Oppenheimer analyst Brian Schwartz maintained a Buy rating on Apptio Inc (APTI) today and set a price target of $40. The company’s shares opened today at $37.72.
Schwartz commented:
“Last night, Apptio announced plans to be acquired by $38 per share, or ~$1.94B. There is a 30-day shop around clause, so there is a slight possibility a higher bid happens, but we think odds are low that another bidder will emerge owing to a ~53% premium to the last trading day prior to the bid, what we view as a fair valuation in the current tech tape for public SaaS companies, the bid is near our $40 price target, and the strength of Vista’s balance sheet will be tough for another bidder to overcome. We see few regulatory concerns since our research has shown the IT business management category has low cloud software penetration, and the competitive landscape is fragmented.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 24.8% and a 73.0% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
Apptio Inc has an analyst consensus of Strong Buy, with a price target consensus of $36.25, representing a -3.9% downside. In a report issued on October 30, Jefferies also maintained a Buy rating on the stock with a $40 price target.
.
See today’s analyst top recommended stocks >>
Based on Apptio Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $4.57 million. In comparison, last year the company had a GAAP net loss of $5.17 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Apptio, Inc. enagages in the provision of technology business management solutions. It offers software-as-a-sevice applications including cost transparency, information technology planning and benchmarking, business insights, and bill of information technology.
