Kerrisdale Advisers LLC Lowers Stake in AppFolio, Inc. $APPF

Kerrisdale Advisers LLC lessened its stake in AppFolio, Inc. (NASDAQ:APPF) by 37.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 13,904 shares of the software maker’s stock after selling 8,440 shares during the quarter. Kerrisdale Advisers LLC’s holdings in AppFolio were worth $2,230,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after buying an additional 101,466 shares during the period. Principal Financial Group Inc. increased its position in shares of AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after acquiring an additional 259,933 shares during the period. State Street Corp increased its position in shares of AppFolio by 1.1% during the fourth quarter. State Street Corp now owns 685,656 shares of the software maker’s stock worth $159,518,000 after acquiring an additional 7,585 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of AppFolio by 17.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker’s stock valued at $155,717,000 after acquiring an additional 98,230 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of AppFolio by 15.6% during the fourth quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker’s stock valued at $148,487,000 after acquiring an additional 86,272 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Zacks Research raised AppFolio from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. DA Davidson set a $225.00 target price on AppFolio in a report on Friday, July 24th. Guggenheim initiated coverage on AppFolio in a report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 target price for the company. Finally, KeyCorp reissued an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $243.50.

Insider Transactions at AppFolio

In other AppFolio news, CFO Timothy Mathias Eaton sold 373 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $202.61, for a total value of $75,573.53. Following the completion of the transaction, the chief financial officer directly owned 16,714 shares in the company, valued at approximately $3,386,423.54. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 2,656 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $221.85, for a total transaction of $589,233.60. Following the completion of the sale, the insider owned 8,000 shares in the company, valued at $1,774,800. This represents a 24.92% 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. In the last ninety days, insiders have sold 179,612 shares of company stock worth $34,697,503. 1.57% of the stock is owned by corporate insiders.

AppFolio Price Performance

AppFolio stock opened at $234.49 on Monday. The business has a fifty day moving average of $184.93 and a two-hundred day moving average of $172.22. The firm has a market cap of $8.31 billion, a P/E ratio of 53.54 and a beta of 0.78. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $288.73.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. The business had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the business posted $1.38 EPS. Equities analysts expect that AppFolio, Inc. will post 5.17 earnings per share for the current year.

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.