Royal Bank of Canada Acquires 8,582 Shares of AppFolio, Inc. $APPF

Royal Bank of Canada grew its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 19.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,466 shares of the software maker’s stock after acquiring an additional 8,582 shares during the quarter. Royal Bank of Canada owned 0.15% of AppFolio worth $8,280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after purchasing an additional 63 shares during the last quarter. Advisory Services Network LLC bought a new position in AppFolio in the 3rd quarter valued at approximately $55,000. Employees Retirement System of Texas acquired a new stake in AppFolio in the third quarter valued at approximately $58,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in AppFolio in the third quarter valued at approximately $69,000. Institutional investors own 85.19% of the company’s stock.

Insider Buying and Selling

In other AppFolio news, major shareholder Maurice J. Duca sold 7,200 shares of the stock in a transaction that occurred on 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 sale, the insider owned 42,400 shares of the company’s stock, valued at approximately $7,645,568. This represents a 14.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares of the company’s stock, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 98,040 shares of company stock worth $17,966,454. 1.57% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on APPF. Wall Street Zen downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Guggenheim began coverage on AppFolio in a research report on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price objective on the stock. Benchmark upped their target price on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Zacks Research upgraded AppFolio from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $243.50.

AppFolio Stock Up 0.4%

NASDAQ APPF opened at $199.54 on Tuesday. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 45.56 and a beta of 0.78. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $290.55. The stock has a fifty day simple moving average of $170.10 and a 200 day simple moving average of $170.88.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The firm had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same period in the previous year, the business earned $1.38 EPS. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Research analysts expect that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal 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.