Arrowstreet Capital Limited Partnership Raises Stock Holdings in AppFolio, Inc. $APPF

Arrowstreet Capital Limited Partnership increased its holdings in AppFolio, Inc. (NASDAQ:APPF) by 6.5% in the 1st quarter, Holdings Channel reports. The fund owned 384,529 shares of the software maker’s stock after buying an additional 23,428 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in AppFolio were worth $60,686,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. M&T Bank Corp lifted its position in AppFolio by 1,643.8% in the 4th 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 in the last quarter. Vanguard Group Inc. grew its stake in shares of AppFolio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after purchasing an additional 101,466 shares during the period. Riverbridge Partners LLC bought a new stake in AppFolio during the first quarter valued at approximately $13,906,000. Quantum Capital Management LLC NJ purchased a new stake in shares of AppFolio in the 4th quarter worth $7,995,000. Finally, SG Americas Securities LLC raised its stake in shares of AppFolio by 666.2% in the first quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker’s stock worth $3,975,000 after buying an additional 21,898 shares during the period. 85.19% of the stock is owned by institutional investors.

AppFolio Stock Performance

APPF stock opened at $168.74 on Tuesday. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The firm’s fifty day moving average is $164.98 and its 200 day moving average is $173.02. The firm has a market cap of $5.97 billion, a PE ratio of 38.53 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. The firm had revenue of $281.12 million for 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 business’s revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.38 EPS. Research analysts predict that AppFolio, Inc. will post 5.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on APPF. UBS Group set a $210.00 target price on shares of 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. Benchmark upped their price objective 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 lowered shares of AppFolio from a “buy” rating to a “hold” rating in a report on Sunday. Finally, DA Davidson set a $225.00 price objective on AppFolio in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, AppFolio currently has an average rating of “Buy” and an average price target of $243.50.

Insider Transactions at AppFolio

In other AppFolio news, 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 transaction of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares of the company’s stock, valued at approximately $11,673,417.50. The trade was a 4.47% 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 transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Mathias Eaton sold 2,585 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the completion of the sale, 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 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 sold 30,657 shares of company stock valued at $5,310,740. Company insiders own 1.57% 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.