Appian (APPN) Downgraded by SunTrust Banks to “Hold”

SunTrust Banks lowered shares of Appian (NASDAQ:APPN) from a buy rating to a hold rating in a research report sent to investors on Monday, Marketbeat.com reports. The brokerage currently has $28.00 price target on the stock.

A number of other research firms have also recently commented on APPN. Canaccord Genuity upped their target price on shares of Appian from $19.00 to $22.00 and gave the company a hold rating in a research report on Monday, October 30th. Cowen cut 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. Zacks Investment Research raised shares of Appian from a hold rating to a buy rating and set a $30.00 target price on the stock in a research report on Wednesday, September 13th. KeyCorp reaffirmed a hold rating on shares of Appian in a research report on Monday, September 18th. Finally, Morgan Stanley upped their target price on shares of Appian from $18.00 to $19.00 and gave the company an equal weight rating in a research report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $23.57.

Appian (NASDAQ APPN) opened at $36.75 on Monday. Appian has a 1 year low of $14.60 and a 1 year high of $43.26.

In other Appian news, major shareholder Abdiel Capital Management, Llc purchased 23,443 shares of Appian stock in a transaction dated Monday, October 23rd. The shares were acquired at an average price of $22.24 per share, with a total value of $521,372.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Edward L. Hughes sold 100,000 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $19.49, for a total transaction of $1,949,000.00. Following the sale, the vice president now directly owns 100,000 shares in the company, valued at approximately $1,949,000. The disclosure for this sale can be found here. In the last three months, 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.

Several institutional investors and hedge funds have recently modified their holdings of the company. Abdiel Capital Advisors LP acquired a new stake in shares of Appian during the second quarter worth about $56,982,000. JPMorgan Chase & Co. increased its stake in shares of Appian by 27.9% during the third quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock worth $14,673,000 after buying an additional 127,545 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Appian during the second quarter worth approximately $8,134,000. Vanguard Group Inc. purchased a new stake in shares of Appian during the second quarter worth approximately $7,105,000. Finally, Whale Rock Capital Management LLC purchased a new stake in shares of Appian during the second quarter worth approximately $4,447,000. 11.61% of the stock is currently owned by institutional investors and hedge funds.

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About Appian

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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