Zacks Investment Research Lowers AppFolio, Inc. (APPF) to Hold

Zacks Investment Research downgraded shares of AppFolio, Inc. (NASDAQ:APPF) from a buy rating to a hold rating in a report released on Thursday morning.

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. “

A number of other analysts also recently weighed in on the stock. BidaskClub upgraded shares of AppFolio from a buy rating to a strong-buy rating in a research report on Thursday, August 17th. Morgan Stanley increased their price target on shares of AppFolio from $33.00 to $38.00 and gave the company an equal weight rating in a research report on Tuesday, August 8th. Credit Suisse Group reiterated a neutral rating and issued a $35.00 price target (up from $27.00) on shares of AppFolio in a research report on Tuesday, August 8th. Finally, KeyCorp reiterated a buy rating on shares of AppFolio in a research report on Friday, August 11th. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $43.33.

Shares of AppFolio (APPF) traded down 0.81% during trading on Thursday, hitting $49.15. 190,331 shares of the stock traded hands. The company has a 50 day moving average of $48.01 and a 200-day moving average of $48.01. The company has a market cap of $1.67 billion, a PE ratio of 1585.48 and a beta of 0.76. AppFolio has a 1-year low of $18.75 and a 1-year high of $52.25.

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In related news, major shareholder Global Fund Ii L.P. Dragoneer sold 75,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $35.01, for a total transaction of $2,625,750.00. Following the completion of the sale, the insider now directly owns 69,723 shares of the company’s stock, valued at approximately $2,441,002.23. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Marc Stad sold 198,200 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $36.18, for a total value of $7,170,876.00. Following the sale, the insider now directly owns 73,153 shares of the company’s stock, valued at $2,646,675.54. The disclosure for this sale can be found here. Insiders sold a total of 951,527 shares of company stock worth $33,891,917 over the last quarter. 44.77% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sei Investments Co. increased its stake in AppFolio by 50,928.6% during the 2nd quarter. Sei Investments Co. now owns 3,572 shares of the software maker’s stock worth $117,000 after purchasing an additional 3,565 shares in the last quarter. American International Group Inc. increased its stake in AppFolio by 7.2% during the 1st quarter. American International Group Inc. now owns 4,683 shares of the software maker’s stock worth $127,000 after purchasing an additional 314 shares in the last quarter. UBS Group AG increased its stake in AppFolio by 232.9% during the 1st quarter. UBS Group AG now owns 5,187 shares of the software maker’s stock worth $142,000 after purchasing an additional 3,629 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in AppFolio during the 2nd quarter worth approximately $178,000. Finally, Parametric Portfolio Associates LLC bought a new stake in AppFolio during the 2nd quarter worth approximately $214,000. 20.88% of the stock is owned by institutional investors and hedge funds.

About AppFolio

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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