What happened Shares of Appian (NASDAQ: APPN) were moving lower in March as the cloud stock succumbed to broader pressure on growth stocks; investors rotated out of high-priced tech stocks and into value stocks. Appian, which specializes in low-code software, seemed particularly vulnerable after shares had more than tripled in a run-up that began in November. According to data from S&P Global Market Intelligence, the stock finished the month down 23%, even though there was no major news out on Appian. As you can see from the chart below, the stock was volatile, but finished the month in the red. APPN data by YCharts So what Appian shares fell sharply in the first week of the month alongside a sell-off in the Nasdaq as interest rates rose, pressuring investors out of high-priced stocks like Appian, as long-dated earnings become less valuable when interest rates rise. The stock also came into the month looking pricey, trading at a price-to-sales ratio of about 40. Image source: Appian. The second week of March saw Appian recover those losses as tech stocks came back into fashion, but shares slid again in the second half of the month as pressure against cloud stocks remained. Investors had bid the stock higher with the help of a short squeeze in recent months; low-code software appears to be reaching a tipping point after adoption accelerated during the pandemic, and management is also targeting a 30% growth rate in the cloud subscription business over the long term. Now what Taking a slightly longer-term view, Appian shares have still doubled over the last six months so there's no reason to panic about last month's sell-off, which is likely a correction after the stock had reached as high as $260 earlier this year. While the stock's valuation could see continued pressure, especially if investors continue to rotate out of growth stocks, the underlying business prospects continue to look solid. 10 stocks we like better than AppianWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Appian wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Appian. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.Source