Insider Selling: AppFolio (NASDAQ:APPF) General Counsel Sells $102,465.00 in Stock

AppFolio, Inc. (NASDAQ:APPF) General Counsel Evan Pickering sold 660 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $155.25, for a total transaction of $102,465.00. Following the transaction, the general counsel directly owned 6,555 shares of the company’s stock, valued at $1,017,663.75. This represents a 9.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

AppFolio Trading Down 5.9%

APPF opened at $148.59 on Thursday. AppFolio, Inc. has a 12-month low of $142.73 and a 12-month high of $326.04. The firm has a market capitalization of $5.25 billion, a PE ratio of 35.38 and a beta of 0.80. The firm has a 50 day moving average of $160.77 and a two-hundred day moving average of $186.28.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $258.13 million. During the same period last year, the firm posted $1.21 EPS. AppFolio’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, analysts predict that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group set a $210.00 target price on shares of AppFolio in a report on Friday, April 24th. Piper Sandler cut their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Weiss Ratings lowered shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Wall Street Zen raised shares of AppFolio from a “hold” rating to a “buy” rating in a report on Sunday, March 15th. Finally, Benchmark lifted their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $252.29.

Institutional Investors Weigh In On AppFolio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp increased its holdings in AppFolio by 1,643.8% in the 4th quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock worth $22,370,000 after acquiring an additional 90,639 shares in the last quarter. Nordea Investment Management AB purchased a new stake in AppFolio in the 4th quarter worth $8,795,000. Vanguard Group Inc. increased its holdings in AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after acquiring an additional 101,466 shares in the last quarter. Citigroup Inc. increased its holdings in AppFolio by 140.3% in the 3rd quarter. Citigroup Inc. now owns 15,641 shares of the software maker’s stock worth $4,312,000 after acquiring an additional 9,132 shares in the last quarter. Finally, Light Street Capital Management LLC purchased a new stake in AppFolio in the 3rd quarter worth $5,513,000. 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.