Oppenheimer Asset Management Inc. Lowers Stock Position in AppFolio, Inc. (NASDAQ:APPF)

Oppenheimer Asset Management Inc. lessened its holdings in AppFolio, Inc. (NASDAQ:APPF) by 20.8% during the third quarter, Holdings Channel.com reports. The firm owned 4,079 shares of the software maker’s stock after selling 1,071 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in AppFolio were worth $960,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in APPF. Squarepoint Ops LLC boosted its holdings in AppFolio by 188.2% in the 2nd quarter. Squarepoint Ops LLC now owns 185,034 shares of the software maker’s stock valued at $45,254,000 after purchasing an additional 120,835 shares in the last quarter. Westwind Capital boosted its holdings in AppFolio by 301.0% in the 2nd quarter. Westwind Capital now owns 149,240 shares of the software maker’s stock valued at $3,650,000 after purchasing an additional 112,024 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in AppFolio by 516.6% in the 2nd quarter. Los Angeles Capital Management LLC now owns 109,850 shares of the software maker’s stock valued at $26,866,000 after purchasing an additional 92,034 shares in the last quarter. Vanguard Group Inc. boosted its holdings in AppFolio by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock valued at $531,139,000 after purchasing an additional 73,965 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in AppFolio in the 2nd quarter valued at approximately $12,993,000. Hedge funds and other institutional investors own 62.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler Companies reissued an “overweight” rating and set a $300.00 price target on shares of AppFolio in a research note on Friday, July 26th. StockNews.com lowered AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. KeyCorp decreased their price target on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Piper Sandler decreased their price target on AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods lowered AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $261.75.

Insider Buying and Selling

In other AppFolio news, major shareholder Maurice J. Duca sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $232.59, for a total value of $116,295.00. Following the sale, the insider now owns 22,997 shares in the company, valued at approximately $5,348,872.23. This trade represents a 2.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew S. Mazza sold 5,090 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $236.24, for a total transaction of $1,202,461.60. Following the completion of the transaction, the insider now owns 28,266 shares of the company’s stock, valued at $6,677,559.84. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,796 shares of company stock worth $4,177,209 over the last quarter. 5.24% of the stock is owned by company insiders.

AppFolio Stock Performance

Shares of AppFolio stock opened at $229.33 on Tuesday. The firm has a market cap of $8.33 billion, a PE ratio of 63.88 and a beta of 0.83. The firm’s 50-day simple moving average is $222.00 and its 200-day simple moving average is $231.11. AppFolio, Inc. has a 1 year low of $164.29 and a 1 year high of $274.56.

AppFolio (NASDAQ:APPF) last issued 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. The business had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The company’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. On average, equities analysts predict that AppFolio, Inc. will post 3.23 earnings per share for the current year.

About AppFolio

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.