What happened
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 -1.25%) got a rough start to its week when that occurred; Monday saw the company's share price close almost 10% lower as a result.
So what
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.
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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.
Now what
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.
