Renaissance Technologies LLC Purchases 80,760 Shares of AppFolio, Inc. $APPF

Renaissance Technologies LLC raised its position in AppFolio, Inc. (NASDAQ:APPF) by 55.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 227,280 shares of the software maker’s stock after purchasing an additional 80,760 shares during the quarter. Renaissance Technologies LLC’s holdings in AppFolio were worth $35,869,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp raised its stake in shares of AppFolio by 1,643.8% in the fourth quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock valued at $22,370,000 after acquiring an additional 90,639 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after acquiring an additional 101,466 shares in the last quarter. Riverbridge Partners LLC bought a new stake in AppFolio during the 1st quarter worth approximately $13,906,000. Quantum Capital Management LLC NJ bought a new stake in AppFolio during the 4th quarter worth approximately $7,995,000. Finally, SG Americas Securities LLC increased its holdings in AppFolio by 666.2% during 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 in the last quarter. 85.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on APPF. Guggenheim began coverage on AppFolio in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective for the company. Piper Sandler decreased their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Finally, Weiss Ratings downgraded shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $243.50.

AppFolio Stock Up 5.6%

Shares of APPF opened at $178.27 on Wednesday. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $326.04. The firm has a market capitalization of $6.30 billion, a PE ratio of 40.70 and a beta of 0.79. The stock’s fifty day simple moving average is $165.35 and its 200-day simple moving average is $172.69.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.02. The firm had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company’s revenue was up 19.3% on a year-over-year basis. During the same period last year, the company earned $1.38 earnings per share. Analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current year.

Insider Activity at AppFolio

In other AppFolio news, CFO Timothy Mathias Eaton sold 2,585 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 18,036 shares of the company’s stock, valued at approximately $2,887,022.52. This trade represents a 12.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 200 shares of AppFolio 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 sale, the insider directly owned 81,480 shares of the company’s stock, valued at $14,666,400. This represents a 0.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 43,357 shares of company stock valued at $7,614,340. 1.57% of the stock is owned by corporate insiders.

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.