Public Employees Retirement System of Ohio Invests $1.04 Million in AppFolio, Inc. $APPF

Public Employees Retirement System of Ohio bought a new stake in shares of AppFolio, Inc. (NASDAQ:APPF) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,505 shares of the software maker’s stock, valued at approximately $1,043,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. raised its holdings in AppFolio by 20.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker’s stock worth $237,665,000 after purchasing an additional 259,933 shares during the period. State Street Corp increased its position in shares of AppFolio by 1.1% in the fourth quarter. State Street Corp now owns 685,656 shares of the software maker’s stock valued at $159,518,000 after buying an additional 7,585 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of AppFolio by 17.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker’s stock worth $155,717,000 after buying an additional 98,230 shares during the period. William Blair Investment Management LLC lifted its position in shares of AppFolio by 15.6% during the 4th quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker’s stock valued at $148,487,000 after buying an additional 86,272 shares in the last quarter. Finally, Nellore Capital Management LLC grew its stake in AppFolio by 11.5% in the 4th quarter. Nellore Capital Management LLC now owns 529,696 shares of the software maker’s stock valued at $123,234,000 after acquiring an additional 54,732 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Price Performance

Shares of NASDAQ APPF opened at $206.01 on Wednesday. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $287.50. The stock’s 50-day moving average is $194.63 and its two-hundred day moving average is $174.31. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 47.03 and a beta of 0.85.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. During the same period in the prior year, the firm posted $1.38 EPS. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities research analysts anticipate that AppFolio, Inc. will post 5.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. DA Davidson set a $225.00 price objective on AppFolio in a research note on Friday, July 24th. Weiss Ratings raised shares of AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday, July 6th. Finally, Zacks Research raised shares of AppFolio from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $243.50.

Insiders Place Their Bets

In other news, major shareholder Maurice Duca sold 7,200 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the transaction, the insider directly owned 42,400 shares in the company, valued at $7,645,568. The trade was a 14.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 179,612 shares of company stock valued at $34,697,503. Company insiders own 1.57% of the company’s stock.

AppFolio Company 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.