Verition Fund Management LLC Lowers Holdings in AppFolio, Inc. (NASDAQ:APPF)

Verition Fund Management LLC lowered its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 83.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,158 shares of the software maker’s stock after selling 5,651 shares during the period. Verition Fund Management LLC’s holdings in AppFolio were worth $273,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in AppFolio by 85.7% during the 3rd quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock worth $29,000 after acquiring an additional 54 shares in the last quarter. CWM LLC boosted its stake 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 purchasing an additional 105 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 688.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock valued at $52,000 after buying an additional 186 shares during the period. Quarry LP raised its stake in AppFolio by 147.9% in the second quarter. Quarry LP now owns 238 shares of the software maker’s stock worth $58,000 after buying an additional 142 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in AppFolio by 56.6% during the third quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock worth $92,000 after buying an additional 141 shares during the period. 85.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

APPF has been the topic of a number of analyst reports. StockNews.com downgraded AppFolio from a “buy” rating to a “hold” rating in a report on Thursday, August 22nd. Keefe, Bruyette & Woods lowered AppFolio from a “market perform” rating to an “underperform” rating and cut their target price for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. Piper Sandler decreased their price target on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, KeyCorp cut their price objective on shares of AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $261.75.

AppFolio Stock Performance

Shares of APPF stock opened at $259.18 on Friday. The firm has a market capitalization of $9.42 billion, a price-to-earnings ratio of 72.20 and a beta of 0.86. The stock’s 50-day simple moving average is $230.94 and its 200-day simple moving average is $232.76. AppFolio, Inc. has a fifty-two week low of $164.29 and a fifty-two week high of $274.56.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.26. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The company had revenue of $206.00 million for the quarter, compared to the consensus estimate of $199.11 million. During the same quarter in the previous year, the firm earned $0.26 EPS. AppFolio’s revenue was up 24.5% compared to the same quarter last year. As a group, equities analysts forecast that AppFolio, Inc. will post 3.23 earnings per share for the current year.

Insider Activity

In other news, insider Matthew S. Mazza sold 5,090 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $236.24, for a total value of $1,202,461.60. Following the completion of the transaction, the insider now directly owns 28,266 shares in the company, valued at $6,677,559.84. This trade represents a 15.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Maurice J. Duca sold 200 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $232.18, for a total value of $46,436.00. Following the completion of the sale, the insider now owns 18,922 shares in the company, valued at approximately $4,393,309.96. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,806 shares of company stock valued at $7,164,293 over the last ninety days. 5.24% 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.