The Manufacturers Life Insurance Company increased its stake in shares of Apptio Inc. (NASDAQ:APTI) by 321.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 15,254 shares of the technology company’s stock after buying an additional 11,633 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Apptio were worth $265,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in APTI. SQN Investors LP bought a new stake in shares of Apptio during the 2nd quarter worth approximately $23,378,000. FMR LLC increased its position in Apptio by 113.5% during the 2nd quarter. FMR LLC now owns 2,042,166 shares of the technology company’s stock worth $35,432,000 after purchasing an additional 1,085,566 shares in the last quarter. GMT Capital Corp acquired a new position in Apptio during the 2nd quarter worth approximately $17,495,000. Janus Henderson Group PLC acquired a new position in Apptio during the 2nd quarter worth approximately $12,320,000. Finally, Rubric Capital Management LP acquired a new position in Apptio during the 2nd quarter worth approximately $10,363,000. 45.56% of the stock is owned by institutional investors and hedge funds.
In other news, insider Christopher Pick sold 171,000 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $21.83, for a total transaction of $3,732,930.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Lawrence Blasko sold 45,000 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $21.84, for a total transaction of $982,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 604,792 shares of company stock valued at $13,331,635. Corporate insiders own 43.20% of the company’s stock.
Apptio (NASDAQ:APTI) last announced its quarterly earnings results on Monday, October 30th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.08. Apptio had a negative net margin of 14.77% and a negative return on equity of 36.83%. The firm had revenue of $47.00 million during the quarter, compared to analysts’ expectations of $44.86 million. During the same period in the prior year, the company posted ($0.45) EPS. The company’s revenue was up 15.8% on a year-over-year basis. equities research analysts expect that Apptio Inc. will post -0.69 earnings per share for the current fiscal year.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Apptio from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Tuesday, August 8th. JMP Securities assumed coverage on shares of Apptio in a research report on Monday, November 27th. They issued an “outperform” rating and a $28.00 price target for the company. Royal Bank Of Canada restated a “buy” rating and issued a $21.00 price target on shares of Apptio in a research report on Tuesday, October 10th. Oppenheimer restated a “buy” rating and issued a $27.00 price target (up from $25.00) on shares of Apptio in a research report on Tuesday, October 31st. Finally, Barclays upped their price target on shares of Apptio from $19.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $24.78.
Apptio, Inc is a provider of technology business management (TBM) solutions. The Company’s cloud-based platform and software as a service (SaaS) applications enable information technology (IT) leaders to analyze, optimize and plan technology investments, and benchmark the financial and operational performance against peers.
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