JPMorgan Chase & Co. Downgrades Apigee Corp. (APIC) to Neutral
JPMorgan Chase & Co. downgraded shares of Apigee Corp. (NASDAQ:APIC) from an overweight rating to a neutral rating in a research note released on Wednesday. JPMorgan Chase & Co. currently has $17.40 price target on the stock, up from their previous price target of $14.00.
Other equities analysts have also recently issued research reports about the company. Pacific Crest reissued a buy rating on shares of Apigee Corp. in a report on Sunday, May 22nd. Nomura lowered Apigee Corp. from a buy rating to a neutral rating in a research report on Friday, September 9th. Zacks Investment Research upgraded Apigee Corp. from a sell rating to a hold rating in a research report on Tuesday, July 26th. Finally, Roth Capital boosted their price objective on Apigee Corp. from $15.00 to $17.00 and gave the stock a buy rating in a research report on Thursday, May 26th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Apigee Corp. has a consensus rating of Hold and an average target price of $15.80.
Shares of Apigee Corp. (NASDAQ:APIC) opened at 17.39 on Wednesday. The firm’s market cap is $525.37 million. The stock’s 50 day moving average price is $15.30 and its 200-day moving average price is $11.66. Apigee Corp. has a 52-week low of $5.35 and a 52-week high of $17.84.
Apigee Corp. (NASDAQ:APIC) last posted its quarterly earnings results on Wednesday, September 14th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates 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 company earned $25.10 million during the quarter. During the same period last year, the firm posted ($0.38) EPS. Apigee Corp.’s quarterly revenue was up 34.2% on a year-over-year basis. On average, analysts forecast that Apigee Corp. will post ($0.74) EPS for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP purchased a new position in Apigee Corp. during the second quarter worth $4,411,000. Allianz Asset Management AG purchased a new position in Apigee Corp. during the second quarter worth $3,564,000. BlackRock Fund Advisors increased its position in Apigee Corp. by 179.0% in the second quarter. BlackRock Fund Advisors now owns 395,266 shares of the company’s stock worth $4,830,000 after buying an additional 253,585 shares during the period. Herald Investment Management Ltd purchased a new position in Apigee Corp. during the first quarter worth $1,943,000. Finally, UBS Asset Management Americas Inc. increased its position in Apigee Corp. by 30.7% in the second quarter. UBS Asset Management Americas Inc. now owns 851,078 shares of the company’s stock worth $10,401,000 after buying an additional 199,857 shares during the period. 43.77% of the stock is currently owned by institutional investors and hedge funds.
About Apigee Corp.
Apigee Corporation (Apigee) is a provider of an application program interface (API)-based software platform that enables digital connectivity and business insights. The Company’s platform allows businesses to design, deploy and scale APIs as a connection layer between its information technology (IT) systems and data and the applications with which its customers, partners, employees and other users engage with its business.
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