Insider Selling: AppFolio (NASDAQ:APPF) General Counsel Sells 660 Shares of Stock

AppFolio, Inc. (NASDAQ:APPF) General Counsel Evan Pickering sold 660 shares of the stock in a transaction dated Friday, June 12th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

AppFolio Stock Down 1.9%

AppFolio stock traded down $3.00 during midday trading on Monday, reaching $158.21. The stock had a trading volume of 276,517 shares, compared to its average volume of 368,443. AppFolio, Inc. has a 52-week low of $142.73 and a 52-week high of $326.04. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 37.67 and a beta of 0.80. The company has a fifty day moving average of $160.98 and a 200 day moving average of $187.34.

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

Hedge Funds Weigh In On AppFolio

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Optiver Holding B.V. boosted its stake 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 purchasing an additional 149 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of AppFolio by 21.7% during the first quarter. Bank of America Corp DE now owns 345,603 shares of the software maker’s stock valued at $54,543,000 after purchasing an additional 61,641 shares in the last quarter. Edgestream Partners L.P. boosted its stake in shares of AppFolio by 90.6% during the first quarter. Edgestream Partners L.P. now owns 70,110 shares of the software maker’s stock valued at $11,065,000 after purchasing an additional 33,331 shares in the last quarter. South Dakota Investment Council boosted its stake in shares of AppFolio by 37.0% during the first quarter. South Dakota Investment Council now owns 6,660 shares of the software maker’s stock valued at $1,051,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Amundi boosted its stake in shares of AppFolio by 140.0% during the first quarter. Amundi now owns 3,859 shares of the software maker’s stock valued at $609,000 after purchasing an additional 2,251 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Benchmark raised their target price on shares of AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Weiss Ratings lowered shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Wall Street Zen raised shares of AppFolio from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. UBS Group set a $210.00 target price on shares of AppFolio in a research report on Friday, April 24th. Finally, Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $252.29.

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.