William Blair Investment Management LLC Reduces Position in AppFolio, Inc. $APPF

William Blair Investment Management LLC decreased its holdings in AppFolio, Inc. (NASDAQ:APPF) by 24.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 551,969 shares of the software maker’s stock after selling 181,459 shares during the quarter. William Blair Investment Management LLC owned 1.54% of AppFolio worth $152,156,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Root Financial Partners LLC bought a new stake in shares of AppFolio in the third quarter worth approximately $31,000. TD Private Client Wealth LLC grew its position in AppFolio by 2,116.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker’s stock worth $37,000 after purchasing an additional 127 shares during the period. First Horizon Corp bought a new stake in AppFolio in the 3rd quarter worth approximately $39,000. Hantz Financial Services Inc. raised its stake in AppFolio by 373.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker’s stock valued at $39,000 after buying an additional 112 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of AppFolio by 2,200.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker’s stock valued at $51,000 after buying an additional 176 shares during the period. Institutional investors own 85.19% of the company’s stock.

AppFolio Trading Up 0.6%

NASDAQ APPF opened at $177.76 on Friday. AppFolio, Inc. has a 12 month low of $161.13 and a 12 month high of $326.04. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 45.81 and a beta of 0.75. The company’s 50 day moving average is $205.57 and its two-hundred day moving average is $235.94.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data 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. The firm had revenue of $248.19 million during the quarter, compared to analysts’ expectations of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. Sell-side analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

Insider Transactions at AppFolio

In other news, CEO William Shane Trigg sold 6,963 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 52,920 shares of the company’s stock, valued at $8,982,111.60. This represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday, February 2nd. Wells Fargo & Company reissued a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. Keefe, Bruyette & Woods cut their price target on AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Piper Sandler cut their target price on shares of AppFolio from $350.00 to $245.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. Finally, Weiss Ratings downgraded shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, January 16th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $270.83.

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.