Assetmark Inc. Boosts Stake in AppFolio, Inc. (NASDAQ:APPF)

Assetmark Inc. grew its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 649.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,391 shares of the software maker’s stock after purchasing an additional 2,072 shares during the quarter. Assetmark Inc.’s holdings in AppFolio were worth $563,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of APPF. Janney Montgomery Scott LLC acquired a new position in shares of AppFolio during the first quarter worth about $839,000. Envestnet Portfolio Solutions Inc. acquired a new position in shares of AppFolio during the first quarter worth about $307,000. SG Americas Securities LLC lifted its stake in shares of AppFolio by 29.7% during the first quarter. SG Americas Securities LLC now owns 1,498 shares of the software maker’s stock worth $370,000 after purchasing an additional 343 shares in the last quarter. Swiss National Bank lifted its stake in shares of AppFolio by 3.5% during the first quarter. Swiss National Bank now owns 38,400 shares of the software maker’s stock worth $9,475,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of AppFolio by 359.1% during the first quarter. Sei Investments Co. now owns 38,038 shares of the software maker’s stock worth $9,385,000 after purchasing an additional 29,752 shares in the last quarter. Institutional investors and hedge funds own 62.34% of the company’s stock.

Insider Activity

In other news, major shareholder Maurice J. Duca sold 1,296 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $236.77, for a total transaction of $306,853.92. Following the completion of the transaction, the insider now directly owns 9,383 shares of the company’s stock, valued at approximately $2,221,612.91. This represents a 12.14 % 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. Also, insider Matthew S. Mazza sold 926 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $229.04, for a total value of $212,091.04. Following the transaction, the insider now directly owns 33,819 shares of the company’s stock, valued at $7,745,903.76. This trade represents a 2.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,796 shares of company stock valued at $4,177,209. 5.24% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on APPF shares. Piper Sandler Companies restated an “overweight” rating and set a $300.00 price objective on shares of AppFolio in a research note on Friday, July 26th. StockNews.com cut AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Piper Sandler cut their price target on AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. DA Davidson boosted their price target on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods cut AppFolio from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $261.75.

AppFolio Stock Down 1.4 %

Shares of NASDAQ APPF opened at $230.02 on Friday. The stock’s 50 day moving average price is $221.86 and its two-hundred day moving average price is $231.12. AppFolio, Inc. has a 52-week low of $164.29 and a 52-week high of $274.56. The stock has a market capitalization of $8.36 billion, a P/E ratio of 64.07 and a beta of 0.83.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.26. The firm had revenue of $206.00 million for the quarter, compared to analysts’ expectations of $199.11 million. AppFolio had a return on equity of 30.64% and a net margin of 17.26%. AppFolio’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, analysts anticipate that AppFolio, Inc. will post 3.23 EPS for the current year.

AppFolio Company Profile

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.