9 Small-Cap Software Infrastructure Stocks with Highest Upside Potential

3. Appian Corporation (NASDAQ:APPN)

Number of Hedge Fund Holders: 32

Upside Potential: 83.7%

Appian Corporation (NASDAQ:APPN) is one of the 9 small-cap software infrastructure stocks with the highest upside potential.

On January 27, Steve Enders from Citi maintained his Buy rating on Appian Corporation (NASDAQ:APPN). The analyst forecasted a target price of $48, which leads to an upside potential of more than 108%. He also placed Appian Corporation (NASDAQ:APPN) on an “upside 90-day catalyst watch.”

Enders reflected on the company’s fourth quarter results and 2026 guidance, which indicate continued strength across the federal segment. He believes this setup presents a compelling risk/reward opportunity for investors.

Back on January 12, Appian Corporation (NASDAQ:APPN) was upgraded from an Equal Weight to an Overweight rating by Morgan Stanley analyst Sanjit Singh. He forecasted a $45 price target, yielding upside potential of more than 95%.

Singh’s rating revision is based on his belief that the market has a misconception about the company. He anticipates growth in mid-teens amid customer adoption of the company’s AI-linked subscription tiers, along with enhanced sales productivity.

Appian Corporation (NASDAQ:APPN) is a global cloud-based platform-as-a-service (PaaS) provider. It allows enterprises to design and automate business processes through an integrated automation platform. The platform encompasses various features, including AI, data fabric, and process automation & mining.