Appian Is Poised To Climb Higher With Upcoming Quiet Period Expiration

The 25-day quiet period on Appian Corporation (Nasdaq:APPN) will end on June 19, allowing the firm’s IPO underwriters to publish detailed positive reports and recommendations on Appian for the first time since the IPO.

Appian provides a low-code software development platform that enables various organizations around the world to develop applications. We expect underwriters will be eager to release positive reports once restrictions are lifted, leading to a boost in stock price as more investors become aware of the company and its fundamentals.

Underwriters include: Barclays Capital, Goldman Sachs, Morgan Stanley, Cannacord Genuity, Cowen & Company, and Pacific Crest Securities.

We first covered Appian ahead of its IPO. At the time, we were optimistic about the company’s fundamentals and recommended investors consider purchasing shares. Shares are up 59.9% since then, and we view the upcoming quiet period expiration as a second buying opportunity.

Early Market Performance

Appian Corporation went public on 5/24, raising $75M through the offer of 6.3M shares at $12, the midpoint of the expected price range of $11 to $13. The stock jumped 25.1% on the first day of trading and then has continued to rise. Currently shares are trading at $18.37 (market close 6.12).

We expect these shares have further room to climb as more investors become aware of this newly public tech business.

Business Overview: Provider of Low-code Software Development Platform

Appian Corporation provides a low-code software development platform that enables companies to develop applications. Appian’s platform automates the creation of data flows, reports, records, and forms, as well as other software elements that typically require coding. Companies are able to easily design, build and implement enterprise-level applications through the platform. The company provides customer and professional support services.

Its clients include transportation, manufacturing, energy, media, telecommunications, government, healthcare, and financial services organizations. The company was founded in 1999 and is headquartered in Reston, Virginia.