Appian (NASDAQ:APPN) Shares Gap Up – Should You Buy?

Shares of Appian Corporation (NASDAQ:APPN) gapped up before the market opened on Thursday . The stock had previously closed at $29.33, but opened at $32.01. Appian shares last traded at $34.5080, with a volume of 549,339 shares traded.

Analyst Upgrades and Downgrades

APPN has been the subject of several research reports. DA Davidson initiated coverage on shares of Appian in a research report on Friday, August 8th. They set a “neutral” rating and a $30.00 price objective for the company. Zacks Research raised shares of Appian from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Appian in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Appian presently has a consensus rating of “Hold” and an average target price of $33.40.

Appian Price Performance

The firm has a market cap of $2.79 billion, a P/E ratio of -162.82 and a beta of 1.77. The business’s 50-day moving average is $30.51 and its two-hundred day moving average is $30.23.

Appian (NASDAQ:APPN) last released its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The company had revenue of $170.64 million for the quarter, compared to analyst estimates of $160.01 million. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.26) earnings per share. Equities research analysts predict that Appian Corporation will post -0.28 EPS for the current year.

Institutional Trading of Appian

A number of large investors have recently added to or reduced their stakes in APPN. Teacher Retirement System of Texas acquired a new stake in Appian in the first quarter valued at $373,000. Penserra Capital Management LLC lifted its stake in Appian by 6.3% in the first quarter. Penserra Capital Management LLC now owns 16,646 shares of the company’s stock valued at $479,000 after acquiring an additional 989 shares during the last quarter. Fonville Wealth Management LLC acquired a new stake in Appian in the first quarter valued at $756,000. CWM LLC lifted its stake in Appian by 685.9% in the first quarter. CWM LLC now owns 7,788 shares of the company’s stock valued at $224,000 after acquiring an additional 6,797 shares during the last quarter. Finally, Concord Wealth Partners lifted its stake in Appian by 21.7% in the first quarter. Concord Wealth Partners now owns 2,581 shares of the company’s stock valued at $74,000 after acquiring an additional 461 shares during the last quarter. Institutional investors and hedge funds own 52.70% of the company’s stock.

Appian Company Profile

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.