William Blair Investment Management LLC Lowers Position in AppFolio, Inc. $APPF

William Blair Investment Management LLC trimmed its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 24.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 551,969 shares of the software maker’s stock after selling 181,459 shares during the period. William Blair Investment Management LLC’s holdings in AppFolio were worth $152,156,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC bought a new stake in shares of AppFolio in the third quarter worth about $8,275,000. Highland Capital Management LLC purchased a new position in AppFolio during the 3rd quarter valued at approximately $1,435,000. Mission Wealth Management LP increased its stake in AppFolio by 16.7% in the 3rd quarter. Mission Wealth Management LP now owns 49,201 shares of the software maker’s stock worth $13,563,000 after acquiring an additional 7,042 shares during the last quarter. Vanguard Group Inc. increased its stake in AppFolio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock worth $677,846,000 after acquiring an additional 55,277 shares during the last quarter. Finally, Quantum Portfolio Management LLC raised its holdings in shares of AppFolio by 134.6% during the 3rd quarter. Quantum Portfolio Management LLC now owns 10,002 shares of the software maker’s stock worth $2,757,000 after acquiring an additional 5,739 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $177.76 on Friday. The firm has a market capitalization of $6.40 billion, a PE ratio of 45.81 and a beta of 0.75. The business has a 50 day simple moving average of $205.57 and a two-hundred day simple moving average of $235.94. AppFolio, Inc. has a 1 year low of $161.13 and a 1 year high of $326.04.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.17. The firm had revenue of $248.19 million during the quarter, compared to analyst estimates of $246.56 million. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.AppFolio’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. Equities research analysts expect that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on APPF shares. Wall Street Zen upgraded shares of AppFolio from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Keefe, Bruyette & Woods decreased their target price on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research report on Monday, February 2nd. Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. Finally, William Blair reaffirmed an “outperform” rating on shares of AppFolio in a research note on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and a consensus target price of $270.83.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 6,963 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total value of $1,181,829.99. Following the transaction, the chief executive officer owned 52,920 shares of the company’s stock, valued at $8,982,111.60. This trade represents a 11.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.68% of the company’s stock.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.