In a report released today, Brian Schwartz from Oppenheimer maintained a Buy rating on Apptio Inc (NASDAQ: APTI), with a price target of $40. The company’s shares closed yesterday at $27.54.
Schwartz observed:
“We maintain our Outperform rating, but lower our PT to $40 (was $42) from group multiples compression. Even though the third-quarter report did not live up to investor expectations, driven by soft billings, we view 3Q results as generally solid, and the raised 2018 organic revenue growth target to +20% is supportive of our thesis. Apptio is positioned to sustain a good business momentum into 2019, and for durable profitable growth over the medium term. Bottom Line: We remain encouraged about the prospects for the business to gain share and grow within worldwide enterprise business accounts and government agencies leading to upward revisions to estimates, similar to 3Q, and see the after-hours pullback as an opportunity to buy the shares at an attractive valuation (i.e., ~3x 2020E sales).”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 24.6% and a 71.2% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Apptio Inc with a $41.33 average price target.
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Based on Apptio Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.3 million. In comparison, last year the company had a GAAP net loss of $5.17 million.
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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.
