Apptio Inc. (NASDAQ:APTI) was the target of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 810,941 shares, a drop of 25.4% from the July 31st total of 1,087,570 shares. Currently, 3.8% of the company’s shares are sold short. Based on an average trading volume of 197,653 shares, the days-to-cover ratio is presently 4.1 days.

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of Apptio by 584.3% in the first quarter. JPMorgan Chase & Co. now owns 59,661 shares of the technology company’s stock worth $700,000 after buying an additional 50,943 shares during the last quarter. HarbourVest Partners LLC purchased a new stake in shares of Apptio during the first quarter worth about $323,000. Aberdeen Asset Management PLC UK purchased a new stake in shares of Apptio during the first quarter worth about $298,000. Pier 88 Investment Partners LLC raised its stake in shares of Apptio by 115.4% in the second quarter. Pier 88 Investment Partners LLC now owns 31,240 shares of the technology company’s stock worth $542,000 after buying an additional 16,740 shares during the last quarter. Finally, Teachers Advisors LLC purchased a new stake in shares of Apptio during the fourth quarter worth about $292,000. 45.25% of the stock is currently owned by institutional investors.

Apptio (NASDAQ:APTI) opened at 17.48 on Tuesday. Apptio has a 52-week low of $10.77 and a 52-week high of $24.60. The company’s 50-day moving average price is $17.04 and its 200 day moving average price is $14.96. The company’s market capitalization is $698.41 million.

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

APTI has been the topic of several recent research reports. Zacks Investment Research upgraded Apptio from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Oppenheimer Holdings, Inc. initiated coverage on Apptio in a research report on Thursday, July 27th. They set an “outperform” rating and a $25.00 price target on the stock. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $21.00 price target (up from $19.00) on shares of Apptio in a research report on Wednesday, August 9th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $23.00.

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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.

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