AXQ Capital LP Acquires New Stake in AppFolio, Inc. $APPF

AXQ Capital LP acquired a new stake in AppFolio, Inc. (NASDAQ:APPF) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,840 shares of the software maker’s stock, valued at approximately $893,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Truist Financial Corp raised its holdings in shares of AppFolio by 1.1% in the 3rd quarter. Truist Financial Corp now owns 3,928 shares of the software maker’s stock valued at $1,083,000 after buying an additional 43 shares during the period. Linden Thomas Advisory Services LLC raised its holdings in shares of AppFolio by 3.1% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 1,515 shares of the software maker’s stock valued at $418,000 after buying an additional 46 shares during the period. Woodline Partners LP raised its holdings in shares of AppFolio by 2.9% in the 1st quarter. Woodline Partners LP now owns 1,754 shares of the software maker’s stock valued at $386,000 after buying an additional 50 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of AppFolio by 101.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after buying an additional 56 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in shares of AppFolio by 14.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 454 shares of the software maker’s stock valued at $126,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Piper Sandler cut 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. Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a report on Sunday, March 15th. Benchmark upped their price target on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings upgraded AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, May 26th. Finally, UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, AppFolio has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

Insider Buying and Selling

In other AppFolio news, insider Elizabeth Erin Barat sold 1,978 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total transaction of $312,761.36. Following the completion of the sale, the insider directly owned 21,545 shares of the company’s stock, valued at approximately $3,406,695.40. This trade represents a 8.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock in a transaction that occurred 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 of the company’s stock, valued at $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.57% of the stock is currently owned by company insiders.

AppFolio Stock Down 2.6%

Shares of NASDAQ APPF opened at $174.63 on Wednesday. The stock has a market cap of $6.17 billion, a PE ratio of 41.58 and a beta of 0.80. AppFolio, Inc. has a 52-week low of $142.73 and a 52-week high of $326.04. The business has a 50-day moving average price of $159.75 and a 200 day moving average price of $192.17.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, beating 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 return on equity of 32.35% and a net margin of 15.27%.The business’s revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 EPS. Sell-side analysts anticipate that AppFolio, Inc. will post 5.04 earnings per share for the current year.

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.