Appian Corporation (APPN) Trading Down 5.6%

Appian Corporation (NASDAQ:APPN)’s share price was down 5.6% during trading on Thursday . The stock traded as low as $19.75 and last traded at $20.05. Approximately 2,163,576 shares were traded during trading, an increase of 773% from the average daily volume of 247,842 shares. The stock had previously closed at $21.24.

Several equities analysts have commented on APPN shares. Canaccord Genuity increased their price target on Appian Corporation from $18.00 to $19.00 and gave the company a “hold” rating in a report on Friday, August 4th. Barclays PLC reiterated an “equal weight” rating and set a $20.00 price target (up previously from $19.00) on shares of Appian Corporation in a report on Friday, August 4th. Zacks Investment Research downgraded Appian Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 4th. KeyCorp reiterated a “hold” rating on shares of Appian Corporation in a report on Monday, September 18th. Finally, Cowen and Company downgraded Appian Corporation from an “outperform” rating to a “market perform” rating and set a $23.00 price target on the stock. in a report on Monday, October 2nd. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Appian Corporation currently has a consensus rating of “Hold” and a consensus price target of $21.00.

In other Appian Corporation news, major shareholder Abdiel Capital Management, Llc acquired 23,443 shares of Appian Corporation stock in a transaction dated Monday, October 23rd. The stock was bought at an average cost of $22.24 per share, with a total value of $521,372.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Qualified Master Fund L. Abdiel acquired 65,533 shares of Appian Corporation stock in a transaction dated Wednesday, October 25th. The stock was acquired at an average cost of $22.23 per share, with a total value of $1,456,798.59. The disclosure for this purchase can be found here. Insiders bought 146,376 shares of company stock valued at $3,249,007 over the last three months.

Several institutional investors and hedge funds have recently bought and sold shares of APPN. LMR Partners LLP bought a new stake in shares of Appian Corporation in the second quarter valued at approximately $201,000. New York State Common Retirement Fund bought a new position in Appian Corporation in the third quarter worth $205,000. Tower Research Capital LLC TRC bought a new position in Appian Corporation in the second quarter worth $238,000. Neuberger Berman Group LLC bought a new position in Appian Corporation in the second quarter worth $292,000. Finally, Ameriprise Financial Inc. bought a new position in Appian Corporation in the second quarter worth $323,000. 11.53% of the stock is owned by institutional investors.

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Appian Corporation 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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