5 Best Small Cap Tech Stocks to Buy According to Hedge Funds 

2. Appian Corporation (NASDAQ:APPN)

Number of Hedge Fund Holders: 39

Appian Corporation (NASDAQ:APPN) is one of the best small cap tech stocks to buy according to hedge funds. TD Cowen cut the price target on Appian Corporation (NASDAQ:APPN) to $24 from $27 on May 15, reiterating a Hold rating on the shares. The firm updated its model on the company after its investor day, where management laid emphasis on its positioning as a mission- critical process automation platform, as well as a key enabler of enterprise AI, as it provides the deterministic workflow architecture that pairs with non-deterministic AI to provide powerful and reliable outcomes.

Appian Corporation (NASDAQ:APPN) also received a rating update from DA Davidson on May 15. The firm cut the price target on the stock to $22 from $25, maintaining a Neutral rating on the shares and telling investors in a research note that, after attending the company’s Investor Day, it is incrementally positive regarding Appian Corporation’s (NASDAQ:APPN) opportunity to generate more meaningful revenue from AI use cases.

Appian Corporation (NASDAQ:APPN) provides business process management (BPM) solutions, with its products including BPM software, mobile application development, case management, and platform-as-a-service.