Appian (NASDAQ:APPN) Shares Down 8.4% – Here’s What Happened

Appian Corporation (NASDAQ:APPN) was down 8.4% during mid-day trading on Wednesday . The company traded as low as $24.53 and last traded at $24.0720. Approximately 258,814 shares were traded during trading, a decline of 75% from the average daily volume of 1,049,764 shares. The stock had previously closed at $26.28.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on APPN. Wall Street Zen lowered shares of Appian from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Barclays decreased their target price on Appian from $37.00 to $34.00 and set an “underweight” rating on the stock in a research report on Monday, January 12th. Morgan Stanley raised Appian from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, January 12th. Citigroup reaffirmed a “buy” rating on shares of Appian in a report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Appian in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Appian currently has an average rating of “Hold” and a consensus target price of $38.40.

Appian Trading Down 11.2%

The stock has a market cap of $1.72 billion, a P/E ratio of -232.96 and a beta of 0.90. The stock has a 50 day simple moving average of $33.23 and a 200 day simple moving average of $32.69.

Institutional Investors Weigh In On Appian

Several institutional investors and hedge funds have recently bought and sold shares of APPN. EverSource Wealth Advisors LLC increased its holdings in Appian by 282.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $25,000 after buying an additional 599 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Appian by 693.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 968 shares of the company’s stock worth $30,000 after acquiring an additional 846 shares in the last quarter. Allworth Financial LP increased its stake in Appian by 175.2% in the third quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after acquiring an additional 720 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Appian by 89.0% during the second quarter. PNC Financial Services Group Inc. now owns 1,198 shares of the company’s stock valued at $36,000 after purchasing an additional 564 shares in the last quarter. Finally, State of Wyoming lifted its stake in Appian by 55.0% during the fourth quarter. State of Wyoming now owns 1,462 shares of the company’s stock worth $52,000 after purchasing an additional 519 shares during the last quarter. Institutional investors own 52.70% of the company’s stock.

About Appian

Appian Corporation is a global technology company specializing in low-code automation platforms designed to streamline business processes. Founded in 1999 by Matt Calkins, the company provides an integrated suite of tools that enables organizations to build enterprise applications and workflows rapidly with minimal hand coding. The platform combines process management, robotic process automation (RPA), artificial intelligence (AI) capabilities and data integration into a single environment, allowing businesses to accelerate digital transformation initiatives.

The core offering, the Appian Low-Code Platform, empowers users—ranging from professional developers to business analysts—to visually model, design and deploy applications that can automate complex operations, orchestrate tasks across systems, and deliver real-time analytics.