Apptio Inc. (NASDAQ:APTI) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 565,865 shares, a drop of 30.2% from the August 15th total of 810,941 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average trading volume of 184,189 shares, the days-to-cover ratio is currently 3.1 days.

A number of research analysts have weighed in on the company. Zacks Investment Research lowered Apptio from a “hold” rating to a “sell” rating in a report on Thursday, June 1st. Oppenheimer Holdings, Inc. initiated coverage on Apptio in a report on Thursday, July 27th. They set an “outperform” rating and a $25.00 price objective for the company. Finally, Royal Bank of Canada boosted their price objective on Apptio from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $23.00.

Hedge funds have recently modified their holdings of the company. 1st Global Advisors Inc. acquired a new position in Apptio in the 1st quarter worth about $127,000. Wells Fargo & Company MN raised its holdings in shares of Apptio by 322.6% during the first quarter. Wells Fargo & Company MN now owns 11,004 shares of the technology company’s stock valued at $129,000 after acquiring an additional 8,400 shares during the last quarter. Allen Holding Inc. NY acquired a new position in shares of Apptio during the first quarter valued at approximately $148,000. Nationwide Fund Advisors raised its holdings in shares of Apptio by 244.9% during the second quarter. Nationwide Fund Advisors now owns 10,199 shares of the technology company’s stock valued at $177,000 after acquiring an additional 7,242 shares during the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Apptio by 1.7% during the first quarter. HighTower Advisors LLC now owns 15,252 shares of the technology company’s stock valued at $179,000 after acquiring an additional 252 shares during the last quarter. 45.25% of the stock is owned by institutional investors and hedge funds.

Shares of Apptio (NASDAQ APTI) opened at 17.69 on Wednesday. The stock’s market capitalization is $706.80 million. The company’s 50 day moving average price is $17.45 and its 200 day moving average price is $17.45. Apptio has a 52-week low of $12.80 and a 52-week high of $24.60.

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

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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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