KeyCorp Initiates Coverage on AppFolio (NASDAQ:APPF)

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Research analysts at KeyCorp assumed coverage on shares of AppFolio (NASDAQ:APPF) in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set a “sector weight” rating and a $106.10 price target on the software maker’s stock. KeyCorp’s price objective points to a potential downside of 0.82% from the company’s previous close.

A number of other research firms also recently commented on APPF. DA Davidson started coverage on Heartland Banccorp in a research note on Tuesday, April 16th. They issued a “buy” rating and a $96.00 price target for the company. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. BidaskClub raised Zumiez from a “sell” rating to a “hold” rating in a research note on Saturday, June 22nd. Morgan Stanley boosted their price target on Sonic Automotive from $10.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Finally, Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.28.

APPF opened at $106.98 on Tuesday. AppFolio has a fifty-two week low of $51.15 and a fifty-two week high of $109.89. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $3.58 billion, a P/E ratio of 191.26 and a beta of 1.20. The stock’s fifty day moving average price is $102.12.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.11 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.04). The company had revenue of $57.10 million during the quarter, compared to analyst estimates of $56.77 million. AppFolio had a net margin of 9.46% and a return on equity of 19.56%. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period last year, the firm earned $0.12 EPS. As a group, sell-side analysts expect that AppFolio will post 0.55 EPS for the current year.

In other news, Director William R. Rauth III sold 9,701 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $105.10, for a total transaction of $1,019,575.10. Following the sale, the director now directly owns 20,000 shares in the company, valued at $2,102,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Ida Kathleen Kane sold 2,500 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the chief financial officer now owns 2,500 shares in the company, valued at $250,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,701 shares of company stock worth $4,864,550. Company insiders own 42.46% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of AppFolio by 6.3% during the fourth quarter. BlackRock Inc. now owns 990,684 shares of the software maker’s stock worth $58,668,000 after purchasing an additional 58,572 shares during the last quarter. Granite Investment Partners LLC boosted its holdings in AppFolio by 18.3% in the first quarter. Granite Investment Partners LLC now owns 291,070 shares of the software maker’s stock valued at $23,111,000 after acquiring an additional 45,127 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in AppFolio by 24.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 268,322 shares of the software maker’s stock valued at $15,889,000 after acquiring an additional 52,387 shares during the last quarter. Northern Trust Corp boosted its holdings in AppFolio by 1.7% in the fourth quarter. Northern Trust Corp now owns 234,344 shares of the software maker’s stock valued at $13,878,000 after acquiring an additional 3,882 shares during the last quarter. Finally, Spark Investment Management LLC boosted its holdings in AppFolio by 25.3% in the first quarter. Spark Investment Management LLC now owns 133,800 shares of the software maker’s stock valued at $10,623,000 after acquiring an additional 27,000 shares during the last quarter. Institutional investors own 31.17% of the company’s stock.

AppFolio Company Profile

AppFolio, Inc provides industry-specific cloud-based software solutions for small and medium-sized businesses in the property management and legal industries. It offers AppFolio Property Manager, a cloud-based software solution for the real estate market that provides property managers of various sizes and tools and services designed to streamline their property management businesses, such as posting and tracking vacancies, leasing vacant properties, and accounting, as well as facilitating tenant, owner, and vendor communications.

See Also: The limitations of an equal weight rating

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