JPMorgan Chase & Co. Downgrades Apptio (APTI) to Underweight

JPMorgan Chase & Co. lowered shares of Apptio (NASDAQ:APTI) from a neutral rating to an underweight rating in a research note released on Tuesday morning, Marketbeat reports. The brokerage currently has $38.00 price target on the technology company’s stock. The analysts noted that the move was a valuation call.

Several other research firms have also recently issued reports on APTI. Jefferies Financial Group increased their price target on Apptio to $47.00 and gave the stock a buy rating in a research note on Thursday, September 13th. BidaskClub raised Apptio from a buy rating to a strong-buy rating in a research note on Thursday, September 13th. Barclays increased their price target on Apptio from $36.00 to $37.00 and gave the stock an equal weight rating in a research note on Friday, September 7th. Nomura cut Apptio from a buy rating to a hold rating and decreased their price target for the stock from $39.00 to $38.00 in a research note on Tuesday, November 20th. Finally, Zacks Investment Research raised Apptio from a hold rating to a buy rating and set a $42.00 price target for the company in a research note on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $35.70.

NASDAQ:APTI opened at $38.03 on Tuesday. Apptio has a 1 year low of $21.88 and a 1 year high of $41.36. The firm has a market capitalization of $1.71 billion, a PE ratio of -59.42 and a beta of 1.86. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.70.

Apptio (NASDAQ:APTI) last released its quarterly earnings results on Monday, October 29th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. Apptio had a negative return on equity of 15.14% and a negative net margin of 11.06%. The company had revenue of $59.22 million during the quarter, compared to analysts’ expectations of $58.09 million. During the same quarter in the prior year, the business posted $0.01 earnings per share. The company’s revenue for the quarter was up 26.0% compared to the same quarter last year. As a group, sell-side analysts predict that Apptio will post -0.4 earnings per share for the current year.

In related news, CFO Kurt Shintaffer sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $25.02, for a total transaction of $750,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Lawrence Blasko sold 3,713 shares of the firm’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $37.77, for a total value of $140,240.01. The disclosure for this sale can be found here. Insiders have sold 120,647 shares of company stock valued at $4,209,384 in the last ninety days. Company insiders own 24.16% of the company’s stock.

A number of hedge funds have recently made changes to their positions in APTI. UBS Group AG boosted its stake in Apptio by 1,131.0% during the first quarter. UBS Group AG now owns 14,575 shares of the technology company’s stock valued at $413,000 after buying an additional 13,391 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Apptio by 2.7% during the second quarter. Bank of Montreal Can now owns 57,740 shares of the technology company’s stock valued at $2,090,000 after purchasing an additional 1,495 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Apptio during the second quarter valued at $529,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Apptio during the second quarter valued at $680,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Apptio during the second quarter valued at $13,322,000. 74.34% of the stock is owned by institutional investors and hedge funds.

About Apptio

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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