TD Cowen analyst Derrick Wood says the firm’s due diligence suggests Appian has laid off or re-positioned 170 employees, mostly within the sales, customer success and marketing, representing 7%-8% of its workforce. The impact appears focused mostly in North America, but could be broader, the analyst tells investors in a research note. TD says that while likely a boost for profitability, the layoffs reflect tough demand conditions and creates elevated go-to-market disruption risk for Appian. The firm keeps a Hold rating on Appian with a $36 price target.