Rhumbline Advisers Trims Holdings in AppFolio, Inc. (NASDAQ:APPF)

Rhumbline Advisers reduced its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,963 shares of the software maker’s stock after selling 331 shares during the quarter. Rhumbline Advisers owned about 0.17% of AppFolio worth $14,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in AppFolio by 589.5% in the second quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock worth $32,000 after purchasing an additional 112 shares during the last quarter. CWM LLC raised its holdings in shares of AppFolio by 238.6% in the second quarter. CWM LLC now owns 149 shares of the software maker’s stock worth $36,000 after buying an additional 105 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of AppFolio by 291.3% during the first quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock worth $44,000 after buying an additional 134 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of AppFolio during the fourth quarter valued at $64,000. Finally, Covestor Ltd increased its position in shares of AppFolio by 114.0% in the 1st quarter. Covestor Ltd now owns 550 shares of the software maker’s stock valued at $136,000 after acquiring an additional 293 shares during the period. Institutional investors own 62.34% of the company’s stock.

AppFolio Stock Performance

Shares of APPF stock opened at $220.77 on Wednesday. The stock’s 50-day moving average is $234.51 and its two-hundred day moving average is $233.72. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of 106.65 and a beta of 0.81. AppFolio, Inc. has a 1 year low of $164.29 and a 1 year high of $274.56.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. The business had revenue of $197.38 million for the quarter, compared to analysts’ expectations of $190.57 million. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.53) EPS. As a group, research analysts predict that AppFolio, Inc. will post 3.04 EPS for the current year.

Insider Activity at AppFolio

In other AppFolio news, major shareholder Maurice J. Duca sold 200 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $232.52, for a total transaction of $46,504.00. Following the completion of the transaction, the insider now owns 27,568 shares of the company’s stock, valued at $6,410,111.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Klaus Schauser sold 1,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $270.00, for a total transaction of $270,000.00. Following the completion of the sale, the insider now directly owns 403,000 shares of the company’s stock, valued at approximately $108,810,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Maurice J. Duca sold 200 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $232.52, for a total value of $46,504.00. Following the sale, the insider now owns 27,568 shares of the company’s stock, valued at $6,410,111.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,454 shares of company stock valued at $15,905,409. Insiders own 9.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on APPF shares. JPMorgan Chase & Co. increased their price target on shares of AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Piper Sandler upped their target price on shares of AppFolio from $295.00 to $300.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. StockNews.com lowered shares of AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. DA Davidson boosted their price target on shares of AppFolio from $285.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, KeyCorp raised their price objective on shares of AppFolio from $275.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, AppFolio presently has a consensus rating of “Moderate Buy” and a consensus target price of $277.75.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.