Apptio Inc. (APTI) Sees Significant Growth in Short Interest
Apptio Inc. (NASDAQ:APTI) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 1,219,502 shares, an increase of 40.1% from the November 15th total of 870,414 shares. Based on an average trading volume of 400,655 shares, the days-to-cover ratio is currently 3.0 days. Currently, 5.4% of the company’s stock are short sold.
In other Apptio news, CFO Kurt Shintaffer sold 40,000 shares of Apptio stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $22.05, for a total transaction of $882,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John C. Morrow sold 60,455 shares of Apptio stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $22.65, for a total value of $1,369,305.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 727,185 shares of company stock worth $16,070,951. Company insiders own 43.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Nationwide Fund Advisors boosted its position in Apptio by 244.9% during the second quarter. Nationwide Fund Advisors now owns 10,199 shares of the technology company’s stock worth $177,000 after purchasing an additional 7,242 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Apptio during the second quarter worth approximately $207,000. Trexquant Investment LP bought a new stake in Apptio during the third quarter worth approximately $230,000. The Manufacturers Life Insurance Company boosted its position in Apptio by 321.3% during the second quarter. The Manufacturers Life Insurance Company now owns 15,254 shares of the technology company’s stock worth $265,000 after purchasing an additional 11,633 shares during the period. Finally, Alliancebernstein L.P. bought a new stake in Apptio during the second quarter worth approximately $314,000. 45.56% of the stock is owned by hedge funds and other institutional investors.
Apptio (NASDAQ:APTI) last announced its earnings results on Monday, October 30th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.08. The firm had revenue of $47.00 million during the quarter, compared to analysts’ expectations of $44.86 million. Apptio had a negative return on equity of 36.83% and a negative net margin of 14.77%. The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.45) earnings per share. analysts forecast that Apptio will post -0.69 EPS for the current fiscal year.
APTI has been the subject of several recent research reports. Zacks Investment Research raised Apptio from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Thursday, November 2nd. KeyCorp reissued a “buy” rating and issued a $25.00 price target on shares of Apptio in a research note on Wednesday, November 1st. JMP Securities initiated coverage on Apptio in a research note on Monday, November 27th. They issued an “outperform” rating and a $28.00 price target for the company. Oppenheimer reissued a “buy” rating and issued a $27.00 price target on shares of Apptio in a research note on Thursday, November 9th. Finally, Bank of America boosted their price target on Apptio from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 31st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Apptio presently has a consensus rating of “Buy” and a consensus price target of $24.78.
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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