AXQ Capital LP Acquires New Holdings in AppFolio, Inc. $APPF

AXQ Capital LP acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,840 shares of the software maker’s stock, valued at approximately $893,000.

Other institutional investors have also 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 worth $22,370,000 after purchasing an additional 90,639 shares during the last quarter. Nordea Investment Management AB purchased a new position in shares of AppFolio in the fourth quarter worth about $8,795,000. Citigroup Inc. raised its stake in shares of AppFolio by 140.3% in the third quarter. Citigroup Inc. now owns 15,641 shares of the software maker’s stock worth $4,312,000 after purchasing an additional 9,132 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of AppFolio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after purchasing an additional 101,466 shares during the last quarter. Finally, Mission Wealth Management LP raised its stake in shares of AppFolio by 16.7% in the third quarter. Mission Wealth Management LP now owns 49,201 shares of the software maker’s stock worth $13,563,000 after purchasing an additional 7,042 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

Insiders Place Their Bets

In other AppFolio news, insider Elizabeth Erin Barat sold 1,978 shares of the business’s stock in a transaction on 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. The trade was a 8.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $546,560.00. Following the transaction, the chief executive officer directly owned 76,547 shares in the company, valued at $11,673,417.50. This trade represents a 4.47% decrease in their position. 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 own 1.57% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler reduced their price target 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 report on Friday, April 24th. Benchmark lifted their price target on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. Finally, Weiss Ratings upgraded AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, AppFolio has an average rating of “Moderate Buy” and an average target price of $252.29.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $174.63 on Wednesday. The business’s 50 day moving average price is $159.75 and its 200-day moving average price is $192.17. The firm has a market capitalization of $6.17 billion, a PE ratio of 41.58 and a beta of 0.80. AppFolio, Inc. has a 1 year low of $142.73 and a 1 year high of $326.04.

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