Apptio Inc. (APTI) Hits New 52-Week High After Strong Earnings
Apptio Inc. (NASDAQ:APTI)’s share price hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $23.13 and last traded at $22.90, with a volume of 1,645,361 shares. The stock had previously closed at $19.09.
The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.08. The company had revenue of $47.00 million for the quarter, compared to analysts’ expectations of $44.86 million. Apptio had a negative return on equity of 41.76% and a negative net margin of 17.36%. Apptio’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the firm earned ($0.45) earnings per share.
Several analysts recently issued reports on the company. Bank of America Corp raised their target price on Apptio from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday. Royal Bank Of Canada reissued an “outperform” rating and issued a $24.00 target price (up from $23.00) on shares of Apptio in a research note on Tuesday. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $27.00 target price (up from $25.00) on shares of Apptio in a research note on Tuesday. Barclays PLC raised their target price on Apptio from $19.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Zacks Investment Research raised Apptio from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $23.25.
A number of institutional investors and hedge funds have recently modified their holdings of APTI. Wells Fargo & Company MN lifted its holdings in Apptio by 322.6% in the first quarter. Wells Fargo & Company MN now owns 11,004 shares of the technology company’s stock worth $129,000 after buying an additional 8,400 shares during the period. Bank of New York Mellon Corp lifted its holdings in Apptio by 109.4% in the first quarter. Bank of New York Mellon Corp now owns 27,302 shares of the technology company’s stock worth $320,000 after buying an additional 14,261 shares during the period. Ameriprise Financial Inc. lifted its holdings in Apptio by 10.8% in the first quarter. Ameriprise Financial Inc. now owns 63,283 shares of the technology company’s stock worth $742,000 after buying an additional 6,144 shares during the period. JPMorgan Chase & Co. lifted its holdings in Apptio by 584.3% in the first quarter. JPMorgan Chase & Co. now owns 59,661 shares of the technology company’s stock worth $700,000 after buying an additional 50,943 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Apptio by 1.0% in the first quarter. Principal Financial Group Inc. now owns 339,193 shares of the technology company’s stock worth $3,979,000 after buying an additional 3,459 shares during the period. Institutional investors and hedge funds own 45.27% of the company’s stock.
The company’s market capitalization is $968.91 million. The company has a 50 day moving average of $18.45 and a 200 day moving average of $18.41.
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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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