Appian (NASDAQ:APPN) Sets New 52-Week High – Still a Buy?

Appian Co. (NASDAQ:APPN)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.32 and last traded at $41.74, with a volume of 106060 shares changing hands. The stock had previously closed at $40.50.

Analyst Ratings Changes

A number of research firms have recently issued reports on APPN. Barclays dropped their price objective on shares of Appian from $32.00 to $29.00 and set an “underweight” rating on the stock in a research note on Monday, August 5th. KeyCorp lowered shares of Appian from an “overweight” rating to a “sector weight” rating in a report on Friday, August 2nd. The Goldman Sachs Group lowered their target price on Appian from $47.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. William Blair cut Appian from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, DA Davidson reissued a “neutral” rating and issued a $33.00 price target on shares of Appian in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.20.

Appian Trading Down 1.8 %

The company has a market cap of $2.88 billion, a P/E ratio of -27.18 and a beta of 1.57. The company’s 50-day moving average price is $33.01 and its two-hundred day moving average price is $32.13.

Insider Activity

In related news, major shareholder Abdiel Capital Advisors, Lp bought 10,265 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were bought at an average cost of $33.75 per share, for a total transaction of $346,443.75. Following the completion of the purchase, the insider now owns 10,179,538 shares of the company’s stock, valued at $343,559,407.50. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 894,276 shares of company stock valued at $27,099,351. Company insiders own 44.00% of the company’s stock.

Hedge Funds Weigh In On Appian

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Crossmark Global Holdings Inc. raised its stake in shares of Appian by 3.0% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 9,693 shares of the company’s stock worth $299,000 after buying an additional 280 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Appian by 3.4% in the second quarter. The Manufacturers Life Insurance Company now owns 21,002 shares of the company’s stock worth $648,000 after acquiring an additional 689 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Appian by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 8,337 shares of the company’s stock valued at $333,000 after acquiring an additional 758 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Appian during the 3rd quarter valued at about $29,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Appian by 35.8% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,126 shares of the company’s stock worth $127,000 after purchasing an additional 1,088 shares during the last quarter. 52.70% of the stock is currently 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.