Granite Investment Partners LLC Invests $2.90 Million in Apptio Inc. (NASDAQ:APTI)

Granite Investment Partners LLC acquired a new stake in shares of Apptio Inc. (NASDAQ:APTI) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 167,163 shares of the technology company’s stock, valued at approximately $2,901,000. Granite Investment Partners LLC owned 0.43% of Apptio as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Whetstone Capital Advisors LLC purchased a new stake in Apptio during the first quarter valued at approximately $6,506,000. Clearline Capital LP purchased a new stake in Apptio during the first quarter valued at approximately $5,016,000. Bank of Montreal Can purchased a new stake in Apptio during the second quarter valued at approximately $6,309,000. Formula Growth Ltd. purchased a new stake in Apptio during the first quarter valued at approximately $2,933,000. Finally, Pax World Management LLC increased its stake in Apptio by 38.0% in the first quarter. Pax World Management LLC now owns 658,270 shares of the technology company’s stock valued at $7,722,000 after buying an additional 181,098 shares in the last quarter. Hedge funds and other institutional investors own 25.09% of the company’s stock.

Apptio Inc. (APTI) opened at 16.30 on Friday. The stock’s market cap is $651.27 million. Apptio Inc. has a 12 month low of $10.77 and a 12 month high of $24.60. The company’s 50 day moving average price is $17.21 and its 200 day moving average price is $14.84.

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

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APTI has been the topic of several analyst reports. Zacks Investment Research cut Apptio from a “hold” rating to a “sell” rating in a research report on Monday, May 8th. J P Morgan Chase & Co raised Apptio from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $16.00 to $18.00 in a research report on Wednesday, April 26th. Oppenheimer Holdings, Inc. initiated coverage on Apptio in a research report on Thursday, July 27th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, Royal Bank Of Canada lifted their target price on Apptio from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $23.00.

In related news, insider Christopher Pick sold 170,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $16.05, for a total transaction of $2,728,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 43.20% of the stock is owned by company insiders.

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.

Institutional Ownership by Quarter for Apptio (NASDAQ:APTI)

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