Royal Bank of Canada Has $8.28 Million Position in AppFolio, Inc. $APPF

Royal Bank of Canada lifted its holdings in AppFolio, Inc. (NASDAQ:APPF) by 19.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,466 shares of the software maker’s stock after acquiring an additional 8,582 shares during the period. Royal Bank of Canada’s holdings in AppFolio were worth $8,280,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in APPF. EverSource Wealth Advisors LLC boosted its position in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after purchasing an additional 63 shares in the last quarter. Advisory Services Network LLC bought a new stake in AppFolio in the third quarter worth approximately $55,000. Employees Retirement System of Texas acquired a new position in AppFolio in the third quarter valued at approximately $58,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in AppFolio in the third quarter valued at approximately $69,000. 85.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APPF has been the subject of several recent analyst reports. UBS Group set a $210.00 price objective on shares of AppFolio in a research report on Friday, April 24th. Piper Sandler dropped their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Weiss Ratings lowered shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 11th. Guggenheim initiated coverage on shares of AppFolio in a report on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target for the company. 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 analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, AppFolio has an average rating of “Buy” and a consensus target price of $243.50.

AppFolio Stock Up 0.4%

Shares of NASDAQ:APPF opened at $199.54 on Tuesday. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $290.55. The stock’s 50 day moving average is $170.10 and its 200-day moving average is $170.88. The firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of 45.56 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The firm had revenue of $281.12 million during the quarter, compared to analysts’ expectations of $277.35 million. During the same period last year, the company earned $1.38 earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. Equities research analysts anticipate that AppFolio, Inc. will post 5.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Evan Pickering sold 661 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $200.49, for a total value of $132,523.89. Following the transaction, the general counsel owned 5,894 shares in the company, valued at $1,181,688.06. This trade represents a 10.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 5,809 shares of AppFolio stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $198.44, for a total value of $1,152,737.96. Following the transaction, the insider directly owned 22,624 shares in the company, valued at approximately $4,489,506.56. The trade was a 20.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,040 shares of company stock valued at $17,966,454 over the last three months. Corporate insiders own 1.57% of the company’s stock.

AppFolio 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.