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Research Alert: CFRA Maintains Hold Rating On Shares Of Appian Corporation.

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target price to $23 from $27 on an EV/S multiple of 1.9x our 2027 sales projection of $920M, below its three-year average. We increase our 2026 EPS estimate to $0.99 from $0.93 and our 2027 EPS forecast to $1.25 from $1.17. APPN delivered strong Q1 2026 results, with cloud subscription revenue of $124.5M up 25% Y/Y (20% constant currency), while total revenue of $202.2M rose 21% Y/Y (17% constant currency). Cloud net annual recurring revenue (ARR) expansion improved to 115% from 112% due to AI tier upgrades with nearly 40% of customers now purchasing AI-inclusive advanced tier licenses. Adjusted EBITDA of $26.6M exceeded the $19M-$22M guidance range, with full-year guidance raised to $97M-$105M (approximately 12% margin at midpoint). We believe the combination of AI-driven efficiency focus and APPN's improved sales productivity position the company favorably for continued growth, though we remain cautious on guidance implying 2H deceleration.

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