Bank of America Corp DE raised its holdings in shares of Apptio Inc (NASDAQ:APTI) by 148.3% in the 2nd quarter, Holdings Channel reports. The firm owned 347,260 shares of the technology company’s stock after purchasing an additional 207,391 shares during the quarter. Bank of America Corp DE’s holdings in Apptio were worth $12,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. bought a new stake in Apptio during the second quarter valued at $1,487,000. Rhumbline Advisers increased its stake in Apptio by 50.1% during the second quarter. Rhumbline Advisers now owns 32,384 shares of the technology company’s stock valued at $1,172,000 after purchasing an additional 10,816 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Apptio by 570.0% during the first quarter. BNP Paribas Arbitrage SA now owns 31,529 shares of the technology company’s stock valued at $894,000 after purchasing an additional 26,823 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in Apptio during the second quarter valued at $552,000. Finally, Tocqueville Asset Management L.P. bought a new stake in Apptio during the second quarter valued at $253,000. Hedge funds and other institutional investors own 72.49% of the company’s stock.
Several research firms have weighed in on APTI. BidaskClub lowered shares of Apptio from a “hold” rating to a “sell” rating in a research note on Friday, October 5th. Zacks Investment Research upgraded shares of Apptio from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Tuesday, August 7th. Barclays boosted their target price on shares of Apptio from $28.00 to $32.00 and gave the company an “equal weight” rating in a research note on Thursday, July 12th. Finally, Bank of America boosted their target price on shares of Apptio from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $36.50.
In related news, insider Christopher Pick sold 1,852 shares of the company’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $35.31, for a total value of $65,394.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Mcadam sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $37.53, for a total transaction of $750,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 337,619 shares of company stock valued at $12,609,640. Corporate insiders own 24.16% of the company’s stock.
Shares of APTI opened at $30.42 on Friday. Apptio Inc has a 1 year low of $18.16 and a 1 year high of $41.36. The firm has a market cap of $1.65 billion, a PE ratio of -47.58 and a beta of 0.14. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 2.29.
Apptio (NASDAQ:APTI) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.14. Apptio had a negative net margin of 11.98% and a negative return on equity of 19.28%. The company had revenue of $59.05 million during the quarter, compared to the consensus estimate of $55.60 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. The company’s revenue for the quarter was up 30.6% compared to the same quarter last year. On average, analysts anticipate that Apptio Inc will post -0.4 earnings per share for the current year.
Apptio Company Profile
Apptio, Inc provides cloud-based technology business management (TBM) solutions to enterprises. Its cloud-based platform and SaaS applications enable IT leaders to analyze, optimize, and plan technology investments, as well as to benchmark financial and operational performance against peers. The company's TBM solutions consist of adaptive data management, which aggregates, cleanses, and correlates large amounts of customer data from various sources; and standard IT operating model and taxonomy that offers a standard model for how IT costs are captured, categorized, and allocated to IT and business services.
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