Barclays Raises Appian Price Target to $34.00

Barclays has increased its price target for Appian (NASDAQ:APPN) from $29.00 to $34.00, as reported on Friday. Despite this increase, Barclays assigned an "underweight" rating to the stock.

This revised target price indicates a potential downside of approximately 17.3% from Appian's current trading price.

Recent Analyst Comments on Appian

Other analysts have shared their perspectives on Appian's stock recently. Goldman Sachs lowered its price target for Appian from $47.00 to $41.00 while maintaining a "buy" rating as of August 2. Similarly, William Blair downgraded Appian from an "outperform" rating to a "market perform" rating on August 1. Furthermore, KeyCorp also downgraded the stock from an "overweight" to a "sector weight" rating on August 2. DA Davidson reaffirmed a "neutral" rating and set a price target of $33.00 on October 14. Currently, one analyst rates the stock as a sell, four have a hold rating, and one has a buy rating. According to MarketBeat, Appian's average rating is "Hold" with an average target price of $40.20.

Appian Stock Performance

On Friday, Appian's shares fell by 1.1%, closing at $41.11. The trading volume for the day reached 176,371 shares, compared to the average of 549,913 shares. Over the last 50 days, the company's simple moving average is $33.01, while the 200-day moving average stands at $32.13. The stock has touched a 12-month low of $26.28 and a high of $43.33, giving it a market cap of $2.97 billion. Appian's price-to-earnings ratio is -27.59, with a beta of 1.57.

Recent Earnings Announcement

Appian recently announced its quarterly earnings data on November 7. The company reported an earnings per share (EPS) of $0.02, surprising analysts who had expected an EPS of ($0.22). Appian's return on equity was a negative 532.05%, and the net margin was a negative 18.80%. The reported revenue for the quarter was $154.05 million, surpassing analysts' expectations of $150.94 million. Analysts currently forecast that Appian will report -1.08 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Abdiel Capital Advisors, LP purchased 10,265 shares of Appian stock on October 1, with an average purchase price of $33.75 per share, totaling $346,443.75. Following this transaction, their total ownership in the company now amounts to 10,179,538 shares, valued at about $343.56 million. Insiders have acquired a total of 819,276 shares worth approximately $24.99 million in the last 90 days, representing 44% of the company's stock ownership.

Institutional Activities

Several institutional investors and hedge funds have recently adjusted their holdings in Appian. Allspring Global Investments Holdings LLC acquired a new stake valued at $29,000 in the third quarter. Neo Ivy Capital Management bought shares worth about $65,000 in the second quarter. The Canada Pension Plan Investment Board invested approximately $96,000 in the second quarter as well. Other notable new purchases were made by nVerses Capital LLC ($105,000) and Point72 Hong Kong Ltd ($121,000) during the second quarter. Currently, institutional investors own 52.7% of Appian's shares.

Company Overview

Appian Corporation is a software company that specializes in providing a low-code design platform for various markets, including the United States, Mexico, and Portugal. Their platform includes features such as artificial intelligence, process automation, data fabric, and process mining, and is designed to help organizations automate and optimize essential business processes.

Barclays, Appian, PriceTarget