Appian (APPN) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Appian (NASDAQ:APPN) from a sell rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Appian Corporation provides low-code software development platform which enables organizations to develop various applications primarily in the United States and internationally. The Company’s products include business process management software, case management, mobile application development and platform as a service. It serves financial services, healthcare, government, telecommunications, media, energy, manufacturing and transportation organizations. Appian Corporation is headquartered in Reston, Virginia. “

A number of other equities analysts also recently commented on the company. BidaskClub raised Appian from a hold rating to a buy rating in a research report on Friday, December 29th. William Blair assumed coverage on Appian in a research report on Monday, November 27th. They set an outperform rating for the company. SunTrust Banks assumed coverage on Appian in a research report on Tuesday, November 21st. They set a buy rating and a $28.00 price objective for the company. Canaccord Genuity reissued a hold rating on shares of Appian in a research report on Monday, November 6th. Finally, Morgan Stanley boosted their price objective on Appian from $18.00 to $19.00 and gave the stock an equal weight rating in a research report on Friday, November 3rd. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $22.00.

Shares of Appian (NASDAQ APPN) traded up $2.67 during trading on Tuesday, hitting $35.73. The stock had a trading volume of 677,503 shares, compared to its average volume of 712,700. Appian has a 1-year low of $14.60 and a 1-year high of $36.08.

In related news, CEO Matthew W. Calkins sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $19.49, for a total transaction of $4,872,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel bought 17,473 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were acquired at an average price of $20.14 per share, with a total value of $351,906.22. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,051,519 shares of company stock valued at $21,602,934 and have sold 1,097,222 shares valued at $21,384,857.

A number of hedge funds have recently bought and sold shares of the stock. Abdiel Capital Advisors LP purchased a new stake in Appian during the second quarter worth approximately $56,982,000. JPMorgan Chase & Co. lifted its stake in Appian by 27.9% in the third quarter. JPMorgan Chase & Co. now owns 585,018 shares of the company’s stock valued at $14,673,000 after buying an additional 127,545 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Appian in the second quarter valued at approximately $8,134,000. Vanguard Group Inc. purchased a new stake in Appian in the second quarter valued at approximately $7,105,000. Finally, Whale Rock Capital Management LLC purchased a new stake in Appian in the second quarter valued at approximately $4,447,000. Hedge funds and other institutional investors own 11.61% of the company’s stock.

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Appian Company Profile

Appian Corporation provides a low-code software development platform as a service that enables organizations to develop applications. Through Company’s platform, organizations can design, build and implement, enterprise-grade custom applications. Decision makers can reimagine their products, services, processes and customer interactions.

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