AppFolio (NASDAQ:APPF) Stock Rating Lowered by Zacks Research

AppFolio (NASDAQ:APPF) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday, Zacks reports.

Several other equities analysts have also weighed in on APPF. KeyCorp increased their price objective on AppFolio from $255.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, September 17th. Weiss Ratings upgraded AppFolio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. DA Davidson set a $225.00 price target on AppFolio in a research report on Friday, July 24th. Guggenheim started coverage on AppFolio in a research note on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price target for the company. Finally, Wall Street Zen lowered AppFolio from a “buy” rating to a “hold” rating in a report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and an average price target of $246.62.

AppFolio Stock Down 2.7%

APPF opened at $204.43 on Wednesday. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 46.67 and a beta of 0.85. AppFolio has a twelve month low of $142.56 and a twelve month high of $283.14. The company’s 50-day moving average price is $203.69 and its two-hundred day moving average price is $177.24.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results 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. The company had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. AppFolio’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.38 EPS. As a group, sell-side analysts anticipate that AppFolio will post 5.17 earnings per share for the current year.

Insider Activity

In related news, major shareholder Maurice Duca sold 7,200 shares of AppFolio stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $181.72, for a total value of $1,308,384.00. Following the transaction, the insider directly owned 34,198 shares of the company’s stock, valued at $6,214,460.56. The trade was a 17.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 176,217 shares of company stock valued at $34,157,323 in the last quarter. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppFolio

Several hedge funds and other institutional investors have recently made changes to their positions in APPF. Envestnet Portfolio Solutions Inc. increased its stake in shares of AppFolio by 91.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,182 shares of the software maker’s stock worth $1,472,000 after purchasing an additional 4,378 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of AppFolio during the 2nd quarter worth approximately $257,000. Integrated Wealth Concepts LLC acquired a new stake in AppFolio in the 2nd quarter valued at $36,000. Arizona State Retirement System increased its holdings in AppFolio by 6.0% in the 2nd quarter. Arizona State Retirement System now owns 6,379 shares of the software maker’s stock worth $1,023,000 after acquiring an additional 359 shares in the last quarter. Finally, Nykredit A S acquired a new position in AppFolio during the second quarter worth $187,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

About AppFolio

AppFolio, Inc provides cloud-based software and technology solutions for the real estate industry. Its platform is designed to help property managers and real estate businesses manage core operations, including accounting, leasing, maintenance, communications, payments, reporting and resident services.

The company’s AppFolio Property Manager platform serves a range of property types, including residential, commercial, student housing and community associations. AppFolio also offers solutions for real estate investment management, along with workflow automation, data and reporting tools, online payment processing and other services intended to help customers operate more efficiently and improve the experience for owners, residents and tenants.

AppFolio was founded in 2006 and is headquartered in Santa Barbara, California.