Manchester Global Management UK Ltd Grows Position in AppFolio, Inc. (NASDAQ:APPF)

Manchester Global Management UK Ltd grew its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 83.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 83,589 shares of the software maker’s stock after purchasing an additional 38,000 shares during the quarter. AppFolio makes up approximately 3.6% of Manchester Global Management UK Ltd’s portfolio, making the stock its 16th biggest position. Manchester Global Management UK Ltd’s holdings in AppFolio were worth $20,443,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in APPF. GAMMA Investing LLC raised its holdings in shares of AppFolio by 589.5% during the second quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after acquiring an additional 112 shares in the last quarter. CWM LLC raised its holdings in shares of AppFolio by 238.6% during the second quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after acquiring an additional 105 shares in the last quarter. Advisors Asset Management Inc. raised its holdings 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 valued at $44,000 after acquiring an additional 134 shares in the last quarter. Covestor Ltd raised its holdings in shares of AppFolio by 114.0% during the first quarter. Covestor Ltd now owns 550 shares of the software maker’s stock valued at $136,000 after acquiring an additional 293 shares in the last quarter. Finally, RiverPark Advisors LLC raised its holdings in shares of AppFolio by 265.0% during the first quarter. RiverPark Advisors LLC now owns 668 shares of the software maker’s stock valued at $165,000 after acquiring an additional 485 shares in the last quarter. Hedge funds and other institutional investors own 62.34% of the company’s stock.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $236.19 on Tuesday. AppFolio, Inc. has a 1-year low of $164.29 and a 1-year high of $274.56. The business has a fifty day moving average price of $230.15 and a 200-day moving average price of $233.26. The company has a market capitalization of $8.55 billion, a PE ratio of 114.10 and a beta of 0.81.

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

Insider Activity

In related news, Director Blottnitz Andreas Von sold 5,111 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $240.24, for a total transaction of $1,227,866.64. Following the sale, the director now directly owns 8,838 shares of the company’s stock, valued at $2,123,241.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Maurice J. Duca sold 200 shares of the 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 sale, the insider now directly owns 27,568 shares of the company’s stock, valued at $6,410,111.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Blottnitz Andreas Von sold 5,111 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $240.24, for a total value of $1,227,866.64. Following the sale, the director now directly owns 8,838 shares in the company, valued at $2,123,241.12. The disclosure for this sale can be found here. Insiders sold 55,210 shares of company stock worth $13,319,219 over the last three months. 9.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

APPF has been the subject of a number of recent analyst reports. KeyCorp upped their target price on AppFolio from $275.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, July 26th. DA Davidson increased their price objective on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Piper Sandler increased their price objective on AppFolio from $295.00 to $300.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $300.00 price objective on shares of AppFolio in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, AppFolio has a consensus rating of “Moderate Buy” and a consensus price target of $277.75.

AppFolio 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.