Zacks Investment Research Upgrades AppFolio (NASDAQ:APPF) to “Hold”

Zacks Investment Research upgraded shares of AppFolio (NASDAQ:APPF) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “

Shares of NASDAQ APPF opened at $115.01 on Tuesday. AppFolio has a 12 month low of $110.22 and a 12 month high of $185.44. The firm has a market capitalization of $3.99 billion, a PE ratio of 1,916.83 and a beta of 1.02. The firm has a fifty day simple moving average of $123.36 and a two-hundred day simple moving average of $128.45.

In related news, Director Janet Kerr sold 350 shares of the stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $122.38, for a total value of $42,833.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason Robert Randall sold 8,203 shares of the stock in a transaction dated Tuesday, December 21st. The stock was sold at an average price of $121.92, for a total transaction of $1,000,109.76. The disclosure for this sale can be found here. 36.02% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Brown Capital Management LLC increased its stake in shares of AppFolio by 18.7% in the 2nd quarter. Brown Capital Management LLC now owns 3,395,644 shares of the software maker’s stock worth $479,465,000 after acquiring an additional 535,970 shares in the last quarter. Vanguard Group Inc. increased its stake in AppFolio by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,560,249 shares of the software maker’s stock valued at $220,308,000 after purchasing an additional 8,721 shares in the last quarter. BlackRock Inc. increased its stake in AppFolio by 1.5% during the 2nd quarter. BlackRock Inc. now owns 1,219,521 shares of the software maker’s stock valued at $172,195,000 after purchasing an additional 18,178 shares in the last quarter. Capital Research Global Investors increased its stake in AppFolio by 0.5% during the 3rd quarter. Capital Research Global Investors now owns 1,025,772 shares of the software maker’s stock valued at $123,503,000 after purchasing an additional 4,981 shares in the last quarter. Finally, Dynamo Internacional Gestao DE Recursos LTDA. increased its stake in AppFolio by 22.4% during the 3rd quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 697,611 shares of the software maker’s stock valued at $84,104,000 after purchasing an additional 127,679 shares in the last quarter. Institutional investors own 65.38% of the company’s stock.

About AppFolio

AppFolio, Inc engages in the provision of cloud-based software solutions. The firm caters to small and medium-sized businesses in the property management and legal industries. It offers the following solutions: AppFolio Property Manager, Tenant Screening Services, Maintenance Contact Center, Premium Leads, Tenant Debt Collections and MyCase.

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