AppFolio, Inc. (NASDAQ:APPF) Stock Position Lifted by Covestor Ltd

Covestor Ltd boosted its stake in AppFolio, Inc. (NASDAQ:APPF) by 114.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 550 shares of the software maker’s stock after buying an additional 293 shares during the quarter. Covestor Ltd’s holdings in AppFolio were worth $136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Zeno Equity Partners LLP acquired a new position in AppFolio in the fourth quarter worth approximately $30,000. USA Financial Formulas acquired a new stake in shares of AppFolio in the fourth quarter worth about $59,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in AppFolio in the 4th quarter worth approximately $64,000. Meeder Asset Management Inc. bought a new position in shares of AppFolio in the fourth quarter valued at approximately $85,000. Finally, Headlands Technologies LLC acquired a new stake in shares of AppFolio in the fourth quarter worth $85,000. 62.34% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Stock Performance

Shares of APPF stock traded down $9.51 during mid-day trading on Wednesday, reaching $260.51. The company’s stock had a trading volume of 95,681 shares, compared to its average volume of 298,699. The firm’s 50-day moving average is $242.34 and its two-hundred day moving average is $229.95. AppFolio, Inc. has a 1-year low of $164.29 and a 1-year high of $274.56. The company has a market cap of $9.43 billion, a P/E ratio of 130.45 and a beta of 0.80.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, April 25th. The software maker reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.09. AppFolio had a net margin of 11.38% and a return on equity of 13.51%. The firm had revenue of $187.43 million during the quarter, compared to analysts’ expectations of $173.66 million. Sell-side analysts anticipate that AppFolio, Inc. will post 2.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on APPF shares. KeyCorp raised their target price on shares of AppFolio from $264.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Keefe, Bruyette & Woods raised their price target on AppFolio from $215.00 to $238.00 and gave the company a “market perform” rating in a research report on Friday, April 26th. Stephens reiterated an “overweight” rating and issued a $241.00 price objective on shares of AppFolio in a research note on Friday, April 26th. Piper Sandler restated an “overweight” rating and set a $295.00 target price on shares of AppFolio in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. upped their price target on AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, AppFolio currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.71.

Insider Transactions at AppFolio

In other AppFolio news, major shareholder Klaus Schauser sold 1,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $260.00, for a total value of $260,000.00. Following the transaction, the insider now owns 504,000 shares of the company’s stock, valued at $131,040,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Klaus Schauser sold 1,000 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $260.00, for a total value of $260,000.00. Following the transaction, the insider now directly owns 504,000 shares in the company, valued at approximately $131,040,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Maurice J. Duca sold 876 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $252.82, for a total value of $221,470.32. Following the completion of the sale, the insider now owns 7,100 shares of the company’s stock, valued at approximately $1,795,022. The disclosure for this sale can be found here. In the last quarter, insiders have sold 124,982 shares of company stock valued at $29,689,129. 9.15% of the stock is owned by insiders.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.