Appian Corporation Class A (APPN)

Over the past six months, Appian's stock price has been impacted by several events. Appian reported better-than-expected Q2 CY2025 results, with revenue up 16.5% year-on-year to $170.6 million, exceeding Wall Street's estimates. Appian's Q3 2025 results showed robust growth, with cloud subscriptions revenue increasing 21% to $113.6 million and total revenue growing 21% to $187.0 million, exceeding guidance ranges. Analyst ratings from Barclays and Morgan Stanley were updated multiple times. Appian announced its plan to appeal its trade secret claims against Pegasystems following a decision by the Supreme Court of Virginia to remand the case for retrial.

The provided search results do not explicitly detail specific demand seasonality for Appian Corp.'s products and services. Appian's revenue is primarily subscription-based, which can mitigate significant seasonality. Appian's focus on digital workflow automation and increasing AI usage among clients, along with a growing reliance on government contracts, suggests a relatively stable demand driven by ongoing digital transformation trends across various industries. The company's Q3 2025 earnings call mentioned strong federal sector performance, with momentum expected to continue once the government reopens, which could imply some impact from government fiscal cycles.

Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, operating within the Information Technology sector. It provides a platform as a service (PaaS) for building enterprise software applications, focusing on low-code development, process mining, business process management (BPM), and case management markets. Appian's flagship product is The Appian Platform, an integrated automation platform designed to help organizations design, automate, and optimize mission-critical business processes. The company serves diverse sectors such as financial services, government, healthcare, manufacturing, life sciences, insurance, telecommunications, and transportation.

Appian Corporation operates in the United States, Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, as well as internationally. The majority of its revenue is derived from its business in the United States, but a growing international presence is indicated by the revenue generated from customers outside of the United States.

Appian has maintained a positive brand reputation through its advancements in AI and recognition in the industry. Appian has strategically focused on driving AI adoption within its process automation platform. Appian was named a Leader in the inaugural Gartner® Magic Quadrant™ for Business Orchestration and Automation Technologies (BOAT) in October 2025. In November 2025, Appian launched new AI capabilities to automate complex work and accelerate app modernization. The ongoing trade secret lawsuit against Pegasystems, which is headed for retrial, involves allegations of industrial espionage.

Appian's ownership is a blend of institutional backing and significant insider control. Matthew Calkins, the founder and CEO, is the largest individual shareholder, holding approximately 39% of outstanding shares. Individual insiders collectively own 43% of Appian's stock, indicating substantial management and founder influence. Institutional investors are a dominant force, with 406 institutional owners holding a total of 39,712,970 shares as of January 7, 2026. The general public, comprising individual investors, holds an estimated 9.04% to 16% of Appian's shares.