AppFolio, Inc. $APPF Stock Holdings Lowered by Ashe Capital Management LP

Ashe Capital Management LP decreased its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 19.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,077,915 shares of the software maker’s stock after selling 253,345 shares during the period. AppFolio comprises 24.3% of Ashe Capital Management LP’s portfolio, making the stock its 2nd largest holding. Ashe Capital Management LP owned about 3.00% of AppFolio worth $250,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in APPF. Hudson Way Capital Management LLC bought a new position in AppFolio during the third quarter valued at approximately $53,367,000. Caledonia Private Investments Pty Ltd lifted its position in AppFolio by 45.9% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker’s stock valued at $77,388,000 after purchasing an additional 104,609 shares during the period. Vanguard Group Inc. lifted its position in AppFolio by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after purchasing an additional 101,466 shares during the period. Price T Rowe Associates Inc. MD lifted its position in AppFolio by 17.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker’s stock valued at $155,717,000 after purchasing an additional 98,230 shares during the period. Finally, Norges Bank bought a new position in AppFolio during the fourth quarter valued at approximately $22,794,000. Institutional investors own 85.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on APPF. Wall Street Zen upgraded shares of AppFolio from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. Weiss Ratings downgraded shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Benchmark increased their price target on shares of AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Piper Sandler decreased their price target on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Finally, UBS Group set a $210.00 price target on shares of AppFolio in a research report on Friday, April 24th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

Insider Activity

In other news, CFO Timothy Mathias Eaton sold 2,585 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the sale, the chief financial officer directly owned 18,036 shares in the company, valued at $2,887,022.52. This trade represents a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of AppFolio stock in a transaction on Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the sale, the chief executive officer owned 76,547 shares in the company, valued at approximately $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 8,957 shares of company stock valued at $1,399,501 over the last 90 days. Company insiders own 1.57% of the company’s stock.

AppFolio Trading Down 5.9%

APPF opened at $148.59 on Thursday. The company has a market capitalization of $5.25 billion, a PE ratio of 35.38 and a beta of 0.80. AppFolio, Inc. has a 1-year low of $142.73 and a 1-year high of $326.04. The firm’s 50 day simple moving average is $160.77 and its two-hundred day simple moving average is $186.28.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, beating the consensus estimate of $1.47 by $0.14. The firm had revenue of $262.21 million for the quarter, compared to the consensus estimate of $258.13 million. AppFolio had a net margin of 15.27% and a return on equity of 32.35%. The company’s revenue was up 20.7% on a year-over-year basis. During the same period last year, the firm earned $1.21 EPS. Equities analysts forecast that AppFolio, Inc. will post 5.04 earnings per share for the current fiscal year.

AppFolio Company Profile

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.