Delap Wealth Advisory LLC Reduces Stake in AppFolio, Inc. (NASDAQ:APPF)

Delap Wealth Advisory LLC trimmed its stake in AppFolio, Inc. (NASDAQ:APPF) by 92.8% during the second quarter, Holdings Channel reports. The fund owned 1,720 shares of the software maker’s stock after selling 22,068 shares during the period. Delap Wealth Advisory LLC’s holdings in AppFolio were worth $421,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake 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 lifted its stake in shares of AppFolio by 238.6% during the 2nd quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after buying an additional 105 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of AppFolio by 291.3% during the 1st quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after buying an additional 134 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of AppFolio during the 4th quarter valued at approximately $64,000. Finally, Covestor Ltd lifted its stake in shares of AppFolio by 114.0% during the 1st quarter. Covestor Ltd now owns 550 shares of the software maker’s stock valued at $136,000 after buying an additional 293 shares in the last quarter. 62.34% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $233.79 on Friday. The company’s fifty day moving average price is $230.66 and its 200-day moving average price is $233.16. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 112.94 and a beta of 0.81. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, July 25th. The software maker reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. The firm had revenue of $197.38 million for 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 business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.53) EPS. As a group, equities research analysts expect that AppFolio, Inc. will post 3.04 EPS for the current year.

Insider Transactions at AppFolio

In other news, major shareholder Maurice J. Duca sold 2,741 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $230.94, for a total value of $633,006.54. Following the transaction, the insider now owns 37,904 shares of the company’s stock, valued at approximately $8,753,549.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Maurice J. Duca sold 2,700 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $234.05, for a total transaction of $631,935.00. Following the transaction, the insider now owns 14,716 shares of the company’s stock, valued at approximately $3,444,279.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Maurice J. Duca sold 2,741 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $230.94, for a total transaction of $633,006.54. Following the transaction, the insider now directly owns 37,904 shares in the company, valued at approximately $8,753,549.76. The disclosure for this sale can be found here. Insiders have sold 57,951 shares of company stock valued at $13,952,226 in the last quarter. Insiders own 9.15% of the company’s stock.

Wall Street Analyst Weigh In

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

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.