AppFolio (NASDAQ:APPF) Stock Rating Upgraded by Wall Street Zen

AppFolio (NASDAQ:APPF) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

APPF has been the topic of a number of other research reports. Piper Sandler dropped their price objective on shares of AppFolio from $350.00 to $245.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a report on Friday, January 30th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research report on Monday, February 2nd. Finally, Weiss Ratings lowered AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, January 16th. Eight investment 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, the company has a consensus rating of “Moderate Buy” and an average price target of $270.83.

AppFolio Trading Up 1.3%

Shares of NASDAQ APPF opened at $179.73 on Friday. AppFolio has a 12-month low of $176.87 and a 12-month high of $326.04. The company has a market cap of $6.46 billion, a price-to-earnings ratio of 46.32 and a beta of 0.75. The stock’s 50 day simple moving average is $222.68 and its 200 day simple moving average is $247.10.

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

Insider Buying and Selling

In other AppFolio news, CFO Timothy Mathias Eaton sold 517 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $228.34, for a total value of $118,051.78. Following the completion of the sale, the chief financial officer directly owned 10,104 shares in the company, valued at $2,307,147.36. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Evan Pickering sold 334 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $243.67, for a total value of $81,385.78. Following the transaction, the general counsel directly owned 2,969 shares of the company’s stock, valued at approximately $723,456.23. The trade was a 10.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,745 shares of company stock valued at $2,097,550 over the last quarter. Corporate insiders own 4.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC lifted its holdings in AppFolio by 3.6% in the 2nd quarter. ProShare Advisors LLC now owns 1,078 shares of the software maker’s stock valued at $248,000 after acquiring an additional 37 shares during the last quarter. Truist Financial Corp raised its holdings in shares of AppFolio by 1.1% in the 3rd quarter. Truist Financial Corp now owns 3,928 shares of the software maker’s stock worth $1,083,000 after purchasing an additional 43 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in AppFolio by 0.5% during the second quarter. State of New Jersey Common Pension Fund D now owns 9,041 shares of the software maker’s stock valued at $2,082,000 after purchasing an additional 44 shares during the last quarter. Amalgamated Bank boosted its holdings in AppFolio by 0.4% during the third quarter. Amalgamated Bank now owns 11,068 shares of the software maker’s stock worth $3,051,000 after buying an additional 46 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in AppFolio by 3.1% during the third quarter. Linden Thomas Advisory Services LLC now owns 1,515 shares of the software maker’s stock worth $418,000 after buying an additional 46 shares in the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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.