Appian (NASDAQ:APPN) Trading 7.1% Higher - Time to Buy?

Appian Co. (NASDAQ:APPN - Get Free Report) shares were up 7.1% on Tuesday . The company traded as high as $37.25 and last traded at $37.16. Approximately 122,946 shares changed hands during trading, a decline of 67% from the average daily volume of 369,988 shares. The stock had previously closed at $34.70.

Analyst Upgrades and Downgrades

A number of brokerages have commented on APPN. KeyCorp reaffirmed a "sector weight" rating on shares of Appian in a research report on Tuesday, January 14th. Scotiabank initiated coverage on shares of Appian in a report on Monday, January 6th. They issued a "sector perform" rating and a $37.00 price target on the stock. Barclays lifted their price objective on shares of Appian from $34.00 to $37.00 and gave the company an "underweight" rating in a research note on Friday, December 6th. Finally, DA Davidson reiterated a "neutral" rating and issued a $33.00 price objective on shares of Appian in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $40.17.

Appian Stock Down 0.2 %

The company's 50-day moving average is $35.61 and its 200 day moving average is $34.20. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -28.76 and a beta of 1.61.

Insider Activity

In related news, Director William D. Mccarthy sold 700 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $38.78, for a total value of $27,146.00. Following the transaction, the director now directly owns 7,966 shares of the company's stock, valued at approximately $308,921.48. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 44.00% of the company's stock.

Institutional Trading of Appian

Institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in Appian by 25.8% in the 2nd quarter. AQR Capital Management LLC now owns 78,150 shares of the company's stock valued at $2,412,000 after purchasing an additional 16,031 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Appian by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 21,002 shares of the company's stock worth $648,000 after buying an additional 689 shares in the last quarter. Algert Global LLC boosted its position in Appian by 7.7% during the second quarter. Algert Global LLC now owns 50,263 shares of the company's stock worth $1,551,000 after acquiring an additional 3,614 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in Appian by 35.8% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,126 shares of the company's stock valued at $127,000 after acquiring an additional 1,088 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Appian in the 3rd quarter valued at about $398,000. 52.70% of the stock is owned by institutional investors and hedge funds.

About Appian

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.