Steve Enders, an analyst from Citi, maintained the Buy rating on Appian (APPN – Research Report). The associated price target was lowered to $42.00.
Steve Enders has given his Buy rating due to a combination of factors highlighting Appian’s potential for growth and resilience in the face of currency headwinds. His confidence is rooted in the robustness of Appian’s pipeline and its conservative method of forecasting, which is particularly promising given the company’s historically stronger performance in the latter half of the year. Furthermore, the management’s expectations for re-acceleration in growth appear more substantial when adjusting for the negative foreign exchange impacts that have affected the Q2 guidance.
Moreover, Enders recognizes the absence of assumptions regarding improvement in Net Revenue Retention (NRR) or broader economic conditions within the company’s guidance, suggesting a prudent and realistic approach by Appian’s management. The company has also demonstrated international strength independent of favorable FX conditions and is experiencing rising demand for its scalable and reliable enterprise data solutions. Looking forward, Enders sees significant potential in Appian’s initiatives, such as the integration of AI, the adoption of higher-priced tiers, and the expected impact of ProcureSight on the federal vertical, further underpinning his Buy recommendation.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APPN in relation to earlier this year.
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Appian (APPN) Company Description:
Appian Corp. provides business process management (BPM) solutions. Its BPM tools automate and measures business processes. The firm’s products include BPM software, case management, mobile application development, and platform-as-a-service. The company was founded by Matt Calkins, Robert C. Kramer, Marc Wilson, and Michael Beckley in 1999 and is headquartered in Reston, V A.
