Insider Selling: AppFolio (NASDAQ:APPF) CFO Sells $413,780.95 in Stock

AppFolio, Inc. (NASDAQ:APPF) CFO Timothy Mathias Eaton sold 2,585 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $160.07, for a total value of $413,780.95. Following the transaction, the chief financial officer directly owned 18,036 shares of the company’s stock, valued at approximately $2,887,022.52. The trade was a 12.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

AppFolio Trading Down 5.9%

Shares of NASDAQ APPF opened at $148.59 on Thursday. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 35.38 and a beta of 0.80. AppFolio, Inc. has a 12 month low of $142.73 and a 12 month high of $326.04. The stock has a 50-day moving average price of $160.77 and a two-hundred day moving average price of $186.28.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, topping the consensus estimate of $1.47 by $0.14. The firm had revenue of $262.21 million during the quarter, compared to the consensus estimate of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, sell-side analysts predict that AppFolio, Inc. will post 5.04 earnings per share for the current year.

Institutional Trading of AppFolio

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Optiver Holding B.V. grew its holdings in shares of AppFolio by 827.8% during the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Bank of America Corp DE grew its holdings 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 purchasing an additional 61,641 shares during the last quarter. Edgestream Partners L.P. grew its holdings in shares of AppFolio by 90.6% during the first quarter. Edgestream Partners L.P. now owns 70,110 shares of the software maker’s stock worth $11,065,000 after purchasing an additional 33,331 shares during the last quarter. South Dakota Investment Council boosted its holdings in AppFolio by 37.0% in the first 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 last quarter. Finally, Amundi boosted its holdings in AppFolio by 140.0% in the first 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 last quarter. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on APPF shares. Weiss Ratings downgraded AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 11th. Piper Sandler lowered their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Wall Street Zen raised AppFolio from a “hold” rating to a “buy” rating in a research note on Sunday, March 15th. UBS Group set a $210.00 target price on AppFolio in a research note on Friday, April 24th. Finally, Benchmark boosted their target price on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $252.29.

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.