Riverbridge Partners LLC Makes New $13.91 Million Investment in AppFolio, Inc. $APPF

Riverbridge Partners LLC acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 88,112 shares of the software maker’s stock, valued at approximately $13,906,000. Riverbridge Partners LLC owned about 0.24% of AppFolio as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Hudson Way Capital Management LLC acquired a new stake in AppFolio during the third quarter worth about $53,367,000. Greenstone Partners & Co. LLC purchased a new stake in AppFolio in the 4th quarter worth approximately $43,647,000. Millennium Management LLC boosted its position in AppFolio by 158.6% in the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker’s stock worth $65,490,000 after purchasing an additional 172,627 shares in the last quarter. Caledonia Private Investments Pty Ltd grew its stake in shares of AppFolio by 45.9% during the 4th quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker’s stock worth $77,388,000 after purchasing an additional 104,609 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of AppFolio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock worth $595,691,000 after purchasing an additional 101,466 shares during the period. Institutional investors and hedge funds own 85.19% of the company’s stock.

Analysts Set New Price Targets

APPF has been the subject of several analyst reports. Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 11th. UBS Group set a $210.00 price objective on shares of AppFolio in a report on Friday, April 24th. Wall Street Zen raised shares of AppFolio from a “hold” rating to a “buy” rating in a research note on Sunday, March 15th. Benchmark raised their target price on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Finally, Piper Sandler cut their price target on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

AppFolio Stock Performance

NASDAQ APPF opened at $146.56 on Wednesday. The business has a fifty day moving average price of $160.59 and a 200 day moving average price of $183.96. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The company has a market cap of $5.18 billion, a P/E ratio of 34.90 and a beta of 0.80.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.14. AppFolio had a net margin of 15.27% and a return on equity of 32.35%. The company had revenue of $262.21 million for the quarter, compared to analysts’ expectations of $258.13 million. During the same quarter in the previous year, the company posted $1.21 EPS. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts predict that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Insider Buying and Selling at AppFolio

In related news, CEO William Shane Trigg sold 3,584 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the transaction, the chief executive officer directly owned 76,547 shares in the company, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 660 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $155.25, for a total transaction of $102,465.00. Following the completion of the transaction, the general counsel directly owned 6,555 shares in the company, valued at $1,017,663.75. This trade represents a 9.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 8,957 shares of company stock valued at $1,399,501. Insiders own 1.57% 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.