Appian Corporation (NASDAQ:APPN) was downgraded by analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $23.00 price target on the stock. Cowen and Company’s price objective would suggest a potential downside of 10.68% from the company’s previous close.

Several other equities analysts have also recently weighed in on APPN. Goldman Sachs Group, Inc. (The) began coverage on shares of Appian Corporation in a research note on Monday, June 19th. They issued a “neutral” rating and a $17.00 target price for the company. Barclays PLC began coverage on shares of Appian Corporation in a report on Monday, June 19th. They set an “equal weight” rating and a $19.00 target price on the stock. Canaccord Genuity began coverage on shares of Appian Corporation in a research report on Monday, June 19th. They set a “hold” rating and a $18.00 price target on the stock. Morgan Stanley started coverage on shares of Appian Corporation in a research report on Monday, June 19th. They set an “equal weight” rating and a $18.00 price target on the stock. Finally, Pacific Crest started coverage on shares of Appian Corporation in a research note on Monday, June 19th. They issued a “sector weight” rating for the company. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $20.83.

Appian Corporation (NASDAQ APPN) traded down 16.06% on Monday, reaching $23.89. 463,316 shares of the company were exchanged. The stock has a 50 day moving average of $22.60 and a 200 day moving average of $20.31. The firm’s market capitalization is $1.44 billion. Appian Corporation has a 12-month low of $14.60 and a 12-month high of $28.65.

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In related news, major shareholder Qualified Master Fund L. Abdiel bought 155,348 shares of the business’s stock in a transaction dated Tuesday, July 11th. The stock was bought at an average price of $18.61 per share, for a total transaction of $2,891,026.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Qualified Master Fund L. Abdiel bought 195,437 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were bought at an average price of $19.46 per share, with a total value of $3,803,204.02. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 667,360 shares of company stock valued at $12,789,878.

Several hedge funds have recently made changes to their positions in the stock. LMR Partners LLP bought a new stake in shares of Appian Corporation during the 2nd quarter worth about $201,000. Tower Research Capital LLC TRC acquired a new stake in Appian Corporation during the second quarter worth approximately $238,000. Neuberger Berman Group LLC acquired a new stake in Appian Corporation during the second quarter worth approximately $292,000. Ameriprise Financial Inc. acquired a new stake in Appian Corporation during the second quarter worth approximately $323,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Appian Corporation during the second quarter worth approximately $370,000. 11.61% of the stock is owned by institutional investors and hedge funds.

About Appian Corporation

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.

Analyst Recommendations for Appian Corporation (NASDAQ:APPN)

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