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APAM · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Artisan Partners Asset Management Inc. (APAM) stock moving?
APAM rose from a $33.20 close on Oct 27 to a $40.46 peak close on Nov 4 and closed at $40.21 on Nov 10, a gain of about 21%. The climb was accompanied by heavy volume on Nov 2 (2.25M shares) and Nov 9 (1.86M), while the Nov 10 session traded only 0.83M shares, well below the roughly 1.4M average of the past two weeks. Analysts are split: RBC keeps an Outperform rating with a $42 target (trimmed from $43 on Oct 30), while Evercore keeps an In-Line rating and raised its target to $35 from $33 on Nov 6. The shares now trade above Evercore's target and just under RBC's. Q3 results were reported Oct 27-28, and an 8-K filed Nov 10 disclosed preliminary assets under management as of Oct 31, but the figures in that release were not in the provided material, so their effect is not assessed here. The news flow is mainly analyst target updates, which leaves the stock's direction to the price trend and to the upcoming AUM and earnings data.
News behind the analysis
- Evercore ISI Group Maintains Artisan Partners Asset at In-Line, Raises Price TargetEvercore ISI kept its In-Line rating on APAM and raised its price target to $35 from $33.
- Evercore ISI Group Maintains In-Line on Artisan Partners Asset, Raises Price Target to $35Evercore ISI maintained its In-Line rating on APAM and lifted its price target to $35.
- Artisan Partners Limited Partnership Reports Change in Voting Rights in Pearson PLCAn APAM investment adviser subsidiary disclosed a change in its voting rights in Pearson PLC. This is a routine holding disclosure.
- RBC Capital Maintains Outperform on Artisan Partners Asset, Lowers Price Target to $42RBC kept its Outperform rating on APAM and lowered its price target to $42.
- RBC Trims Price Target on Artisan Partners Asset Management to $42 From $43, Keeps Outperform RatingRBC trimmed its APAM price target by $1 to $42 and kept its Outperform rating.
- Artisan Partners Asset Q3 2026 Earnings Call TranscriptAPAM reported Q3 2026 results on Oct 27-28, and the earnings call transcript was published.
About ARTISAN PARTNERS ASSET MANAGEMENT INC.
Artisan Partners is an investment manager based in Milwaukee. It runs a range of mostly actively managed strategies, mainly stocks but also credit, real estate and other alternatives, through independent investment teams, and managed roughly $169 billion as of late September 2026. It stands out for giving each team a lot of independence and for paying out most of its earnings as dividends, with a variable quarterly dividend.
How it makes money
Nearly all of its revenue comes from management fees charged as a percentage of the assets it manages. Those assets sit in its own mutual funds (Artisan Funds and Artisan Global Funds, about half of the total) and in separate accounts, collective trusts, sub-advisory mandates and private funds (the other half). Some strategies, especially in credit and alternatives, also earn performance fees. Because fees are tied to asset levels, revenue rises and falls with markets and with how much money clients put in or pull out.
What usually moves APAM
- Stock market levels, especially global and non-US equities
- Net client inflows and outflows, including large sub-advisory mandates
- Investment performance of key strategies versus benchmarks
- Shift from active to passive investing and pressure on fees
- Growth in credit and alternatives, including acquisitions