AppFolio (NASDAQ:APPF) Shares Gap Up After Strong Earnings

AppFolio, Inc. (NASDAQ:APPF)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $192.07, but opened at $210.82. AppFolio shares last traded at $231.79, with a volume of 264,087 shares changing hands.

The software maker reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.26. The firm had revenue of $206.00 million during the quarter, compared to the consensus estimate of $199.11 million. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. Piper Sandler dropped their price target on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research note on Friday. 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 report on Wednesday, July 17th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $300.00 price objective on shares of AppFolio in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $261.75.

Insider Transactions at AppFolio

In other news, 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 transaction of $766,648.98. Following the completion of the sale, the chief executive officer now directly owns 81,699 shares of the company’s stock, valued at approximately $17,890,447.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William Shane Trigg sold 3,501 shares of the business’s 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 sale, the chief executive officer now directly owns 81,699 shares of the company’s stock, valued at $17,890,447.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew S. Mazza sold 2,371 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $221.22, for a total transaction of $524,512.62. Following the completion of the sale, the insider now directly owns 39,980 shares of the company’s stock, valued at approximately $8,844,375.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,852 shares of company stock valued at $4,100,322. Insiders own 9.15% of the company’s stock.

Institutional Investors Weigh In On AppFolio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC lifted its position in AppFolio by 0.9% in the second quarter. Brighton Jones LLC now owns 5,805 shares of the software maker’s stock valued at $1,420,000 after acquiring an additional 49 shares during the last quarter. Blue Trust Inc. increased its stake in AppFolio by 85.7% in the third quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock valued at $29,000 after purchasing an additional 54 shares during the period. ProShare Advisors LLC increased its stake in AppFolio by 2.9% in the second quarter. ProShare Advisors LLC now owns 3,630 shares of the software maker’s stock valued at $888,000 after purchasing an additional 102 shares during the period. CWM LLC increased its stake in AppFolio by 238.6% in 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. Finally, GAMMA Investing LLC increased its stake in AppFolio by 589.5% in the second quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after purchasing an additional 112 shares during the period. 62.34% of the stock is owned by hedge funds and other institutional investors.

AppFolio Price Performance

The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of 102.58 and a beta of 0.81. The business’s 50 day simple moving average is $223.58 and its 200 day simple moving average is $230.97.

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.