Cubist Systematic Strategies LLC Takes $12.99 Million Position in AppFolio, Inc. (NASDAQ:APPF)

Cubist Systematic Strategies LLC acquired a new position in AppFolio, Inc. (NASDAQ:APPF) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 53,124 shares of the software maker’s stock, valued at approximately $12,993,000.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in AppFolio during the 4th quarter worth about $38,458,000. Zeno Equity Partners LLP bought a new stake in shares of AppFolio during the fourth quarter valued at approximately $33,434,000. Principal Financial Group Inc. increased its holdings in shares of AppFolio by 2,359.8% in the first quarter. Principal Financial Group Inc. now owns 151,646 shares of the software maker’s stock valued at $37,417,000 after purchasing an additional 145,481 shares in the last quarter. Westwind Capital raised its position in AppFolio by 301.0% in the 2nd quarter. Westwind Capital now owns 149,240 shares of the software maker’s stock worth $3,650,000 after purchasing an additional 112,024 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in AppFolio during the 4th quarter worth $18,636,000. 62.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

AppFolio Stock Performance

Shares of NASDAQ APPF opened at $234.14 on Thursday. AppFolio, Inc. has a 52-week low of $164.29 and a 52-week high of $274.56. The stock has a market cap of $8.49 billion, a P/E ratio of 113.11 and a beta of 0.81. The firm has a 50 day moving average price of $229.05 and a 200 day moving average price of $233.35.

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

Insider Buying and Selling at AppFolio

In other news, major shareholder Klaus Schauser sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $270.00, for a total transaction of $270,000.00. Following the sale, the insider now owns 403,000 shares of the company’s stock, valued at $108,810,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, major shareholder Klaus Schauser sold 1,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Maurice J. Duca sold 1,296 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $236.77, for a total transaction of $306,853.92. Following the sale, the insider now owns 9,383 shares in the company, valued at $2,221,612.91. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,032 shares of company stock valued at $12,065,684. Company insiders own 9.15% of the company’s stock.

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.