Appian (NASDAQ:APPN) Releases FY 2024 Earnings Guidance

Appian (NASDAQ:APPN - Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of -0.610--0.520 for the period, compared to the consensus earnings per share estimate of -0.550. The company issued revenue guidance of $610.0 million-$615.0 million, compared to the consensus revenue estimate of $611.8 million. Appian also updated its FY24 guidance to ($0.61)-($0.52) EPS.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on APPN shares. KeyCorp lowered shares of Appian from an overweight rating to a sector weight rating in a research report on Friday, August 2nd. The Goldman Sachs Group cut their price objective on Appian from $47.00 to $41.00 and set a buy rating for the company in a research report on Friday, August 2nd. William Blair downgraded Appian from an outperform rating to a market perform rating in a research report on Thursday, August 1st. DA Davidson cut Appian from a strong-buy rating to a hold rating in a report on Wednesday, July 31st. Finally, Barclays decreased their price objective on Appian from $32.00 to $29.00 and set an underweight rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $39.20.

Appian Price Performance

Shares of Appian stock traded down $0.82 on Friday, reaching $31.31. The company had a trading volume of 548,555 shares, compared to its average volume of 542,113. The firm's 50-day moving average price is $31.69 and its two-hundred day moving average price is $32.78. Appian has a 1 year low of $26.28 and a 1 year high of $44.28. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -21.23 and a beta of 1.57.

Appian (NASDAQ:APPN - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, beating analysts' consensus estimates of ($0.31) by $0.05. Appian had a negative net margin of 18.80% and a negative return on equity of 532.05%. The business had revenue of $146.50 million for the quarter, compared to analysts' expectations of $142.87 million. During the same quarter in the previous year, the business posted ($0.55) earnings per share. The business's revenue was up 14.7% compared to the same quarter last year. As a group, analysts anticipate that Appian will post -1.07 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Abdiel Capital Advisors, Lp bought 10,265 shares of Appian stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average cost of $33.75 per share, with a total value of $346,443.75. Following the completion of the transaction, the insider now owns 10,179,538 shares in the company, valued at $343,559,407.50. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 1,761,776 shares of company stock valued at $57,130,976 in the last 90 days. Company insiders own 44.00% of the company's stock.

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.