AppFolio (NASDAQ:APPF) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of AppFolio (NASDAQ:APPF) from a hold rating to a buy rating in a research report report published on Saturday.

Several other equities research analysts have also recently weighed in on APPF. Piper Sandler decreased their target price on AppFolio from $350.00 to $245.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Weiss Ratings cut shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, January 16th. Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a report on Thursday, January 15th. UBS Group set a $260.00 price target on shares of AppFolio and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, DA Davidson reduced their price target on shares of AppFolio from $325.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $270.83.

AppFolio Price Performance

Shares of AppFolio stock opened at $183.79 on Friday. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 47.37 and a beta of 0.75. The business has a 50-day moving average of $221.81 and a 200 day moving average of $246.56. AppFolio has a 12 month low of $176.87 and a 12 month high of $326.04.

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

Insider Activity

In related news, General Counsel Evan Pickering sold 334 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $243.67, for a total value of $81,385.78. Following the completion of the sale, the general counsel owned 2,969 shares in the company, valued at $723,456.23. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Mathias Eaton sold 517 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $228.34, for a total transaction of $118,051.78. Following the transaction, the chief financial officer owned 10,104 shares in the company, valued at $2,307,147.36. The trade was a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,745 shares of company stock worth $2,097,550 in the last 90 days. 4.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

Several hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its holdings in shares of AppFolio by 22.6% during the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after purchasing an additional 8,367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in AppFolio by 23.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after buying an additional 73 shares during the period. Millennium Management LLC boosted its stake in AppFolio by 237.7% in the 1st quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock worth $3,970,000 after buying an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in AppFolio by 164.8% in the 1st quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after buying an additional 407 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of AppFolio by 322.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after acquiring an additional 50,970 shares during the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

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.