AppFolio (NASDAQ:APPF) Stock Price Up 7.5% – Here’s What Happened

AppFolio, Inc. (NASDAQ:APPF)’s share price traded up 7.5% during mid-day trading on Tuesday . The stock traded as high as $181.30 and last traded at $181.3990. Approximately 54,924 shares changed hands during trading, a decline of 86% from the average session volume of 389,595 shares. The stock had previously closed at $168.74.

Analyst Upgrades and Downgrades

APPF has been the topic of several recent analyst reports. UBS Group set a $210.00 price objective on shares of AppFolio in a research note on Friday, April 24th. Wall Street Zen lowered shares of AppFolio from a “buy” rating to a “hold” rating in a report on Sunday. DA Davidson set a $225.00 price objective on AppFolio in a research note on Friday. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Finally, Guggenheim assumed coverage on AppFolio in a research report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $243.50.

AppFolio Trading Up 10.4%

The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 42.54 and a beta of 0.79. The company has a 50 day simple moving average of $164.98 and a 200-day simple moving average of $173.02.

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

Insider Buying and Selling

In other news, CFO Timothy Mathias Eaton sold 2,585 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $160.07, for a total value of $413,780.95. Following the sale, the chief financial officer owned 18,036 shares of the company’s stock, valued at $2,887,022.52. The trade was a 12.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 200 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $180.00, for a total transaction of $36,000.00. Following the transaction, the insider owned 81,480 shares of the company’s stock, valued at $14,666,400. The trade was a 0.24% 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 sold 43,357 shares of company stock worth $7,614,340 over the last quarter. 1.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of AppFolio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after purchasing an additional 101,466 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of AppFolio by 20.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock valued at $237,665,000 after buying an additional 259,933 shares during the last quarter. State Street Corp grew its stake in shares of AppFolio by 1.1% in the fourth quarter. State Street Corp now owns 685,656 shares of the software maker’s stock valued at $159,518,000 after buying an additional 7,585 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in AppFolio by 17.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker’s stock worth $155,717,000 after buying an additional 98,230 shares during the last quarter. Finally, William Blair Investment Management LLC increased its holdings in AppFolio by 15.6% during the fourth quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker’s stock worth $148,487,000 after buying an additional 86,272 shares during the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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.