AppFolio (NASDAQ:APPF) Trading Down 5.3% – Time to Sell?

AppFolio, Inc. (NASDAQ:APPF)’s share price was down 5.3% on Tuesday . The company traded as low as $168.89 and last traded at $169.5850. 80,103 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 382,148 shares. The stock had previously closed at $179.09.

Analysts Set New Price Targets

A number of brokerages have recently commented on APPF. UBS Group set a $210.00 price objective on shares of AppFolio in a research report on Friday, April 24th. Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Benchmark raised their price objective on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Piper Sandler decreased their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Finally, KeyCorp restated an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $252.29.

AppFolio Price Performance

The firm has a market cap of $5.99 billion, a P/E ratio of 40.36 and a beta of 0.79. The stock’s 50 day moving average is $163.74 and its two-hundred day moving average is $175.39.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $258.13 million. AppFolio had a net margin of 15.27% and a return on equity of 32.35%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.21 earnings per share. As a group, research analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Insider Buying and Selling at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $546,560.00. Following the sale, the chief executive officer directly owned 76,547 shares in the company, valued at $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Erin Barat sold 1,978 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total value of $312,761.36. Following the transaction, the insider owned 21,545 shares of the company’s stock, valued at $3,406,695.40. This represents a 8.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 30,657 shares of company stock worth $5,310,740 over the last three months. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AppFolio

Several large investors have recently made changes to their positions in APPF. Handelsbanken Fonder AB increased its position in shares of AppFolio by 62.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker’s stock worth $1,745,000 after purchasing an additional 4,200 shares in the last quarter. Chemistry Wealth Management LLC increased its holdings in shares of AppFolio by 17.1% during the second quarter. Chemistry Wealth Management LLC now owns 1,879 shares of the software maker’s stock worth $301,000 after buying an additional 275 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of AppFolio during the second quarter worth approximately $3,095,000. Evanson Financial LLC acquired a new position in shares of AppFolio in the 2nd quarter worth approximately $962,000. Finally, GAMMA Investing LLC boosted its holdings in shares of AppFolio by 74.5% in the 2nd quarter. GAMMA Investing LLC now owns 834 shares of the software maker’s stock worth $134,000 after acquiring an additional 356 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

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.