Ranger Investment Management L.P. Has $31.59 Million Stake in AppFolio, Inc. $APPF

Ranger Investment Management L.P. trimmed its position in AppFolio, Inc. (NASDAQ:APPF) by 18.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 114,595 shares of the software maker’s stock after selling 26,090 shares during the quarter. AppFolio accounts for 2.2% of Ranger Investment Management L.P.’s holdings, making the stock its 9th largest holding. Ranger Investment Management L.P.’s holdings in AppFolio were worth $31,589,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of AppFolio during the third quarter worth about $8,275,000. Highland Capital Management LLC purchased a new position in shares of AppFolio in the 3rd quarter valued at approximately $1,435,000. Mission Wealth Management LP boosted its stake in AppFolio by 16.7% in the 3rd quarter. Mission Wealth Management LP now owns 49,201 shares of the software maker’s stock worth $13,563,000 after purchasing an additional 7,042 shares in the last quarter. Quantum Portfolio Management LLC grew its position 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 during the last quarter. Finally, AGF Management Ltd. purchased a new position in AppFolio in the 2nd quarter worth $3,296,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Stock Performance

Shares of AppFolio stock opened at $184.34 on Friday. The firm has a 50-day simple moving average of $223.65 and a two-hundred day simple moving average of $247.76. AppFolio, Inc. has a fifty-two week low of $176.87 and a fifty-two week high of $326.04. The company has a market cap of $6.62 billion, a P/E ratio of 46.44 and a beta of 0.75.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on APPF. William Blair reissued an “outperform” rating on shares of AppFolio in a report on Friday, January 30th. Weiss Ratings cut shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, January 16th. DA Davidson dropped their price objective on shares of AppFolio from $325.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Keefe, Bruyette & Woods reduced their target price on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, AppFolio has an average rating of “Moderate Buy” and a consensus price target of $270.83.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 3,947 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $240.45, for a total value of $949,056.15. Following the completion of the sale, the chief executive officer owned 51,530 shares of the company’s stock, valued at approximately $12,390,388.50. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Mathias Eaton sold 517 shares of AppFolio stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $228.34, for a total value of $118,051.78. Following the transaction, the chief financial officer owned 10,104 shares in the company, valued at approximately $2,307,147.36. The trade was a 4.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 8,745 shares of company stock valued at $2,097,550. Corporate insiders own 4.68% of the company’s stock.

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.