Granite Investment Partners LLC acquired a new stake in AppFolio, Inc. (NASDAQ:APPF – Free Report) during the 1st quarter, HoldingsChannel reports. The firm acquired 48,774 shares of the software maker’s stock, valued at approximately $7,698,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in shares of AppFolio by 22.6% during the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 valued at $84,000 after purchasing an additional 73 shares during the last quarter. Millennium Management LLC boosted its position in AppFolio by 237.7% during the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after purchasing an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp grew its stake in AppFolio by 164.8% in the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock valued at $144,000 after purchasing an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in AppFolio by 322.5% in the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after purchasing an additional 50,970 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.
Wall Street Analyst Weigh In
APPF has been the subject of a number of recent research reports. Benchmark raised their price target on AppFolio from $222.00 to $226.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. Weiss Ratings downgraded AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a research report on Monday. Finally, Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $252.29.
AppFolio Price Performance
AppFolio stock opened at $176.48 on Thursday. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The company’s fifty day moving average price is $162.07 and its two-hundred day moving average price is $178.68. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 42.02 and a beta of 0.79.
AppFolio (NASDAQ:APPF – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.14. The company had revenue of $262.21 million during the quarter, compared to analysts’ expectations of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. As a group, sell-side analysts anticipate that AppFolio, Inc. will post 5.04 earnings per share for the current year.
Insider Buying and Selling
In other AppFolio news, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the sale, the chief executive officer owned 76,547 shares of the company’s stock, valued at $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Mathias Eaton sold 2,585 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $160.07, for a total value of $413,780.95. Following the transaction, the chief financial officer owned 18,036 shares in the company, valued at approximately $2,887,022.52. This trade represents a 12.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 8,957 shares of company stock valued at $1,399,501 in the last quarter. Company 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.
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