AppFolio (NASDAQ:APPF) Sets New 12-Month Low – Here’s Why

AppFolio, Inc. (NASDAQ:APPF)’s share price reached a new 52-week low on Thursday . The company traded as low as $176.87 and last traded at $177.36, with a volume of 510556 shares. The stock had previously closed at $184.15.

Wall Street Analyst Weigh In

APPF has been the topic of several research analyst reports. Weiss Ratings cut shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, January 16th. JPMorgan Chase & Co. decreased their target price on AppFolio from $330.00 to $300.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research report on Monday. DA Davidson decreased their price objective on shares of AppFolio from $325.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of AppFolio in a research note on Thursday, January 15th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and an average price target of $270.83.

AppFolio Trading Down 3.7%

The stock has a fifty day moving average of $224.67 and a two-hundred day moving average of $248.26. The company has a market capitalization of $6.37 billion, a PE ratio of 45.71 and a beta of 0.75.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.17. The business had revenue of $248.19 million for the quarter, compared to analysts’ expectations of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The business’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the business earned $0.92 earnings per share. Equities analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Evan Pickering sold 334 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $243.67, for a total value of $81,385.78. Following the completion of the sale, the general counsel owned 2,969 shares of the company’s stock, valued at approximately $723,456.23. The trade was a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Shane Trigg sold 3,947 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $240.45, for a total value of $949,056.15. Following the transaction, the chief executive officer owned 51,530 shares in the company, valued at approximately $12,390,388.50. The trade was a 7.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,745 shares of company stock valued at $2,097,550 over the last three months. Insiders own 4.68% of the company’s stock.

Institutional Trading of AppFolio

A number of institutional investors have recently made changes to their positions in APPF. Royal Bank of Canada increased its stake in shares of AppFolio by 22.6% in the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after buying an additional 8,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in AppFolio by 23.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after acquiring an additional 73 shares during the last quarter. Millennium Management LLC increased its position in shares of AppFolio by 237.7% in the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after acquiring an additional 12,709 shares during the period. Jones Financial Companies Lllp raised its stake in shares of AppFolio by 164.8% during the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after acquiring an additional 407 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock worth $14,684,000 after purchasing an additional 50,970 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.