AppFolio (NASDAQ:APPF) General Counsel Evan Pickering Sells 661 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) General Counsel Evan Pickering sold 661 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $200.49, for a total value of $132,523.89. Following the completion of the transaction, the general counsel owned 5,894 shares in the company, valued at $1,181,688.06. This represents a 10.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Evan Pickering also recently made the following trade(s):

• On Friday, June 12th, Evan Pickering sold 660 shares of AppFolio stock. The stock was sold at an average price of $155.25, for a total value of $102,465.00.

AppFolio Trading Up 2.4%

NASDAQ APPF opened at $198.74 on Friday. The business has a fifty day simple moving average of $169.70 and a 200 day simple moving average of $171.29. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $300.25. The firm has a market capitalization of $7.04 billion, a P/E ratio of 45.37 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same period in the previous year, the firm earned $1.38 EPS. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, sell-side analysts predict that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Hedge Funds Weigh In On AppFolio

A number of hedge funds and other institutional investors have recently made changes to their positions in APPF. Principal Financial Group Inc. raised its holdings in shares of AppFolio by 20.9% in the 1st 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 during the period. Lead Edge Capital Management LLC purchased a new position in AppFolio in the first quarter valued at approximately $33,183,000. Greenstone Partners & Co. LLC bought a new position in AppFolio during the fourth quarter valued at $43,647,000. Millennium Management LLC grew its holdings in AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock valued at $65,490,000 after purchasing an additional 172,627 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in AppFolio in the second quarter worth $23,524,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on APPF shares. Benchmark upped their price objective 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. DA Davidson set a $225.00 target price on shares of AppFolio in a research report on Friday, July 24th. Piper Sandler cut their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. Finally, Guggenheim started coverage on AppFolio in a research report on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $243.50.

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.