JPMorgan Chase & Co. Downgrades Apigee Corp. (APIC) to Neutral
JPMorgan Chase & Co. lowered shares of Apigee Corp. (NASDAQ:APIC) from an overweight rating to a neutral rating in a report published on Wednesday. The brokerage currently has $17.40 price objective on the stock, up from their prior price objective of $14.00.
Several other research analysts also recently commented on the company. Nomura downgraded Apigee Corp. from a buy rating to a neutral rating in a report on Friday, September 9th. Zacks Investment Research upgraded Apigee Corp. from a sell rating to a hold rating in a report on Wednesday, June 15th. Roth Capital lifted their price objective on Apigee Corp. from $15.00 to $17.00 and gave the stock a buy rating in a report on Thursday, May 26th. Finally, Pacific Crest reiterated a buy rating on shares of Apigee Corp. in a report on Sunday, May 22nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $15.80.
Apigee Corp. (NASDAQ:APIC) opened at 17.39 on Wednesday. The company’s 50-day moving average price is $15.30 and its 200-day moving average price is $11.66. The firm’s market capitalization is $525.37 million. Apigee Corp. has a 1-year low of $5.35 and a 1-year high of $17.84.
Apigee Corp. (NASDAQ:APIC) last released its quarterly earnings results on Wednesday, September 14th. The company reported ($0.21) earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $25.10 million for the quarter. During the same quarter in the previous year, the business earned ($0.38) EPS. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities research analysts expect that Apigee Corp. will post ($0.74) earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. American International Group Inc. boosted its stake in Apigee Corp. by 196.1% in the second quarter. American International Group Inc. now owns 8,865 shares of the company’s stock valued at $108,000 after buying an additional 5,871 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Apigee Corp. by 219.6% in the second quarter. Nationwide Fund Advisors now owns 9,861 shares of the company’s stock valued at $121,000 after buying an additional 6,776 shares during the last quarter. Citadel Advisors LLC purchased a new stake in Apigee Corp. during the second quarter valued at $126,000. Barclays PLC purchased a new stake in Apigee Corp. during the second quarter valued at $130,000. Finally, Rhumbline Advisers purchased a new stake in Apigee Corp. during the second quarter valued at $131,000. 43.77% of the stock is currently owned by institutional investors.
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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