AppFolio (NASDAQ:APPF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of AppFolio (NASDAQ:APPF) from a hold rating to a buy rating in a research report report published on Saturday.

Several other brokerages have also recently issued reports on APPF. UBS Group set a $210.00 target price on shares of AppFolio in a report on Friday, April 24th. Weiss Ratings lowered shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Benchmark raised their target price 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 cut their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Finally, KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

AppFolio Stock Down 0.4%

Shares of APPF stock opened at $179.09 on Friday. The business has a 50-day moving average price of $163.74 and a two-hundred day moving average price of $175.39. The firm has a market cap of $6.33 billion, a P/E ratio of 42.64 and a beta of 0.79. AppFolio has a 12-month low of $142.56 and a 12-month high of $326.04.

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

Insider Buying and Selling

In related news, insider Elizabeth Erin Barat sold 1,978 shares of AppFolio stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total transaction of $312,761.36. Following the completion of the transaction, the insider directly owned 21,545 shares of the company’s stock, valued at $3,406,695.40. This trade represents a 8.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was 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 trade represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,657 shares of company stock worth $5,310,740 over the last 90 days. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after acquiring an additional 56 shares during the last quarter. Optiver Holding B.V. boosted its stake in AppFolio by 827.8% in the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock worth $26,000 after purchasing an additional 149 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after purchasing an additional 63 shares in the last quarter. Advisory Services Network LLC purchased a new stake in AppFolio during the 3rd quarter valued at about $55,000. Finally, Employees Retirement System of Texas purchased a new stake in AppFolio during the 3rd quarter valued at about $58,000. 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.