AppFolio Inc. (APPF) Downgraded by Zacks Investment Research to “Hold”
AppFolio Inc. (NASDAQ:APPF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “
Separately, Credit Suisse Group AG started coverage on AppFolio in a research note on Tuesday, August 9th. They issued a “hold” rating and a $18.00 price target on the stock.
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Shares of AppFolio (NASDAQ:APPF) traded down 1.42% on Tuesday, reaching $18.78. The company’s stock had a trading volume of 9,593 shares. AppFolio has a 52-week low of $11.07 and a 52-week high of $19.98. The company has a 50 day moving average price of $18.97 and a 200 day moving average price of $15.47. The company’s market cap is $631.87 million.
AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.06. AppFolio had a negative return on equity of 20.16% and a negative net margin of 16.11%. On average, analysts anticipate that AppFolio will post ($0.30) earnings per share for the current fiscal year.
In related news, insider Jonathan Walker sold 60,000 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $18.00, for a total transaction of $1,080,000.00. Following the sale, the insider now owns 60,000 shares of the company’s stock, valued at approximately $1,080,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Keenan Capital, Llc sold 5,700 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $19.67, for a total value of $112,119.00. The disclosure for this sale can be found here.
Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of AppFolio by 7.1% in the first quarter. Geode Capital Management LLC now owns 41,614 shares of the company’s stock valued at $509,000 after buying an additional 2,758 shares during the last quarter. State Street Corp increased its stake in shares of AppFolio by 4.7% in the second quarter. State Street Corp now owns 74,197 shares of the company’s stock valued at $1,074,000 after buying an additional 3,346 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of AppFolio by 32.5% in the second quarter. California State Teachers Retirement System now owns 15,938 shares of the company’s stock valued at $230,000 after buying an additional 3,912 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of AppFolio by 23.0% in the second quarter. Bank of New York Mellon Corp now owns 24,981 shares of the company’s stock valued at $361,000 after buying an additional 4,664 shares during the last quarter. Finally, Teachers Advisors Inc. increased its stake in shares of AppFolio by 105.1% in the second quarter. Teachers Advisors Inc. now owns 12,077 shares of the company’s stock valued at $175,000 after buying an additional 6,190 shares during the last quarter. 13.35% of the stock is currently owned by institutional investors and hedge funds.
AppFolio Company Profile
AppFolio, Inc is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices.
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