Appian (APPN) Stock: $116 Price Target From Truist

By Amit Chowdhry ● Nov 23, 2021
  • The shares of Appian Corp (NASDAQ: APPN) have received a price target of $116 from Truist. These are the details.

The shares of Appian Corp (NASDAQ: APPN) have received a price target of $116 from Truist. And Truist analyst Terry Tillman upgraded Appian from a “Hold” rating to a “Buy” rating while increasing the price target from $105.

Tillman noted that the 12% post-earnings sell-off is unwarranted while noting that he is now even more confident about the company’s ability to monetize the digital transformation megatrend with its differentiated low-code development platform.

A few weeks ago, Appian reported its Q3 2021 financial results. These are the highlights:

— Cloud subscription revenue was $46.7 million for the third quarter of 2021, up 36% compared to the third quarter of 2020.

— Total subscriptions revenue, which includes sales of the company’s SaaS subscriptions, on-premises term license subscriptions, and maintenance and support, increased 32% year-over-year to $67.2 million for the third quarter of 2021.

— Professional services revenue was $25.2 million for the third quarter of 2021, compared to $26.5 million for the third quarter of 2020.

— Total revenue was $92.4 million for the third quarter of 2021, up 20% compared to the third quarter of 2020.

— Cloud subscription revenue retention rate was 117% as of September 30, 2021.

— Operating loss and non-GAAP operating loss: GAAP operating loss was $(22.9) million for the third quarter of 2021, compared to $(7.5) million for the third quarter of 2020.

— Non-GAAP operating loss was $(13.5) million for the third quarter of 2021, compared to $(3.9) million for the third quarter of 2020.

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