Shares of Appian Corp (NASDAQ:APPN) dropped 9% on Tuesday . The stock traded as low as $32.73 and last traded at $36.10. Approximately 2,183,200 shares traded hands during trading, an increase of 65% from the average daily volume of 1,320,560 shares. The stock had previously closed at $39.68.

APPN has been the topic of several research analyst reports. Zacks Investment Research raised shares of Appian from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Wednesday, September 13th. KeyCorp reiterated a “hold” rating on shares of Appian in a research report on Monday, September 18th. 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 research report on Monday, October 2nd. Canaccord Genuity upped their target price on shares of Appian from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Monday, October 30th. Finally, Morgan Stanley upped their target price on shares of Appian from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, November 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.86.

In other news, insider Robert Charles Kramer sold 82,402 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $19.49, for a total transaction of $1,606,014.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael J. Mulligan sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $19.49, for a total transaction of $389,800.00. Following the transaction, the director now owns 20,000 shares in the company, valued at $389,800. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,051,519 shares of company stock worth $21,602,934 and have sold 1,097,222 shares worth $21,384,857.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Abdiel Capital Advisors LP acquired a new position in Appian in the second quarter valued at approximately $56,982,000. JPMorgan Chase & Co. lifted its holdings in Appian by 27.9% in the third quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock valued at $14,673,000 after buying an additional 127,545 shares during the period. Lord Abbett & CO. LLC acquired a new position in Appian in the second quarter valued at approximately $8,134,000. Vanguard Group Inc. acquired a new position in Appian in the second quarter valued at approximately $7,105,000. Finally, Whale Rock Capital Management LLC acquired a new position in Appian in the second quarter valued at approximately $4,447,000. Institutional investors and hedge funds own 11.61% of the company’s stock.

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Appian Company Profile

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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