Legato Capital Management LLC Raises Holdings in AppFolio, Inc. (NASDAQ:APPF)

Legato Capital Management LLC raised its holdings in AppFolio, Inc. (NASDAQ:APPF) by 8.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,061 shares of the software maker’s stock after purchasing an additional 553 shares during the quarter. Legato Capital Management LLC’s holdings in AppFolio were worth $1,727,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in AppFolio by 17.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,369 shares of the software maker’s stock worth $757,000 after acquiring an additional 648 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of AppFolio by 38.5% during the fourth quarter. Handelsbanken Fonder AB now owns 3,600 shares of the software maker’s stock worth $624,000 after purchasing an additional 1,000 shares during the period. Jennison Associates LLC lifted its holdings in AppFolio by 45.4% in the fourth quarter. Jennison Associates LLC now owns 2,963 shares of the software maker’s stock valued at $513,000 after acquiring an additional 925 shares during the period. Headlands Technologies LLC acquired a new position in AppFolio during the fourth quarter worth about $85,000. Finally, Russell Investments Group Ltd. lifted its stake in AppFolio by 34.3% in the 4th quarter. Russell Investments Group Ltd. now owns 67,171 shares of the software maker’s stock valued at $11,637,000 after buying an additional 17,161 shares in the last quarter. Institutional investors and hedge funds own 62.34% of the company’s stock.

Insider Activity at AppFolio

In related news, major shareholder Klaus Schauser sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $270.00, for a total value of $270,000.00. Following the completion of the sale, the insider now owns 403,000 shares in the company, valued at $108,810,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William Shane Trigg sold 3,501 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $218.98, for a total transaction of $766,648.98. Following the completion of the transaction, the chief executive officer now directly owns 81,699 shares in the company, valued at $17,890,447.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Klaus Schauser sold 1,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $270.00, for a total value of $270,000.00. Following the transaction, the insider now owns 403,000 shares of the company’s stock, valued at $108,810,000. The disclosure for this sale can be found here. Insiders have sold 129,612 shares of company stock valued at $30,661,611 in the last ninety days. Insiders own 9.15% of the company’s stock.

AppFolio Price Performance

NASDAQ APPF traded down $2.53 during trading hours on Tuesday, reaching $231.52. 56,942 shares of the stock traded hands, compared to its average volume of 294,520. The stock has a 50 day simple moving average of $236.78 and a two-hundred day simple moving average of $234.13. 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 $8.38 billion, a price-to-earnings ratio of 112.10 and a beta of 0.81.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.16. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The firm had revenue of $197.38 million for the quarter, compared to the consensus estimate of $190.57 million. During the same period last year, the firm posted ($0.53) earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, sell-side analysts forecast that AppFolio, Inc. will post 2.99 EPS for the current fiscal year.

Analyst Ratings Changes

APPF has been the subject of a number of research reports. DA Davidson lifted their price objective on AppFolio from $285.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, July 26th. KeyCorp upped their price target on AppFolio from $275.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. StockNews.com cut shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Piper Sandler Companies reaffirmed an “overweight” rating and set a $300.00 target price on shares of AppFolio in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of AppFolio from $260.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, AppFolio has an average rating of “Moderate Buy” and a consensus price target of $277.75.

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.