AppFolio (NASDAQ:APPF) Downgraded to Hold Rating by Wall Street Zen

AppFolio (NASDAQ:APPF) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

APPF has been the subject of a number of other reports. Piper Sandler cut their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Benchmark upped their price objective on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. Finally, UBS Group set a $210.00 price objective on shares of AppFolio in a research report on Friday, April 24th. 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, the company has a consensus rating of “Moderate Buy” and an average target price of $252.29.

AppFolio Stock Performance

NASDAQ:APPF opened at $170.90 on Friday. AppFolio has a one year low of $142.56 and a one year high of $326.04. The stock has a market cap of $6.04 billion, a PE ratio of 40.69 and a beta of 0.79. The stock has a 50 day moving average price of $161.26 and a 200 day moving average price of $180.18.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, April 23rd. The software maker reported $1.61 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 the consensus estimate of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm’s revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 earnings per share. As a group, analysts predict that AppFolio will post 5.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AppFolio news, General Counsel Evan Pickering sold 660 shares of AppFolio stock in a transaction on Friday, June 12th. The stock was sold at an average price of $155.25, for a total value of $102,465.00. Following the sale, the general counsel owned 6,555 shares in the company, valued at $1,017,663.75. The trade was a 9.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $152.50, for a total value of $546,560.00. Following the completion of the transaction, the chief executive officer directly owned 76,547 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 8,957 shares of company stock valued at $1,399,501. Insiders own 1.57% of the company’s stock.

Institutional Trading of AppFolio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in AppFolio by 169.0% in the second quarter. Versant Capital Management Inc now owns 452 shares of the software maker’s stock valued at $72,000 after buying an additional 284 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of AppFolio by 1,913.2% during the first quarter. Pacer Advisors Inc. now owns 71,790 shares of the software maker’s stock valued at $11,330,000 after acquiring an additional 68,224 shares during the last quarter. Optiver Holding B.V. increased its position in shares of AppFolio by 827.8% during the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Bank of America Corp DE raised its stake in shares of AppFolio by 21.7% in the 1st quarter. Bank of America Corp DE now owns 345,603 shares of the software maker’s stock valued at $54,543,000 after acquiring an additional 61,641 shares during the period. Finally, Edgestream Partners L.P. raised its stake in shares of AppFolio by 90.6% in the 1st quarter. Edgestream Partners L.P. now owns 70,110 shares of the software maker’s stock valued at $11,065,000 after acquiring an additional 33,331 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

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.