Jennison Associates LLC Cuts Stock Holdings in AppFolio, Inc. $APPF

Jennison Associates LLC lowered its holdings in AppFolio, Inc. (NASDAQ:APPF) by 41.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,110 shares of the software maker’s stock after selling 53,291 shares during the quarter. Jennison Associates LLC owned approximately 0.22% of AppFolio worth $12,012,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of AppFolio by 8.9% during the first quarter. Bessemer Group Inc. now owns 2,717 shares of the software maker’s stock valued at $429,000 after purchasing an additional 223 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in AppFolio by 12.2% during the first quarter. Illinois Municipal Retirement Fund now owns 12,531 shares of the software maker’s stock valued at $1,978,000 after purchasing an additional 1,365 shares in the last quarter. State of Michigan Retirement System grew its stake in AppFolio by 7.3% in the first quarter. State of Michigan Retirement System now owns 5,900 shares of the software maker’s stock valued at $931,000 after purchasing an additional 400 shares during the last quarter. Principal Financial Group Inc. raised its holdings in AppFolio by 20.9% in the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after purchasing an additional 259,933 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its holdings in AppFolio by 46.3% in the first quarter. Diversify Wealth Management LLC now owns 2,067 shares of the software maker’s stock worth $342,000 after purchasing an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Piper Sandler reduced their price objective on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Benchmark increased their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Finally, Wall Street Zen raised shares of AppFolio from a “hold” rating to a “buy” rating in a report on Saturday. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, AppFolio presently has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

Insider Buying and Selling at AppFolio

In other news, major shareholder Maurice J. Duca sold 7,200 shares of the business’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $180.15, for a total transaction of $1,297,080.00. Following the sale, the insider directly owned 40,700 shares of the company’s stock, valued at $7,332,105. The trade was a 15.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Erin Barat sold 1,978 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total value of $312,761.36. Following the completion of the transaction, the insider 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 30,657 shares of company stock valued at $5,310,740. Company insiders own 1.57% of the company’s stock.

AppFolio Stock Down 6.3%

APPF opened at $167.84 on Wednesday. The company has a market cap of $5.93 billion, a P/E ratio of 39.96 and a beta of 0.79. The firm’s 50-day moving average price is $163.99 and its 200-day moving average price is $174.94. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $326.04.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, topping 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 company had revenue of $262.21 million during the quarter, compared to analysts’ expectations of $258.13 million. During the same period last year, the business earned $1.21 EPS. AppFolio’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, research analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

AppFolio 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.