Citigroup Issues Pessimistic Forecast for Appian (NASDAQ:APPN) Stock Price

Appian (NASDAQ:APPN - Get Free Report) had its price target lowered by Citigroup from $53.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 49.84% from the company's previous close.

A number of other research analysts have also weighed in on APPN. Scotiabank began coverage on Appian in a research report on Monday, January 6th. They set a "sector perform" rating and a $37.00 target price for the company. DA Davidson lowered their price objective on shares of Appian from $40.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Barclays reduced their target price on shares of Appian from $37.00 to $28.00 and set an "underweight" rating for the company in a research report on Monday. Morgan Stanley dropped their price objective on Appian from $35.00 to $27.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, KeyCorp reissued a "sector weight" rating on shares of Appian in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $34.57.

Appian Price Performance

Shares of APPN traded up $0.87 during trading hours on Tuesday, hitting $26.70. 327,295 shares of the stock were exchanged, compared to its average volume of 547,877. The business has a 50-day moving average of $30.03 and a 200-day moving average of $33.43. Appian has a fifty-two week low of $24.00 and a fifty-two week high of $43.33. The firm has a market capitalization of $1.98 billion, a P/E ratio of -21.17 and a beta of 1.78.

Appian (NASDAQ:APPN - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The firm had revenue of $166.70 million during the quarter, compared to analyst estimates of $164.31 million. Appian had a negative net margin of 14.95% and a negative return on equity of 532.05%. The business's quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 earnings per share. As a group, analysts forecast that Appian will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Appian

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $33.21, for a total transaction of $32,877.90. Following the completion of the transaction, the director now owns 29,348 shares of the company's stock, valued at approximately $974,647.08. This trade represents a 3.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of Appian stock in a transaction on Friday, April 4th. The shares were sold at an average price of $26.49, for a total value of $2,080,206.72. Following the transaction, the insider now owns 9,942,140 shares of the company's stock, valued at $263,367,288.60. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 240,510 shares of company stock worth $6,648,635. 44.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Appian

Several institutional investors have recently modified their holdings of APPN. Point72 Hong Kong Ltd bought a new stake in shares of Appian in the fourth quarter worth $35,000. Canada Pension Plan Investment Board grew its stake in shares of Appian by 27.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company's stock valued at $76,000 after purchasing an additional 500 shares during the period. Russell Investments Group Ltd. increased its position in shares of Appian by 1,244.8% during the 4th quarter. Russell Investments Group Ltd. now owns 3,779 shares of the company's stock valued at $125,000 after purchasing an additional 3,498 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Appian in the 4th quarter worth approximately $181,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Appian by 2,716.2% in the first quarter. GAMMA Investing LLC now owns 6,252 shares of the company's stock worth $1,800,000 after buying an additional 6,030 shares during the last quarter. 52.70% of the stock is owned by hedge funds and other institutional investors.

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.

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