Riverbridge Partners LLC Takes $13.91 Million Position in AppFolio, Inc. $APPF

Riverbridge Partners LLC acquired a new stake in AppFolio, Inc. (NASDAQ:APPF) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 88,112 shares of the software maker’s stock, valued at approximately $13,906,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in AppFolio by 666.2% in the 1st quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker’s stock valued at $3,975,000 after purchasing an additional 21,898 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of AppFolio by 90,272.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 52,416 shares of the software maker’s stock worth $12,195,000 after buying an additional 52,358 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of AppFolio by 17.7% during the 4th quarter. Pacer Advisors Inc. now owns 3,566 shares of the software maker’s stock valued at $830,000 after buying an additional 536 shares during the period. Invesco Ltd. raised its position in shares of AppFolio by 5.2% during the 4th quarter. Invesco Ltd. now owns 416,260 shares of the software maker’s stock valued at $96,843,000 after buying an additional 20,609 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in AppFolio by 66.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 2,105 shares of the software maker’s stock valued at $490,000 after acquiring an additional 842 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Stock Up 1.5%

Shares of NASDAQ APPF opened at $146.56 on Wednesday. The business’s 50 day moving average is $160.59 and its two-hundred day moving average is $183.96. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $326.04. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 34.90 and a beta of 0.80.

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

Insider Transactions at AppFolio

In related news, insider Elizabeth Erin Barat sold 1,978 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total transaction of $312,761.36. Following the transaction, the insider owned 21,545 shares of the company’s stock, valued at approximately $3,406,695.40. This represents a 8.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $152.50, for a total value of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares of the company’s stock, valued at $11,673,417.50. This trade represents a 4.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,957 shares of company stock worth $1,399,501 in the last 90 days. Insiders own 1.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Piper Sandler lowered their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Wall Street Zen raised AppFolio from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. Finally, Benchmark upped 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. 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.

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.