Neuberger Berman Group LLC Sells 4,057 Shares of AppFolio, Inc. $APPF

Neuberger Berman Group LLC reduced its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 40.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,098 shares of the software maker’s stock after selling 4,057 shares during the quarter. Neuberger Berman Group LLC’s holdings in AppFolio were worth $1,681,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of AppFolio by 2.3% during the third quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock valued at $677,846,000 after acquiring an additional 55,277 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of AppFolio by 40.1% during the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock worth $321,637,000 after purchasing an additional 333,861 shares during the period. Geode Capital Management LLC lifted its holdings in shares of AppFolio by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 438,522 shares of the software maker’s stock worth $100,999,000 after purchasing an additional 1,458 shares in the last quarter. Long Walk Management LP lifted its holdings in shares of AppFolio by 4.4% in the 3rd quarter. Long Walk Management LP now owns 288,500 shares of the software maker’s stock worth $79,528,000 after purchasing an additional 12,175 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in AppFolio by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 278,561 shares of the software maker’s stock valued at $76,796,000 after purchasing an additional 12,521 shares during the period. Institutional investors and hedge funds own 85.19% of the company’s stock.

Insider Activity

In related news, CEO William Shane Trigg sold 6,963 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the completion of the sale, the chief executive officer directly owned 52,920 shares of the company’s stock, valued at approximately $8,982,111.60. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

APPF has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of AppFolio from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. UBS Group set a $260.00 target price on shares of AppFolio and gave the stock a “buy” rating in a research report on Friday, January 30th. DA Davidson dropped their price target on shares of AppFolio from $325.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Keefe, Bruyette & Woods lowered their price objective on AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.83.

AppFolio Price Performance

NASDAQ APPF opened at $191.17 on Friday. The company has a fifty day moving average price of $200.71 and a 200-day moving average price of $233.14. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 49.27 and a beta of 0.75. AppFolio, Inc. has a 1 year low of $161.13 and a 1 year high of $326.04.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.17. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The business had revenue of $248.19 million for the quarter, compared to analysts’ expectations of $246.56 million. During the same period in the previous year, the company earned $0.92 earnings per share. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, research analysts anticipate that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

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.