tower Research Capital LLC TRC purchased a new stake in shares of Appian during the second quarter worth approximately $238,000. Neuberger Berman Group LLC purchased a new stake in shares of Appian during the second quarter worth approximately $292,000. Ameriprise Financial Inc. purchased a new stake in shares of Appian during the second quarter worth approximately $323,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Appian during the second quarter worth approximately $370,000. Institutional investors and hedge funds own 11.61% of the company’s stock.
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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