Mission Wealth Management LP Sells 10,094 Shares of AppFolio, Inc. $APPF

Mission Wealth Management LP lowered its position in AppFolio, Inc. (NASDAQ:APPF) by 20.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,107 shares of the software maker’s stock after selling 10,094 shares during the period. Mission Wealth Management LP owned 0.11% of AppFolio worth $9,098,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of APPF. M&T Bank Corp raised its stake in AppFolio by 1,643.8% in the fourth quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock valued at $22,370,000 after buying an additional 90,639 shares during the period. Nordea Investment Management AB bought a new stake in AppFolio in the fourth quarter valued at approximately $8,795,000. Wealth Enhancement Advisory Services LLC bought a new stake in AppFolio in the third quarter valued at approximately $8,275,000. Citigroup Inc. raised its stake in AppFolio by 140.3% in the third quarter. Citigroup Inc. now owns 15,641 shares of the software maker’s stock valued at $4,312,000 after buying an additional 9,132 shares during the period. Finally, Vanguard Group Inc. raised its stake in AppFolio by 2.3% in the third quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock valued at $677,846,000 after buying an additional 55,277 shares during the period. Institutional investors own 85.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on APPF. Weiss Ratings lowered AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 29th. UBS Group set a $210.00 target price on AppFolio in a research note on Friday, April 24th. Benchmark increased 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. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Finally, Keefe, Bruyette & Woods lowered their target price on AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $252.29.

Insider Buying and Selling

In related 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 sale, the insider owned 21,545 shares of the company’s stock, valued at $3,406,695.40. This represents a 8.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 6,963 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $169.73, for a total value of $1,181,829.99. Following the sale, the chief executive officer directly owned 52,920 shares in the company, valued at $8,982,111.60. This represents a 11.63% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.57% of the company’s stock.

AppFolio Stock Performance

Shares of NASDAQ APPF opened at $151.70 on Monday. The firm has a market cap of $5.36 billion, a P/E ratio of 36.12 and a beta of 0.82. AppFolio, Inc. has a 1-year low of $142.73 and a 1-year high of $326.04. The business’s 50 day moving average is $162.89 and its 200-day moving average is $198.94.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.14. The business had revenue of $262.21 million for 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 firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 earnings per share. Analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

AppFolio 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.