AppFolio, Inc. (NASDAQ:APPF) Receives $243.50 Average Price Target from Brokerages

Shares of AppFolio, Inc. (NASDAQ:APPF) have been assigned an average rating of “Buy” from the twelve brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $243.50.

A number of analysts have recently weighed in on APPF shares. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Wall Street Zen downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. UBS Group set a $210.00 price target on shares of AppFolio in a report on Friday, April 24th. Piper Sandler lowered their price target on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, DA Davidson set a $225.00 price target on shares of AppFolio in a research report on Friday, July 24th.

AppFolio Trading Up 1.7%

NASDAQ APPF opened at $203.02 on Friday. AppFolio has a 1-year low of $142.56 and a 1-year high of $288.73. The stock has a 50-day moving average of $170.67 and a 200-day moving average of $170.78. The firm has a market cap of $7.19 billion, a PE ratio of 46.35 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.02. The company had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.AppFolio’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.38 EPS. As a group, equities research analysts forecast that AppFolio will post 5.16 earnings per share for the current fiscal year.

Insider Transactions at AppFolio

In other news, major shareholder Maurice J. Duca sold 7,200 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the completion of the transaction, the insider directly owned 42,400 shares of the company’s stock, valued at approximately $7,645,568. This represents a 14.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the sale, the chief executive officer owned 76,547 shares of the company’s stock, valued at approximately $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 98,040 shares of company stock worth $17,966,454 in the last 90 days. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On AppFolio

Several institutional investors and hedge funds have recently bought and sold shares of APPF. Royal Bank of Canada increased its stake in shares of AppFolio by 22.6% during the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock valued at $9,993,000 after buying an additional 8,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AppFolio by 23.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after acquiring an additional 73 shares during the period. Millennium Management LLC lifted its stake in AppFolio by 237.7% in the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock worth $3,970,000 after acquiring an additional 12,709 shares during the period. Jones Financial Companies Lllp lifted its stake in AppFolio by 164.8% in the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock worth $144,000 after acquiring an additional 407 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in AppFolio by 322.5% in the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after acquiring an additional 50,970 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Company 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.