Appian (APPN)
Sells AI process automation software for enterprise and government workflows.
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Sells AI process automation software to large enterprises and governments, mainly through subscriptions plus services. Its platform combines orchestration, data fabric, AI agents, document automation, and RPA, with the United States as the larger revenue base.
Builds an AI process automation platform for enterprises and governments, combining process orchestration, data fabric, AI agents, business rules, API integrations, intelligent document processing, robotic process automation, and professional services.
Subscriptions are the main revenue engine, supported by consulting and training around the platform. The United States is the larger revenue base, with meaningful business across financial services, government, life sciences, insurance, and manufacturing customers.
Founder Matt Calkins remains CEO, and Appian still reports one consolidated operating segment. A separate Pegasystems trade-secret case remains in litigation after the trade-secret damages award was vacated and remanded. Growth depends on new customers, wider usage by existing customers, more applications built on the platform, and partner introductions.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 14, 2026 | DA Davidson | Reiterate | Rating: —Target: $34 | Target: $42 |
| Aug 7, 2026 | DA Davidson | Reiterate | Rating: —Target: $22 | Target: $34 |
| Aug 7, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $41 | Target: $32 |
| May 15, 2026 | DA Davidson | Reiterate | Rating: —Target: $25 | Target: $22 |
| May 8, 2026 | Barclays | Reiterate | Rating: —Target: $34 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $167.9M · Total debt $295.3M · Total assets $585.7M · Shareholders' equity −$105.2M
- Revenue
- $203.3M
- Operating income
- −$5.4M
- Net income
- −$11.8M
No dividends on record.
| Institutions | 54.16% | 38.79M shares | |
|---|---|---|---|
| 224 holders · as of Jun 30, 2026 | |||
| Insiders | 46.92% | 33.61M shares | |
| 16 holders · as of Sep 11, 2026 | |||
| Strategic holders | 4.10% | 2.94M shares | |
| 1 holder · as of Feb 3, 2022 | |||
| Adds to | 105.18% | ||
71.63M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 105.18%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Matthew W. Calkins1Insiderdirector, 10 percent owner, officer: CEO and President | 40.27% | 28.99M COMPANY | filed Sep 10, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.84% | 4.19M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.00% | 3.58M A | as of Jun 30, 2026 |
Fivespan Partners, LPInstitution | 4.90% | 3.51M A | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 4.10% | 2.94M | filed Feb 3, 2022 |
- Matthew W. Calkins's transaction reports restate only vehicles that traded; the 2025 ownership statement (28.99M) less the 149.2K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −45,000 | $35.19 |
| Aug 7, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −45,000 | $34.46 |
| Jul 7, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −50,000 | $24.72 |
| Jun 8, 2026 | Matthew W. Calkins | director, 10 percent owner, officer: CEO and President | −50,000 | $24.13 |
| May 13, 2026 | Mark Dorsey | officer: Chief Revenue Officer | +5,227 | $19.13 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Appian | $37.93 | −1.78% | $2.86B | — | 31.2 | 3.6 | +19.1% |
| Microsoft | $497.24 | −0.87% | $3.72T | 27.9 | 25.4 | 11.2 | +17.8% |
| ServiceNow | $135.76 | −1.39% | $142.34B | 86.0 | 29.9 | 9.7 | +24.0% |
| Pegasystems | $34.30 | −1.91% | $5.75B | 19.8 | 13.5 | 3.3 | +9.4% |
| Salesforce | $232.48 | −1.67% | $193.63B | 21.6 | 15.8 | 4.4 | +10.8% |
| UiPath | $13.31 | −2.07% | $7.23B | 20.3 | 15.7 | 4.2 | +13.4% |
| IBM | $230.90 | −0.44% | $218.51B | 20.5 | 18.1 | 3.2 | +1.1% |
| SAP (ADR) | $207.86 | −0.65% | $243.79B | 26.8 | 22.8 | 5.6 | +5.8% |
| Median | 21.6 | 18.1 | 4.4 | +10.8% |