Zevenbergen Capital Investments LLC Grows Position in AppFolio, Inc. $APPF

Zevenbergen Capital Investments LLC lifted its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 19.0% during the third quarter, Holdings Channel.com reports. The firm owned 23,800 shares of the software maker’s stock after acquiring an additional 3,800 shares during the period. Zevenbergen Capital Investments LLC’s holdings in AppFolio were worth $6,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in APPF. ProShare Advisors LLC boosted its holdings in AppFolio by 3.6% during the second quarter. ProShare Advisors LLC now owns 1,078 shares of the software maker’s stock worth $248,000 after buying an additional 37 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of AppFolio by 0.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 9,041 shares of the software maker’s stock worth $2,082,000 after acquiring an additional 44 shares during the period. Woodline Partners LP raised its position in shares of AppFolio by 2.9% in the first quarter. Woodline Partners LP now owns 1,754 shares of the software maker’s stock worth $386,000 after acquiring an additional 50 shares during the period. Somerset Trust Co boosted its stake in shares of AppFolio by 6.7% during the 2nd quarter. Somerset Trust Co now owns 1,105 shares of the software maker’s stock worth $254,000 after acquiring an additional 69 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of AppFolio by 23.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock valued at $84,000 after acquiring an additional 73 shares during the period. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on APPF. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Tuesday. Keefe, Bruyette & Woods upgraded AppFolio from a “market perform” rating to an “outperform” rating and set a $311.00 price objective for the company in a research report on Friday, October 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppFolio in a research report on Monday. DA Davidson reissued a “buy” rating and issued a $325.00 price target on shares of AppFolio in a research note on Wednesday, November 19th. Finally, UBS Group initiated coverage on shares of AppFolio in a report on Friday, December 12th. They issued a “buy” rating and a $285.00 price target for the company. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat, AppFolio presently has a consensus rating of “Buy” and an average price target of $306.00.

AppFolio Stock Performance

NASDAQ APPF opened at $233.69 on Friday. The business has a fifty day moving average price of $237.10 and a 200 day moving average price of $250.57. The company has a market cap of $8.39 billion, a P/E ratio of 41.96 and a beta of 0.80. AppFolio, Inc. has a one year low of $190.24 and a one year high of $326.04.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, October 30th. The software maker reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($0.14). The business had revenue of $249.35 million for the quarter, compared to analyst estimates of $245.39 million. AppFolio had a return on equity of 25.97% and a net margin of 22.48%.The company’s revenue for the quarter was up 21.2% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. As a group, sell-side analysts predict that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity at AppFolio

In related news, CFO Timothy Mathias Eaton sold 517 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $228.34, for a total transaction of $118,051.78. Following the completion of the sale, the chief financial officer owned 10,104 shares of the company’s stock, valued at approximately $2,307,147.36. This represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Shane Trigg sold 3,947 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $240.45, for a total transaction 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. The trade was a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 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.