AppFolio (NASDAQ:APPF) Upgraded by Wall Street Zen to Buy Rating

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

A number of other research firms have also weighed in on APPF. Wells Fargo & Company reaffirmed 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 company a “buy” rating in a research report on Friday, January 30th. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a report on Friday, January 30th. Keefe, Bruyette & Woods lowered their price objective on AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $270.83.

AppFolio Stock Down 2.1%

APPF stock opened at $172.50 on Friday. The firm has a market capitalization of $6.21 billion, a PE ratio of 44.46 and a beta of 0.75. AppFolio has a twelve month low of $161.13 and a twelve month high of $326.04. The stock has a 50-day simple moving average of $195.40 and a two-hundred day simple moving average of $229.61.

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

Insider Buying and Selling

In other AppFolio news, CEO William Shane Trigg sold 6,963 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total value of $1,181,829.99. Following the completion of the transaction, the chief executive officer owned 52,920 shares of the company’s stock, valued at $8,982,111.60. The trade was a 11.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.68% of the stock is currently owned by corporate insiders.

Institutional Trading of AppFolio

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

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.