Bank of America Corp DE Acquires 207,391 Shares of Apptio Inc (APTI)

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Bank of America Corp DE raised its holdings in shares of Apptio Inc (NASDAQ:APTI) by 148.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 347,260 shares of the technology company’s stock after buying an additional 207,391 shares during the period. Bank of America Corp DE owned about 0.78% of Apptio worth $12,571,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Voya Investment Management LLC lifted its position in Apptio by 45.2% during the second quarter. Voya Investment Management LLC now owns 12,116 shares of the technology company’s stock valued at $439,000 after buying an additional 3,769 shares in the last quarter. Raymond James & Associates lifted its position in Apptio by 11.4% during the second quarter. Raymond James & Associates now owns 25,486 shares of the technology company’s stock valued at $923,000 after buying an additional 2,611 shares in the last quarter. Tocqueville Asset Management L.P. acquired a new position in Apptio during the second quarter valued at approximately $253,000. ProVise Management Group LLC lifted its position in Apptio by 84.9% during the second quarter. ProVise Management Group LLC now owns 20,425 shares of the technology company’s stock valued at $739,000 after buying an additional 9,378 shares in the last quarter. Finally, Osterweis Capital Management Inc. acquired a new position in Apptio during the second quarter valued at approximately $5,467,000. 72.49% of the stock is currently owned by hedge funds and other institutional investors.

APTI opened at $30.42 on Friday. The company has a market cap of $1.65 billion, a PE ratio of -47.58 and a beta of 0.14. Apptio Inc has a 52-week low of $18.16 and a 52-week high of $41.36. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.29 and a current ratio of 2.29.

Apptio (NASDAQ:APTI) last posted its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.14. The company had revenue of $59.05 million for the quarter, compared to analyst estimates of $55.60 million. Apptio had a negative net margin of 11.98% and a negative return on equity of 19.28%. The business’s quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) earnings per share. Equities research analysts predict that Apptio Inc will post -0.4 EPS for the current fiscal year.

A number of research analysts have weighed in on the stock. BidaskClub cut shares of Apptio from a “sell” rating to a “strong sell” rating in a research report on Friday. Jefferies Financial Group lifted their price target on shares of Apptio to $47.00 and gave the company a “buy” rating in a research report on Thursday, September 13th. Barclays lifted their price objective on shares of Apptio from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Friday, September 7th. Zacks Investment Research upgraded shares of Apptio from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, August 7th. Finally, Bank of America lifted their price objective 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 research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Apptio has an average rating of “Buy” and a consensus target price of $36.50.

In related news, insider Sachin Gupta sold 25,000 shares of Apptio stock in a transaction on Friday, August 10th. The shares were sold at an average price of $36.03, for a total value of $900,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kurt Shintaffer sold 60,000 shares of Apptio stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $37.51, for a total transaction of $2,250,600.00. The disclosure for this sale can be found here. Insiders have sold 337,619 shares of company stock worth $12,609,640 in the last quarter. Insiders own 24.16% of the company’s stock.

Apptio 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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Institutional Ownership by Quarter for Apptio (NASDAQ:APTI)

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