Neuberger Berman Group LLC Sells 4,057 Shares of AppFolio, Inc. $APPF

Neuberger Berman Group LLC decreased its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 40.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,098 shares of the software maker’s stock after selling 4,057 shares during the quarter. Neuberger Berman Group LLC’s holdings in AppFolio were worth $1,681,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in shares of AppFolio by 40.1% during the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock valued at $321,637,000 after purchasing an additional 333,861 shares in the last quarter. Norges Bank bought a new position in AppFolio in the 2nd quarter valued at approximately $34,425,000. Long Walk Management LP boosted its position in AppFolio by 78.5% during the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock worth $63,632,000 after buying an additional 121,525 shares during the period. Brown Advisory Inc. grew its holdings in AppFolio by 76.3% during the 2nd quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock worth $51,327,000 after acquiring an additional 96,470 shares during the last quarter. Finally, Watchtower Advisors LP acquired a new position in AppFolio in the 2nd quarter valued at approximately $14,105,000. Institutional investors own 85.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on APPF. Keefe, Bruyette & Woods cut their price target on shares of AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. KeyCorp restated an “overweight” rating on shares of AppFolio in a report on Monday, February 2nd. Wall Street Zen downgraded AppFolio from a “buy” rating to a “hold” rating in a report on Saturday. William Blair reiterated an “outperform” rating on shares of AppFolio in a research report on Friday, January 30th. Finally, UBS Group set a $260.00 price target on AppFolio and gave the company a “buy” rating in a research note on Friday, January 30th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $270.83.

AppFolio Price Performance

Shares of AppFolio stock opened at $191.17 on Friday. The stock’s 50-day moving average is $200.71 and its 200 day moving average is $233.14. AppFolio, Inc. has a one year low of $161.13 and a one year high of $326.04. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 49.27 and a beta of 0.75.

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

Insider Activity

In related news, CEO William Shane Trigg sold 6,963 shares of the stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the transaction, the chief executive officer directly owned 52,920 shares of the company’s stock, valued at $8,982,111.60. This represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.68% of the stock is owned by insiders.

AppFolio Profile

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.