On very bearish days for the market like Monday, a stock can really take a hit when a party tracking the company becomes less enthusiastic about it. Cloud computing specialist Appian (APPN 0.86%) got a rough start to its week when that occurred; Monday saw the company's share price close almost 10% lower as a result.
The now-more-bearish entity is independent research house CFRA, which changed its price target on Appian stock that morning, to $56 per share from the previous $63. In doing so, CFRA is maintaining its hold recommendation.
The reasons for the move weren't immediately clear, but they're in line with the general sentiment many hold about tech stocks these days -- particularly the ones struggling to turn a profit, as in the case of Appian.
CFRA's adjustment comes one business day after Appian reported its first-quarter results. These actually pleased some analysts, if anything, with Appian convincingly beating top- and bottom-line estimates for the period. And while the company is forecasting that revenue growth might decelerate a bit in its current (second) quarter, its full-year projections indicate that sales will top analyst expectations.
But even with that quarterly over-performance, analysts weren't super-hot on Appian's stock. According to data compiled by CNN Business, of the eight prognosticators tracking the company, four currently recommend its shares as a hold, compared to three who tag it a buy. One of the eight has it as a sell.
That combination of lukewarm sentiment and a price target slice on a generally awful day for the market did Appian stock in today. We'll see if other analysts change their views as the week progresses.