What Happened?

Shares of low-code automation software company Appian (NASDAQ: APPN) jumped 6% in the afternoon session after the company's stock continued its recent rally, which started after it reported third-quarter earnings that significantly surpassed expectations. The positive momentum was a continuation of a nearly 31% surge in a previous session. This initial jump was sparked by an earnings per share of $0.32, which beat analyst estimates by more than 430%. The strong results were driven by the growing adoption of Appian's AI-powered workflow automation. The company's CEO noted that over a quarter of its customer base paid for Appian AI. Additionally, the firm saw a 50% increase in large, seven-figure software deals. Following the impressive report, analysts reacted positively. For instance, TD Cowen raised its price target for Appian, pointing to the company's 18% cloud growth and better-than-expected EBITDA results.

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What Is The Market Telling Us

Appian’s shares are very volatile and have had 23 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 4 days ago when the stock gained 18.8% on the news that the company reported strong third-quarter 2025 financial results that surpassed analyst expectations and included an increased full-year forecast. The low-code software firm announced total revenue of $187 million, a 21.4% increase from the same period in the previous year, which comfortably beat Wall Street's estimates. The company also demonstrated a significant improvement in profitability, posting a positive operating margin of 7%, a stark contrast to the negative 4.6% margin in the prior year's quarter. On an adjusted basis, earnings per share came in at $0.32, substantially beating analyst expectations of $0.05. To top it off, Appian raised its full-year 2025 guidance for adjusted earnings per share, signaling management's confidence in its business outlook.

Appian is up 29% since the beginning of the year, and at $42.81 per share, has set a new 52-week high. Investors who bought $1,000 worth of Appian’s shares 5 years ago would now be looking at an investment worth $442.85.

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