Appian (NASDAQ:APPN) Stock Price Down 6.2% – Should You Sell?

Appian Co. (NASDAQ:APPN) shares dropped 6.2% on Thursday . The stock traded as low as $32.42 and last traded at $31.97. Approximately 51,353 shares changed hands during trading, a decline of 86% from the average daily volume of 355,081 shares. The stock had previously closed at $34.10.

Analyst Upgrades and Downgrades

APPN has been the topic of several research reports. KeyCorp reiterated a “sector weight” rating on shares of Appian in a research note on Tuesday, January 14th. Barclays increased their price objective on shares of Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, Scotiabank initiated coverage on shares of Appian in a research note on Monday, January 6th. They set a “sector perform” rating and a $37.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Appian has a consensus rating of “Hold” and an average target price of $40.17.

Appian Price Performance

The stock has a market capitalization of $2.85 billion, a P/E ratio of -27.48 and a beta of 1.64. The stock’s fifty day moving average is $34.88 and its two-hundred day moving average is $34.09.

Insider Activity at Appian

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 transaction of $27,146.00. Following the completion of the sale, the director now directly owns 7,966 shares in the company, valued at approximately $308,921.48. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 44.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Abdiel Capital Advisors LP lifted its stake in Appian by 72.6% in the third quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock valued at $347,179,000 after acquiring an additional 4,278,969 shares during the last quarter. Vanguard Group Inc. boosted its stake in Appian by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 5,028,472 shares of the company’s stock valued at $165,839,000 after purchasing an additional 23,890 shares during the period. Geode Capital Management LLC grew its holdings in Appian by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 972,203 shares of the company’s stock valued at $32,071,000 after buying an additional 14,710 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Appian by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 348,932 shares of the company’s stock valued at $11,508,000 after buying an additional 14,085 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Appian by 184.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 201,245 shares of the company’s stock valued at $6,637,000 after buying an additional 130,606 shares during the last quarter. 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.