Edgestream Partners L.P. Invests $2.64 Million in AppFolio, Inc. (NASDAQ:APPF)

Edgestream Partners L.P. bought a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,784 shares of the software maker’s stock, valued at approximately $2,637,000.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in AppFolio by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock valued at $531,139,000 after acquiring an additional 73,965 shares during the period. Gilder Gagnon Howe & Co. LLC boosted its stake in AppFolio by 3.8% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 421,309 shares of the software maker’s stock valued at $72,988,000 after purchasing an additional 15,283 shares during the period. Bank of New York Mellon Corp grew its holdings in AppFolio by 13.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker’s stock valued at $59,137,000 after buying an additional 28,673 shares during the last quarter. Norges Bank bought a new position in AppFolio in the 4th quarter worth approximately $38,458,000. Finally, Zeno Equity Partners LLP acquired a new position in shares of AppFolio during the fourth quarter worth approximately $33,434,000. 62.34% of the stock is owned by institutional investors.

AppFolio Price Performance

Shares of APPF stock opened at $229.09 on Thursday. The stock’s fifty day simple moving average is $232.04 and its 200 day simple moving average is $233.20. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 110.67 and a beta of 0.81.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, July 25th. The software maker reported $1.12 EPS for the quarter, beating the consensus estimate of $0.96 by $0.16. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The company had revenue of $197.38 million for the quarter, compared to the consensus estimate of $190.57 million. During the same quarter in the previous year, the company earned ($0.53) EPS. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, research analysts anticipate that AppFolio, Inc. will post 3.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APPF. KeyCorp boosted their target price on shares of AppFolio from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. DA Davidson increased their target price 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. Piper Sandler Companies reissued an “overweight” rating and set a $300.00 target price on shares of AppFolio in a research report on Friday, July 26th. StockNews.com cut AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. raised their price objective on AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $277.75.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 200 shares of AppFolio stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $232.52, for a total value of $46,504.00. Following the completion of the transaction, the insider now owns 27,568 shares in the company, valued at $6,410,111.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 sale, the insider now directly owns 27,568 shares of the company’s stock, valued at approximately $6,410,111.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Shane Trigg sold 3,501 shares of AppFolio stock in a transaction on Friday, August 16th. The shares were sold at an average price of $218.98, for a total value of $766,648.98. Following the completion of the transaction, the chief executive officer now owns 81,699 shares of the company’s stock, valued at approximately $17,890,447.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,051 shares of company stock valued at $13,273,855. 9.15% of the stock is currently owned by insiders.

AppFolio Company Profile

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.