Azzad Asset Management Inc. ADV Grows Stake in AppFolio, Inc. (NASDAQ:APPF)

Azzad Asset Management Inc. ADV increased its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 78.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 15,479 shares of the software maker’s stock after acquiring an additional 6,823 shares during the period. Azzad Asset Management Inc. ADV’s holdings in AppFolio were worth $3,404,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in APPF. FMR LLC increased its holdings in shares of AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker’s stock worth $147,411,000 after purchasing an additional 536,591 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in AppFolio during the 4th quarter valued at approximately $103,503,000. Norges Bank purchased a new position in AppFolio during the 4th quarter valued at approximately $68,037,000. AQR Capital Management LLC grew its holdings in AppFolio by 43.2% during the 4th quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker’s stock valued at $161,756,000 after buying an additional 197,700 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in AppFolio by 227.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 233,892 shares of the software maker’s stock valued at $57,706,000 after buying an additional 162,540 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Insider Activity

In related news, insider Elizabeth Erin Barat sold 4,682 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $227.79, for a total transaction of $1,066,512.78. Following the completion of the sale, the insider now directly owns 17,926 shares of the company’s stock, valued at approximately $4,083,363.54. This trade represents a 20.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy K. Bliss purchased 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average cost of $217.02 per share, with a total value of $1,627,650.00. Following the completion of the purchase, the director now directly owns 7,500 shares in the company, valued at $1,627,650. The trade was a ? increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 18,500 shares of company stock valued at $4,024,220 and sold 11,639 shares valued at $2,547,802. Corporate insiders own 4.68% of the company’s stock.

AppFolio Price Performance

NASDAQ:APPF opened at $225.57 on Friday. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 40.64 and a beta of 0.87. AppFolio, Inc. has a 1 year low of $189.01 and a 1 year high of $274.56. The business has a 50 day simple moving average of $215.81 and a 200-day simple moving average of $229.28.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data on Thursday, April 24th. The software maker reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.02). The company had revenue of $217.70 million during the quarter, compared to the consensus estimate of $220.95 million. AppFolio had a net margin of 25.69% and a return on equity of 26.21%. AppFolio’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. As a group, analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on APPF shares. DA Davidson upgraded AppFolio to a “strong-buy” rating in a report on Tuesday, May 13th. Piper Sandler restated a “neutral” rating and set a $265.00 price target on shares of AppFolio in a report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods cut their price target on AppFolio from $210.00 to $205.00 and set an “underweight” rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AppFolio has an average rating of “Moderate Buy” and a consensus target price of $274.43.

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.