1832 Asset Management L.P. Buys New Stake in AppFolio, Inc. (NASDAQ:APPF)

1832 Asset Management L.P. purchased a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 25,200 shares of the software maker’s stock, valued at approximately $6,163,000. 1832 Asset Management L.P. owned approximately 0.07% of AppFolio as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in APPF. GAMMA Investing LLC lifted its holdings in shares of AppFolio by 589.5% in the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after acquiring an additional 112 shares during the last quarter. CWM LLC raised its position in 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 purchasing an additional 105 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of AppFolio by 291.3% in the 1st quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after purchasing an additional 134 shares during the last quarter. Covestor Ltd boosted its holdings in shares of AppFolio by 114.0% in the 1st quarter. Covestor Ltd now owns 550 shares of the software maker’s stock worth $136,000 after purchasing an additional 293 shares during the period. Finally, RiverPark Advisors LLC increased its position in shares of AppFolio by 265.0% during the 1st quarter. RiverPark Advisors LLC now owns 668 shares of the software maker’s stock valued at $165,000 after purchasing an additional 485 shares during the last quarter. 62.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 2,700 shares of AppFolio stock in a transaction on Friday, September 20th. The stock was sold at an average price of $234.05, for a total value of $631,935.00. Following the transaction, the insider now directly owns 14,716 shares in the company, valued at approximately $3,444,279.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other AppFolio news, major shareholder Maurice J. Duca sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $243.15, for a total value of $729,450.00. Following the completion of the sale, the insider now directly owns 17,491 shares in the company, valued at $4,252,936.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 2,700 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $234.05, for a total value of $631,935.00. Following the transaction, the insider now directly owns 14,716 shares in the company, valued at $3,444,279.80. The disclosure for this sale can be found here. Insiders sold a total of 46,894 shares of company stock worth $11,324,653 over the last 90 days. Company insiders own 9.15% of the company’s stock.

Analyst Upgrades and Downgrades

APPF has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler upped their price target on shares of AppFolio from $295.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, July 26th. KeyCorp raised their price objective on shares of AppFolio from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. DA Davidson raised their price target on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, StockNews.com downgraded AppFolio from a “buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, AppFolio presently has a consensus rating of “Moderate Buy” and an average target price of $277.75.

AppFolio Trading Up 1.0 %

Shares of AppFolio stock opened at $238.51 on Wednesday. The stock’s fifty day moving average price is $229.63 and its 200-day moving average price is $233.34. The firm has a market cap of $8.64 billion, a P/E ratio of 115.22 and a beta of 0.81. AppFolio, Inc. has a 12 month low of $164.29 and a 12 month high of $274.56.

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

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.