Appian (NASDAQ:APPN) Trading Up 6.6% – Time to Buy?

Appian Co. (NASDAQ:APPN)’s stock price shot up 6.6% during trading on Wednesday . The stock traded as high as $41.15 and last traded at $41.15. 125,898 shares were traded during trading, a decline of 77% from the average session volume of 545,754 shares. The stock had previously closed at $38.61.

Analyst Upgrades and Downgrades

A number of brokerages have commented on APPN. DA Davidson reissued a “neutral” rating and set a $33.00 price objective on shares of Appian in a report on Monday, October 14th. Barclays upped their price target on Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $40.20.

Appian Stock Performance

The business has a 50 day moving average of $35.57 and a 200-day moving average of $32.77. The company has a market capitalization of $3.37 billion, a P/E ratio of -32.34 and a beta of 1.57.

Insiders Place Their Bets

In related news, Director William D. Mccarthy sold 700 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $38.78, for a total value of $27,146.00. Following the transaction, the director now owns 7,966 shares of the company’s stock, valued at $308,921.48. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Abdiel Capital Advisors, Lp purchased 23,053 shares of the stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $30.22 per share, for a total transaction of $696,661.66. Following the transaction, the insider now directly owns 10,036,046 shares of the company’s stock, valued at approximately $303,289,310.12. This represents a 0.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 101,093 shares of company stock worth $3,246,857 in the last ninety days. 44.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Appian

A number of large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Appian during the 3rd quarter valued at $29,000. Neo Ivy Capital Management bought a new position in shares of Appian during the second quarter valued at about $65,000. Canada Pension Plan Investment Board purchased a new position in shares of Appian in the second quarter worth about $96,000. nVerses Capital LLC bought a new stake in shares of Appian in the 2nd quarter valued at about $105,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Appian during the 2nd quarter valued at about $121,000. 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.