AppFolio (NASDAQ:APPF) Stock Price Down 4.7% – Here’s What Happened

AppFolio, Inc. (NASDAQ:APPF) shares dropped 4.7% during mid-day trading on Thursday . The company traded as low as $160.03 and last traded at $160.42. Approximately 189,776 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 388,546 shares. The stock had previously closed at $168.32.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Benchmark lifted their price target on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. UBS Group set a $210.00 price target on shares of AppFolio in a research note on Friday, April 24th. Wall Street Zen upgraded shares of AppFolio from a “hold” rating to a “buy” rating in a research note on Sunday, March 15th. Piper Sandler reduced their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

AppFolio Trading Down 5.1%

The stock has a market capitalization of $5.65 billion, a PE ratio of 38.16 and a beta of 0.80. The business’s 50-day moving average is $160.77 and its two-hundred day moving average is $188.78.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data 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 company had revenue of $262.21 million for the quarter, compared to analysts’ expectations of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 earnings per share. On average, analysts predict that AppFolio, Inc. will post 5.04 EPS for the current year.

Insider Activity at AppFolio

In other news, insider Elizabeth Erin Barat sold 1,978 shares of AppFolio stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total value of $312,761.36. Following the completion of the transaction, the insider directly owned 21,545 shares of the company’s stock, valued at approximately $3,406,695.40. The trade was a 8.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Shane Trigg sold 3,584 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $152.50, for a total value of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares of the company’s stock, valued at $11,673,417.50. This represents a 4.47% 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. Corporate insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On AppFolio

Institutional investors have recently modified their holdings of the company. Optiver Holding B.V. boosted its stake in AppFolio by 827.8% during the 1st 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 during the period. Bank of America Corp DE boosted its position 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 worth $54,543,000 after buying an additional 61,641 shares during the period. Edgestream Partners L.P. grew its holdings in AppFolio by 90.6% in the 1st quarter. Edgestream Partners L.P. now owns 70,110 shares of the software maker’s stock worth $11,065,000 after buying an additional 33,331 shares in the last quarter. South Dakota Investment Council increased its position in AppFolio by 37.0% in the 1st quarter. South Dakota Investment Council now owns 6,660 shares of the software maker’s stock valued at $1,051,000 after acquiring an additional 1,800 shares during the period. Finally, Amundi increased its position in AppFolio by 140.0% in the 1st quarter. Amundi now owns 3,859 shares of the software maker’s stock valued at $609,000 after acquiring an additional 2,251 shares during the period. 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.