Apptio Inc (APTI) Stock Price Up 6.5% on Strong Earnings – Markets Daily

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Apptio Inc (NASDAQ:APTI) shares rose 6.5% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $13.90 and last traded at $13.86, with a volume of 689,281 shares changing hands. The stock had previously closed at $13.01.

The technology company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.04. The company earned $43.90 million during the quarter, compared to the consensus estimate of $42.46 million. During the same quarter in the previous year, the business posted ($0.31) EPS. The firm’s quarterly revenue was up 19.3% on a year-over-year basis.

APTI has been the subject of several research reports. Royal Bank of Canada reiterated a “buy” rating and issued a $19.00 target price on shares of Apptio in a research note on Friday, February 10th. JPMorgan Chase & Co. upgraded shares of Apptio from a “neutral” rating to an “overweight” rating and increased their target price for the company from $16.00 to $18.00 in a research note on Wednesday, April 26th. Barclays PLC reduced their target price on shares of Apptio to $22.00 in a research note on Friday, February 10th. Finally, Jefferies Group LLC restated a “buy” rating and set a $29.00 price target on shares of Apptio in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $23.00.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its position in shares of 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 in the last quarter. Pax World Management LLC boosted its position in shares of Apptio by 38.0% in the first quarter. Pax World Management LLC now owns 658,270 shares of the technology company’s stock worth $7,722,000 after buying an additional 181,098 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 in the last quarter. Whetstone Capital Advisors LLC acquired a new position in shares of Apptio during the first quarter worth approximately $6,506,000. Finally, Wells Fargo & Company MN boosted its position in shares of 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 in the last quarter.

The company has a 50-day moving average price of $12.14 and a 200 day moving average price of $15.74. The firm’s market capitalization is $532.00 million.

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About Apptio

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.

5 Day Chart for NASDAQ:APTI

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