Appian Corporation
boothcheck covers Appian Corporation (APPN) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 25, 2026.
• Cloud subscriptions carry about 60% of revenue, and the lock-in behind them is contractual rather than habitual: the 10-K states ⟦Applications built on our platform may be used only on our platform and only while customers have active subscriptions⟧. • Trailing operating margin is 0.6%, so nearly all of the equity value rests on subscription economics the company has not yet converted into reported operating profit. • The trade-secrets judgment against Pegasystems was vacated and sent back for
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195 institutional managers reported holding APPN in 13F filings for the quarter ended 2026-03-31. Together they hold about 53% of the company; the top 10 hold 34%. 31 opened new positions that quarter. Held by Vanguard Group, BlackRock, Morgan Stanley, among others. On the short side, 5.5M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (4.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
APPN's share count grew 4% over the past five years even with $91.83M spent on repurchases. It pays no dividend. Cash returned over the past three years: $91.83M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at APPN over the trailing three years: 2024: 154 buys totaling $138.17M. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
APPN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +2.3% | -14.3% |
| 2023-11-03 | +2.0% | -16.3% |
| 2024-02-16 | +11.5% | -7.2% |
| 2024-05-03 | -12.9% | -2.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
APPN's latest 8-K filings: 2026-08-06 (items 2.02, 9.01); 2026-06-08 (items 5.07, 9.01); 2026-05-07 (items 2.02, 8.01, 9.01); 2026-02-19 (items 2.02, 8.01, 9.01); 2026-01-21 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.