Apptio Inc. (NASDAQ:APTI) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 565,865 shares, a drop of 30.2% from the August 15th total of 810,941 shares. Based on an average daily trading volume, of 184,189 shares, the short-interest ratio is presently 3.1 days. Approximately 2.6% of the company’s stock are sold short.

Several brokerages have recently commented on APTI. Zacks Investment Research upgraded Apptio from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Tuesday, August 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $21.00 target price (up from $19.00) on shares of Apptio in a research note on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. began coverage on Apptio in a research note on Thursday, July 27th. They issued an “outperform” rating and a $25.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Apptio currently has an average rating of “Buy” and an average price target of $23.00.

Hedge funds have recently added to or reduced their stakes in the stock. 1st Global Advisors Inc. bought a new position in Apptio in the first quarter worth about $127,000. Wells Fargo & Company MN raised its stake 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 in the last quarter. Allen Holding Inc. NY bought a new position in Apptio in the first quarter worth about $148,000. Nationwide Fund Advisors raised its stake in Apptio by 244.9% in the second quarter. Nationwide Fund Advisors now owns 10,199 shares of the technology company’s stock worth $177,000 after buying an additional 7,242 shares in the last quarter. Finally, HighTower Advisors LLC raised its stake in Apptio by 1.7% in the first quarter. HighTower Advisors LLC now owns 15,252 shares of the technology company’s stock worth $179,000 after buying an additional 252 shares in the last quarter. 45.25% of the stock is owned by institutional investors.

Shares of Apptio (APTI) opened at 17.60 on Friday. Apptio has a 52 week low of $12.80 and a 52 week high of $24.60. The stock has a 50 day moving average price of $17.38 and a 200 day moving average price of $15.48. The firm’s market capitalization is $703.21 million.

Apptio (NASDAQ:APTI) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.04. Apptio had a negative net margin of 17.36% and a negative return on equity of 41.76%. The company had revenue of $45.23 million during the quarter, compared to the consensus estimate of $43.72 million. Apptio’s revenue was up 16.6% on a year-over-year basis. Analysts forecast that Apptio will post ($0.37) EPS for the current year.

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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.

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