Maryland State Retirement & Pension System Takes $419,000 Position in AppFolio, Inc. (NASDAQ:APPF)

Maryland State Retirement & Pension System purchased a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,713 shares of the software maker’s stock, valued at approximately $419,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in APPF. GAMMA Investing LLC boosted its holdings in shares of AppFolio by 589.5% during the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after buying an additional 112 shares in the last quarter. CWM LLC boosted its stake in AppFolio by 238.6% during the second quarter. CWM LLC now owns 149 shares of the software maker’s stock worth $36,000 after acquiring an additional 105 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in AppFolio by 291.3% in the first quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock worth $44,000 after purchasing an additional 134 shares during the period. USA Financial Formulas purchased a new position in shares of AppFolio during the fourth quarter valued at approximately $59,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of AppFolio in the 4th quarter worth approximately $64,000. 62.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

AppFolio Stock Performance

APPF stock opened at $229.41 on Wednesday. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 110.83 and a beta of 0.81. AppFolio, Inc. has a fifty-two week low of $164.29 and a fifty-two week high of $274.56. The business’s 50-day moving average is $236.57 and its two-hundred day moving average is $234.00.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share 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 company had revenue of $197.38 million for the quarter, compared to analysts’ expectations of $190.57 million. During the same quarter in the previous year, the company earned ($0.53) EPS. AppFolio’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities analysts predict that AppFolio, Inc. will post 3.04 earnings per share for the current year.

Insider Transactions at AppFolio

In related news, major shareholder Maurice J. Duca sold 2,100 shares of AppFolio stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $231.20, for a total transaction of $485,520.00. Following the sale, the insider now owns 55,000 shares of the company’s stock, valued at approximately $12,716,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Timothy K. Bliss sold 41,730 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $232.32, for a total transaction of $9,694,713.60. Following the completion of the transaction, the director now directly owns 58,270 shares of the company’s stock, valued at $13,537,286.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Maurice J. Duca sold 2,100 shares of AppFolio stock in a transaction on Friday, June 14th. The shares were sold at an average price of $231.20, for a total transaction of $485,520.00. Following the completion of the sale, the insider now owns 55,000 shares in the company, valued at $12,716,000. The disclosure for this sale can be found here. Insiders sold a total of 135,354 shares of company stock valued at $32,004,865 over the last 90 days. Company insiders own 9.15% of the company’s stock.

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.