Zacks Investment Research cut shares of Apptio (NASDAQ:APTI) from a buy rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “Apptio, Inc. is a provider of cloud-based technology business management software for managing business of information technology. It offers cloud application which includes Apptio Cost Transparency, Apptio IT Planning, Apptio IT Benchmarking, Apptio Business Insights and Apptio Bill of IT. The company also offers Data Studio, Model Studio and Report Studio under TBM Studio. Apptio, Inc. is based in Bellevue, United States. “
A number of other research firms also recently issued reports on APTI. KeyCorp restated a buy rating and set a $25.00 target price on shares of Apptio in a research report on Wednesday, November 1st. JMP Securities began coverage on shares of Apptio in a report on Monday, November 27th. They issued an outperform rating and a $28.00 price objective for the company. Oppenheimer reaffirmed a buy rating and issued a $27.00 price objective on shares of Apptio in a report on Thursday, November 9th. Bank of America lifted their price objective on shares of Apptio from $20.00 to $25.00 and gave the company a buy rating in a report on Tuesday, October 31st. Finally, Barclays lifted their price objective on shares of Apptio from $19.00 to $22.00 and gave the company an equal weight rating in a report on Tuesday, October 31st. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Apptio currently has an average rating of Buy and a consensus price target of $24.78.
Apptio (NASDAQ:APTI) last posted its earnings results on Monday, October 30th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.08. The company had revenue of $47.00 million during the quarter, compared to the consensus estimate of $44.86 million. Apptio had a negative net margin of 14.77% and a negative return on equity of 36.83%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.45) earnings per share. equities research analysts forecast that Apptio will post -0.69 earnings per share for the current year.
In other Apptio news, insider Sachin Gupta sold 80,000 shares of Apptio stock in a transaction on Friday, November 10th. The shares were sold at an average price of $21.59, for a total value of $1,727,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Pick sold 171,000 shares of Apptio 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 disclosure for this sale can be found here. Insiders sold 727,185 shares of company stock valued at $16,070,951 in the last ninety days. 43.20% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Apptio by 73.4% during the second quarter. Bank of New York Mellon Corp now owns 47,342 shares of the technology company’s stock worth $821,000 after purchasing an additional 20,040 shares in the last quarter. SQN Investors LP purchased a new stake in shares of Apptio during the second quarter worth about $23,378,000. State Street Corp increased its stake in shares of Apptio by 145.6% during the second quarter. State Street Corp now owns 240,619 shares of the technology company’s stock worth $4,176,000 after purchasing an additional 142,628 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Apptio by 163.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 30,000 shares of the technology company’s stock worth $521,000 after purchasing an additional 18,600 shares in the last quarter. Finally, Laurion Capital Management LP purchased a new stake in shares of Apptio during the second quarter worth about $9,510,000. 45.56% of the stock is owned by institutional investors and hedge funds.
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Apptio Company Profile
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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