AppFolio (NASDAQ:APPF) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of AppFolio (NASDAQ:APPF) from a buy rating to a hold rating in a report issued on Sunday.

Several other analysts also recently issued reports on the company. UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Piper Sandler dropped their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Finally, DA Davidson set a $225.00 price target on shares of AppFolio in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $243.50.

AppFolio Stock Up 5.6%

Shares of APPF stock opened at $178.27 on Friday. The firm has a 50 day moving average price of $165.35 and a two-hundred day moving average price of $172.69. The company has a market capitalization of $6.30 billion, a PE ratio of 40.70 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 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 return on equity of 32.42% and a net margin of 15.13%.The company had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. During the same quarter in the previous year, the company posted $1.38 earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, research analysts expect that AppFolio will post 5.04 EPS for the current year.

Insider Buying and Selling

In other AppFolio news, major shareholder Maurice J. Duca sold 200 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $180.00, for a total transaction of $36,000.00. Following the transaction, the insider owned 81,480 shares in the company, valued at $14,666,400. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a legal 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. Also, CFO Timothy Mathias Eaton sold 2,585 shares of AppFolio stock in a transaction on Friday, June 12th. The shares were sold at an average price of $160.07, for a total value of $413,780.95. Following the completion of the transaction, the chief financial officer directly owned 18,036 shares of the company’s stock, valued at $2,887,022.52. This represents a 12.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 43,357 shares of company stock worth $7,614,340 in the last three months. 1.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of APPF. EverSource Wealth Advisors LLC increased its holdings in AppFolio by 101.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after buying an additional 56 shares during the period. Optiver Holding B.V. lifted its holdings in shares of AppFolio by 827.8% during the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock worth $26,000 after acquiring an additional 149 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of AppFolio by 48.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after acquiring an additional 63 shares during the period. Advisory Services Network LLC acquired a new stake in shares of AppFolio during the 3rd quarter worth approximately $55,000. Finally, Employees Retirement System of Texas acquired a new stake in shares of AppFolio during the 3rd quarter worth approximately $58,000. Institutional investors and hedge funds 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.