Appian Corp. (APPN) PT Raised to $60 at Morgan Stanley

Morgan Stanley analyst Sanjit Singh raised the price target on Appian Corp. (NASDAQ: APPN) to $60.00 (from $55.00) after the company delivered a 10% beat in 4Q anchored by an acceleration in cloud revenue growth to 39% (vs 36% in 3Q) and by 35% growth in overall subscription revenue.

The analyst reiterated an Equalweight rating, stating "Looking back at 2021, multiple metrics support the conclusion of 30%+ underlying growth at the company including: 1) an acceleration in subscription revenue growth – +33% vs. +31% in 2020, 2) an acceleration in cloud growth – +39% vs. +36% in 2020, 3) an acceleration in current subscription RPO growth, 4) 30% growth in customers spending more than $250K in ARR and 5) 36% growth in the number of customers spending more than $1 million in ARR. FY22 will see the company make the transition from a largely single product company offering low-code workflow automation to an enterprise automation platform combing low-code workflow automation with process mining and robotic process automation."

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