Appian (APPN Quick QuoteAPPN - Free Report) recently launched its latest version of the AI-powered process platform featuring Appian AI Copilot, an AI assistant that boosts developer productivity. AI Copilot uses generative AI to create digital interfaces from PDF forms. It also uses Appian's private AI strategy for fast and secure process automation solutions.

The new Appian Platform offers more data fabric scalability and security, better AI skill designer experience and more unified Appian RPA. It leverages on Appian’s generative AI capabilities to simplify software development on an already low-code platform.

The AI Copilot aims to accelerate the end-to-end application development capabilities, reduce implementation times, reduce the total cost of ownership, and enable developers to become true value-added consultants to the business.

AI Copilot makes Appian an ideal platform for AI to express application designs. Companies like Wipro Limited, Yexle Limited, and Axiom Space have planned to adopt Appian’s new platform to support their processes and automation.

Appian Corporation Price and Consensus

Appian Corporation price-consensus-chart | Appian Corporation Quote

 

Robust Product Portfolio to Aid Appian’s Prospects

Appian’s shares have surged 40.5% year to date compared with the Zacks Computer and Technology sector’s increase of 32.4% over the same time frame.

Appian is riding on a strong product portfolio, delivering end-to-end process automation, data fabric, optimization and total experience. The adoption of its robust mission-critical solutions by various customers, including government agencies, has been a tailwind.

Consistent innovation in its solutions has been noteworthy. In July 2023, Appian launched its Insight to Action program for process mining, which helps organizations to improve business processes by offering mining preparation, analysis and service hours. It combines with automation on a low-code platform, making it easy to implement changes and achieve continuous improvement.

Appian benefited from an expanding partner base, reflecting positive traction in its subscription and on-premise license revenue stream.

Appian recorded its first-quarter 2023 total subscription revenues at $93.8 million, indicating an increase of 22% year-over-year.

Appian partnered with companies like Guidewire Software (GWRE Quick QuoteGWRE - Free Report) , Alphabet (GOOGL Quick QuoteGOOGL - Free Report) and Microsoft (MSFT Quick QuoteMSFT - Free Report) to offer built-in and integrated AI capabilities for its customers, thereby boosting its product portfolio.

Appian’s Low-Code Process Automation Platform combines with Guidewire’s cloud-first strategy to feature end-to-end automation of complex insurance processes across systems.

Appian incorporates Alphabet’s Google Cloud AI and ML services out of the box for constantly optimizing intelligent document processing. It also delivers its platform on Microsoft Azure's cloud infrastructure and leverages Azure's cognitive services for AI-powered document extraction, sentiment analysis and face detection.

Appian’s focus on improving its innovative product portfolio, driving digital transformation for its customers and leveraging AI-based solutions is expected to benefit the company in the rest of 2023.

This Zacks Rank #3 (Hold) company’s third-quarter 2023 revenues are pegged between $134 million and $136 million, indicating a year-over-year growth of 14%-15%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Appian expects third quarter earnings between a loss of 28 cents per share and a loss of 23 cents per share.

For the full year 2023, Appian expects its cloud subscription revenues to be between $299 million and $301 million, indicating a year-over-year growth of 26%-27%.

The Zacks Consensus Estimate for third-quarter revenues is pegged at $134.99 million, indicating growth of 14.52% from the year-ago quarter’s reported figure.

The consensus mark for loss is pegged at 26 cents per share, indicating a 39.53% year-over-year growth.