Main Management ETF Advisors LLC Makes New Investment in AppFolio, Inc. (NASDAQ:APPF)

Main Management ETF Advisors LLC purchased a new position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,104 shares of the software maker's stock, valued at approximately $731,000.

A number of other institutional investors also recently made changes to their positions in the company. Summit Global Investments acquired a new position in AppFolio during the third quarter valued at approximately $759,000. Gladius Capital Management LP bought a new stake in AppFolio during the second quarter valued at $1,054,000. Baker Avenue Asset Management LP raised its holdings in shares of AppFolio by 16.5% during the third quarter. Baker Avenue Asset Management LP now owns 21,483 shares of the software maker's stock valued at $5,057,000 after purchasing an additional 3,038 shares during the period. TD Asset Management Inc raised its holdings in shares of AppFolio by 48.1% during the second quarter. TD Asset Management Inc now owns 8,000 shares of the software maker's stock valued at $1,957,000 after purchasing an additional 2,600 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in shares of AppFolio by 56.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker's stock worth $92,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 62.34% of the company's stock.

Analysts Set New Price Targets

APPF has been the subject of several analyst reports. Piper Sandler decreased their price objective on shares of AppFolio from $300.00 to $265.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. KeyCorp lowered their price objective on shares of AppFolio from $300.00 to $252.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. StockNews.com cut shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Thursday, August 22nd. Finally, Keefe, Bruyette & Woods lowered shares of AppFolio from a "market perform" rating to an "underperform" rating and cut their price target for the stock from $255.00 to $193.00 in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $261.75.

AppFolio Price Performance

NASDAQ:APPF traded down $6.26 during mid-day trading on Friday, hitting $263.00. 189,518 shares of the company's stock were exchanged, compared to its average volume of 169,859. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56. The business has a fifty day moving average price of $228.00 and a 200 day moving average price of $231.86. The company has a market cap of $9.56 billion, a PE ratio of 73.26 and a beta of 0.86.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.26. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The business had revenue of $206.00 million during the quarter, compared to analysts' expectations of $199.11 million. During the same period in the previous year, the company earned $0.26 earnings per share. The business's revenue for the quarter was up 24.5% compared to the same quarter last year. On average, equities analysts forecast that AppFolio, Inc. will post 3.23 EPS for the current fiscal year.

Insider Activity

In other AppFolio news, major shareholder Maurice J. Duca sold 2,700 shares of the company's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $234.05, for a total value of $631,935.00. Following the completion of the transaction, the insider now directly owns 14,716 shares in the company, valued at $3,444,279.80. This represents a 15.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scanlan Agnes Bundy sold 500 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $255.42, for a total transaction of $127,710.00. Following the transaction, the director now owns 5,416 shares of the company's stock, valued at approximately $1,383,354.72. This represents a 8.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,961 shares of company stock valued at $5,893,982 over the last three months. Insiders own 5.24% of the company's stock.

AppFolio Profile

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.