Appian (NASDAQ:APPN) Sees Strong Trading Volume - Still a Buy?

Appian Co. (NASDAQ:APPN - Get Free Report) shares saw an uptick in trading volume on Tuesday . 364,650 shares traded hands during trading, a decline of 33% from the previous session's volume of 540,563 shares.The stock last traded at $32.09 and had previously closed at $31.88.

Analysts Set New Price Targets

Several equities research analysts have recently commented on APPN shares. 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 report on Friday, August 2nd. KeyCorp lowered shares of Appian from an "overweight" rating to a "sector weight" rating in a research note on Friday, August 2nd. DA Davidson reiterated a "neutral" rating and issued a $33.00 target price on shares of Appian in a research note on Monday. William Blair cut Appian from an "outperform" rating to a "market perform" rating in a report on Thursday, August 1st. Finally, Barclays dropped their price objective on Appian from $32.00 to $29.00 and set an "underweight" rating on the stock in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $39.20.

Appian Stock Performance

The company's fifty day simple moving average is $31.79 and its two-hundred day simple moving average is $32.59. The stock has a market capitalization of $2.24 billion, a P/E ratio of -21.46 and a beta of 1.57.

Appian (NASDAQ:APPN - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.26) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.05. Appian had a negative return on equity of 532.05% and a negative net margin of 18.80%. The company had revenue of $146.50 million for the quarter, compared to analyst estimates of $142.87 million. During the same quarter last year, the company earned ($0.55) earnings per share. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts predict that Appian Co. will post -1.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Appian news, major shareholder Abdiel Capital Advisors, Lp purchased 10,265 shares of the company's stock in a transaction dated Tuesday, October 1st. The stock was bought at an average cost of $33.75 per share, for a total transaction of $346,443.75. Following the completion of the transaction, the insider now owns 10,179,538 shares in the company, valued at approximately $343,559,407.50. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders have acquired 1,721,776 shares of company stock valued at $55,724,576. 44.00% of the stock is owned by company insiders.

Institutional Trading of Appian

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Appian by 8.4% in the first quarter. Vanguard Group Inc. now owns 5,081,560 shares of the company's stock valued at $203,008,000 after acquiring an additional 392,190 shares during the last quarter. Empyrean Capital Partners LP bought a new position in shares of Appian in the 2nd quarter valued at $7,715,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Appian by 70.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 474,100 shares of the company's stock worth $18,922,000 after buying an additional 196,435 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Appian during the 2nd quarter worth $4,657,000. Finally, Baillie Gifford & Co. boosted its stake in Appian by 5.6% in the first quarter. Baillie Gifford & Co. now owns 1,756,419 shares of the company's stock valued at $70,169,000 after buying an additional 93,251 shares in the last quarter. 52.70% of the stock is owned by institutional investors and hedge funds.

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.