AppFolio, Inc. (NASDAQ:APPF) Sees Significant Growth in Short Interest

AppFolio, Inc. (NASDAQ:APPF) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 1,925,861 shares, a growth of 45.4% from the January 29th total of 1,324,405 shares. Currently, 5.6% of the company’s stock are sold short. Based on an average daily volume of 524,697 shares, the days-to-cover ratio is presently 3.7 days. Based on an average daily volume of 524,697 shares, the days-to-cover ratio is presently 3.7 days. Currently, 5.6% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

APPF has been the subject of several recent analyst reports. Weiss Ratings downgraded AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, January 16th. Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a report on Thursday, January 15th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a report on Monday, February 2nd. DA Davidson decreased their target price on AppFolio from $325.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Finally, UBS Group set a $260.00 price target on AppFolio and gave the stock a “buy” rating in a research report on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, AppFolio currently has a consensus rating of “Moderate Buy” and an average price target of $270.83.

AppFolio Trading Up 0.6%

Shares of NASDAQ APPF opened at $177.76 on Monday. AppFolio has a one year low of $161.13 and a one year high of $326.04. The business has a fifty day simple moving average of $205.57 and a 200 day simple moving average of $235.71. The firm has a market capitalization of $6.40 billion, a price-to-earnings ratio of 45.81 and a beta of 0.75.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.17. The firm had revenue of $248.19 million for the quarter, compared to analyst estimates of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 EPS. On average, research analysts anticipate that AppFolio will post 3.96 earnings per share for the current fiscal year.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 6,963 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the transaction, the chief executive officer directly owned 52,920 shares of the company’s stock, valued at approximately $8,982,111.60. The trade was a 11.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.68% of the company’s stock.

Institutional Investors Weigh In On AppFolio

A number of hedge funds and other institutional investors have recently bought and sold shares of APPF. Wealth Enhancement Advisory Services LLC acquired a new stake in AppFolio in the third quarter worth $8,275,000. Highland Capital Management LLC bought a new position in AppFolio during the third quarter worth about $1,435,000. Mission Wealth Management LP grew its stake in AppFolio by 16.7% in the third quarter. Mission Wealth Management LP now owns 49,201 shares of the software maker’s stock valued at $13,563,000 after acquiring an additional 7,042 shares during the period. Vanguard Group Inc. increased its holdings in shares of AppFolio by 2.3% in the third quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock worth $677,846,000 after acquiring an additional 55,277 shares in the last quarter. Finally, Quantum Portfolio Management LLC increased its stake in AppFolio by 134.6% during the 3rd quarter. Quantum Portfolio Management LLC now owns 10,002 shares of the software maker’s stock worth $2,757,000 after purchasing an additional 5,739 shares in the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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.