Shares of Apigee Corp (NASDAQ:APIC) are trading significantly higher in the after hours this afternoon after the company reported better than expected first quarter numbers.
The San Jose-based company reported a loss of $13.1 million, or 38 cents per share when adjusted for stock option expenses and amortization costs. This surpassed Wall Street expectations by approximately 3 cents as analysts on average were expecting a loss of around 41 cents per share.
The stock is trading up $0.96 or 13.71% in after hours trading thus far. The stock decreased 1.69% or $0.12 during the last trading session, hitting $7. About 365,609 shares traded hands or 94.74% up from the average. APIC has declined 51.73% since April 28, 2015 and is downtrending. It has underperformed by 50.10% the S&P500.
Out of 2 analysts covering Apigee Corp (NASDAQ:APIC), 2 rate it “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $18 is the highest target while $16.50 is the lowest. The $17.25 average target is 146.43% above today’s ($7) stock price. Apigee Corp was the topic in 2 analyst reports since August 5, 2015 according to StockzIntelligence Inc. JP Morgan upgraded the stock on August 5 to “Overweight” rating.
Apigee Corporation is a provider of an application program interface (API) software platform that enables digital connectivity and business insights. The company has a market cap of $206.35 million. 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. It currently has negative earnings. The Company’s platform consists of following products: Apigee Edge, Apigee Insights, Apigee Developer and Apigee Link.