Apigee Corp. (APIC) Downgraded to “Market Perform” at JMP Securities
Apigee Corp. (NASDAQ:APIC) was downgraded by equities researchers at JMP Securities from an “outperform” rating to a “market perform” rating in a report issued on Monday.
A number of other equities research analysts have also weighed in on APIC. Zacks Investment Research raised Apigee Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Nomura lowered Apigee Corp. from a “buy” rating to a “neutral” rating in a research note on Friday, September 9th. Roth Capital lowered Apigee Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, September 15th. JPMorgan Chase & Co. lowered Apigee Corp. from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $14.00 to $17.40 in a research note on Wednesday, September 14th. Finally, Credit Suisse Group AG lowered Apigee Corp. from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $17.00 to $17.40 in a research note on Thursday, September 15th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Apigee Corp. presently has a consensus rating of “Hold” and an average target price of $17.47.
Shares of Apigee Corp. (NASDAQ:APIC) traded down 0.12% during midday trading on Monday, reaching $17.36. The company’s stock had a trading volume of 137,887 shares. Apigee Corp. has a 52-week low of $5.35 and a 52-week high of $17.84. The stock’s market cap is $524.46 million. The stock has a 50-day moving average price of $16.74 and a 200-day moving average price of $12.57.
Apigee Corp. (NASDAQ:APIC) last issued its quarterly earnings results on Wednesday, September 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.06. Apigee Corp. had a negative return on equity of 65.33% and a negative net margin of 45.11%. The firm earned $25.10 million during the quarter. During the same period last year, the firm earned ($0.38) EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities research analysts anticipate that Apigee Corp. will post ($0.74) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. raised its position in Apigee Corp. by 196.1% in the second quarter. American International Group Inc. now owns 8,865 shares of the company’s stock worth $108,000 after buying an additional 5,871 shares during the last quarter. Nationwide Fund Advisors increased its position in Apigee Corp. by 219.6% in the second quarter. Nationwide Fund Advisors now owns 9,861 shares of the company’s stock worth $121,000 after buying an additional 6,776 shares during the period. Citadel Advisors LLC purchased a new position in Apigee Corp. during the second quarter worth $126,000. Barclays PLC purchased a new position in Apigee Corp. during the second quarter worth $130,000. Finally, Rhumbline Advisers purchased a new position in Apigee Corp. during the second quarter worth $131,000. 42.71% of the stock is owned by institutional investors and hedge funds.
Apigee Corp. Company Profile
Apigee Corporation (Apigee) is engaged in providing a software platform that allows businesses to design, deploy, and scale application program interfaces (APIs), as a connection layer between their core information technology (IT) systems and data and the applications, with which their customers, partners, employees and other users engage with the business.
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