HighTower Advisors LLC Reduces Holdings in AppFolio, Inc. (NASDAQ:APPF)

HighTower Advisors LLC cut its position in AppFolio, Inc. (NASDAQ:APPF) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 926 shares of the software maker’s stock after selling 46 shares during the quarter. HighTower Advisors LLC’s holdings in AppFolio were worth $213,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in shares of AppFolio by 85.7% during the third quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock worth $29,000 after purchasing an additional 54 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in AppFolio by 688.9% in the 2nd 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 position in AppFolio by 147.9% during the 2nd quarter. Quarry LP now owns 238 shares of the software maker’s stock worth $58,000 after buying an additional 142 shares during the last quarter. True Wealth Design LLC acquired a new stake in shares of AppFolio in the 3rd quarter worth $79,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of AppFolio by 56.6% in the third quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock valued at $92,000 after acquiring an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Keefe, Bruyette & Woods cut AppFolio from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. Piper Sandler cut their price objective on 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 decreased their target price 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 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. According to data from MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and an average target price of $261.75.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 1,059 shares of AppFolio stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $229.10, for a total value of $242,616.90. Following the transaction, the insider now directly owns 9,388 shares of the company’s stock, valued at $2,150,790.80. The trade was a 10.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Matthew S. Mazza sold 700 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $255.50, for a total transaction of $178,850.00. Following the sale, the insider now owns 27,566 shares of the company’s stock, valued at approximately $7,043,113. This represents a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,768 shares of company stock valued at $5,744,891. Company insiders own 5.24% of the company’s stock.

AppFolio Stock Up 1.5 %

Shares of APPF stock opened at $252.67 on Thursday. The stock has a market cap of $9.18 billion, a P/E ratio of 70.38 and a beta of 0.86. AppFolio, Inc. has a fifty-two week low of $164.29 and a fifty-two week high of $274.56. The business has a fifty day simple moving average of $236.53 and a 200-day simple moving average of $234.15.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.26. AppFolio had a return on equity of 30.64% and a net margin of 17.26%. The firm had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. During the same quarter in the prior year, the company earned $0.26 EPS. AppFolio’s revenue was up 24.5% on a year-over-year basis. On average, sell-side analysts anticipate that AppFolio, Inc. will post 3.23 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.