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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 on Friday at $36.33, close to its 52-week high of $36.36.
Schwartz wrote:
“Our recent checks suggest the company’s growth plans are continuing to take shape in 2Q which raises comfort in our estimates. Apptio’s business continues to face some headwinds from the immaturity of the end-market, which should lessen in 2H18 from the current strength of the hybrid IT investment cycle. We are more optimistic about 2019 because it is setting up as a strong year for the business, and the Street is possibly overlooking several growth drivers and business catalysts. Bottom Line: We expect improving fundamentals and the newer growth vectors will lead to increasing profitability and upward revisions to revenue estimates in Apptio’s future reports, and consequently to multiple expansion. Reiterate Outperform; raise target to $40 (was $38) on strengthening trends.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 29.1% and a 80.6% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Salesforce.com, and MiX Telematics.
Apptio Inc has an analyst consensus of Strong Buy, with a price target consensus of $33.60.
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Based on Apptio Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $8.1 million. In comparison, last year the company had a GAAP net loss of $6.55 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.
