AppFolio (NASDAQ:APPF) Stock Rating Lowered by Wall Street Zen

AppFolio (NASDAQ:APPF) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

A number of other brokerages have also recently issued reports on APPF. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Benchmark boosted their price target on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Guggenheim began coverage on AppFolio in a report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target on the stock. UBS Group set a $210.00 price objective on AppFolio in a research note on Friday, April 24th. Finally, DA Davidson set a $225.00 price objective on AppFolio in a report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $243.50.

AppFolio Stock Up 2.2%

NASDAQ:APPF opened at $168.74 on Friday. AppFolio has a fifty-two week low of $142.56 and a fifty-two week high of $326.04. The stock has a market cap of $5.97 billion, a PE ratio of 38.53 and a beta of 0.79. The firm’s fifty day simple moving average is $164.98 and its 200-day simple moving average is $173.02.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, beating the consensus estimate of $1.69 by $0.02. The firm had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.38 earnings per share. Equities analysts anticipate that AppFolio will post 5.04 earnings per share for the current year.

Insider Activity at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 3,584 shares of AppFolio stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the transaction, the chief executive officer owned 76,547 shares in the company, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 660 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $155.25, for a total transaction of $102,465.00. Following the completion of the sale, the general counsel directly owned 6,555 shares in the company, valued at $1,017,663.75. This trade represents a 9.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,657 shares of company stock valued at $5,310,740 in the last quarter. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in AppFolio by 22.6% during the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after buying an additional 8,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of AppFolio by 23.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock valued at $84,000 after acquiring an additional 73 shares in the last quarter. Millennium Management LLC lifted its position in shares of AppFolio by 237.7% in the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after acquiring an additional 12,709 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of AppFolio by 164.8% during the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after acquiring an additional 407 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after acquiring an additional 50,970 shares during the last quarter. Hedge funds and other institutional investors own 85.19% 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.