Appian (NASDAQ:APPN) Trading 7.1% Higher – Here’s What Happened

Appian Co. (NASDAQ:APPN) shares rose 7.1% on Tuesday . The stock traded as high as $37.25 and last traded at $37.16. Approximately 122,946 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 369,988 shares. The stock had previously closed at $34.70.

Analyst Upgrades and Downgrades

Several analysts have weighed in on APPN shares. Scotiabank started 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. KeyCorp reissued a “sector weight” rating on shares of Appian in a report on Tuesday, January 14th. Barclays raised their price target on Appian from $34.00 to $37.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Finally, DA Davidson restated a “neutral” rating and set a $33.00 price objective on shares of Appian in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Appian has an average rating of “Hold” and an average target price of $40.17.

Appian Trading Up 6.2 %

The stock has a market cap of $3.15 billion, a price-to-earnings ratio of -30.20 and a beta of 1.61. The company has a 50 day simple moving average of $35.70 and a 200-day simple moving average of $34.16.

Insider Transactions at Appian

In related news, Director William D. Mccarthy sold 700 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 7,966 shares of the company’s stock, valued at approximately $308,921.48. This represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 44.00% of the company’s stock.

Institutional Investors Weigh In On Appian

A number of institutional investors and hedge funds have recently made changes to their positions in APPN. Allspring Global Investments Holdings LLC acquired a new position in Appian during the third quarter worth approximately $29,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Appian by 35.8% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,126 shares of the company’s stock valued at $127,000 after acquiring an additional 1,088 shares during the period. FMR LLC increased its holdings in shares of Appian by 199.4% during the third quarter. FMR LLC now owns 5,935 shares of the company’s stock worth $203,000 after purchasing an additional 3,953 shares during the period. Entropy Technologies LP bought a new position in Appian during the 4th quarter worth $208,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Appian in the third quarter valued at about $266,000. Institutional investors own 52.70% 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.