Wellington Management Group LLP Makes New Investment in AppFolio, Inc. $APPF

Wellington Management Group LLP bought a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) in the second quarter, Holdings Channel reports. The fund bought 224,904 shares of the software maker’s stock, valued at approximately $36,063,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. 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 position in AppFolio in the 4th quarter valued at $7,995,000. 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 period. Louisiana State Employees Retirement System purchased a new position in shares of AppFolio during the 1st quarter valued at $1,121,000. Finally, Royal Bank of Canada grew its position in shares of AppFolio by 19.6% during the 1st quarter. Royal Bank of Canada now owns 52,466 shares of the software maker’s stock valued at $8,280,000 after purchasing an additional 8,582 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other AppFolio news, CFO Timothy Eaton sold 373 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $202.61, for a total value of $75,573.53. Following the transaction, the chief financial officer owned 16,714 shares in the company, valued at approximately $3,386,423.54. The trade was a 2.18% decrease in their ownership of the stock. The transaction 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 2,656 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $221.85, for a total transaction of $589,233.60. Following the sale, the insider owned 8,000 shares of the company’s stock, valued at approximately $1,774,800. This represents a 24.92% 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. In the last three months, insiders have sold 179,612 shares of company stock valued at $34,697,503. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

APPF has been the topic of a number of recent analyst reports. Guggenheim began coverage on AppFolio in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective on the stock. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. DA Davidson set a $225.00 target price on AppFolio in a research note on Friday, July 24th. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Finally, Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $243.50.

AppFolio Price Performance

Shares of APPF opened at $214.28 on Friday. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $288.73. The stock has a 50 day simple moving average of $192.56 and a two-hundred day simple moving average of $173.82. The firm has a market cap of $7.59 billion, a P/E ratio of 48.92 and a beta of 0.85.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million during the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.38 earnings per share. On average, equities analysts anticipate that AppFolio, Inc. will post 5.17 earnings per share for the current year.

AppFolio 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.