Baker Avenue Asset Management LP Boosts Holdings in AppFolio, Inc. (NASDAQ:APPF)

Baker Avenue Asset Management LP boosted its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 16.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,483 shares of the software maker's stock after acquiring an additional 3,038 shares during the quarter. Baker Avenue Asset Management LP owned 0.06% of AppFolio worth $5,057,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its holdings in AppFolio by 188.2% during the second quarter. Squarepoint Ops LLC now owns 185,034 shares of the software maker's stock worth $45,254,000 after purchasing an additional 120,835 shares in the last quarter. Westwind Capital raised its holdings in AppFolio by 301.0% during the second quarter. Westwind Capital now owns 149,240 shares of the software maker's stock worth $3,650,000 after purchasing an additional 112,024 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in AppFolio by 516.6% during the second quarter. Los Angeles Capital Management LLC now owns 109,850 shares of the software maker's stock worth $26,866,000 after purchasing an additional 92,034 shares in the last quarter. Jackson Square Partners LLC acquired a new stake in AppFolio during the first quarter worth approximately $21,568,000. Finally, Vanguard Group Inc. raised its holdings in AppFolio by 3.6% during the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker's stock worth $531,139,000 after purchasing an additional 73,965 shares in the last quarter. Institutional investors and hedge funds own 62.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. KeyCorp cut their price objective on shares of AppFolio from $300.00 to $252.00 and set an "overweight" rating on the stock in a report on Friday, October 25th. StockNews.com lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Thursday, August 22nd. Keefe, Bruyette & Woods lowered shares of AppFolio from a "market perform" rating to an "underperform" rating and lowered their target price for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. Piper Sandler lowered their target price on shares of AppFolio from $300.00 to $265.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Finally, Piper Sandler Companies restated an "overweight" rating and set a $300.00 target price on shares of AppFolio in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $261.75.

AppFolio Stock Down 0.1 %

NASDAQ:APPF traded down $0.19 during midday trading on Friday, reaching $228.20. The stock had a trading volume of 195,392 shares, compared to its average volume of 318,012. The firm has a fifty day simple moving average of $221.31 and a two-hundred day simple moving average of $231.07. AppFolio, Inc. has a 12-month low of $164.29 and a 12-month high of $274.56. The stock has a market cap of $8.29 billion, a P/E ratio of 63.57 and a beta of 0.83.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.26. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The firm had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. During the same period last year, the firm posted $0.26 EPS. AppFolio's quarterly revenue was up 24.5% on a year-over-year basis. On average, sell-side analysts anticipate that AppFolio, Inc. will post 3.23 earnings per share for the current fiscal year.

Insider Activity at AppFolio

In other AppFolio news, major shareholder Maurice J. Duca sold 2,968 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $234.87, for a total value of $697,094.16. Following the completion of the sale, the insider now owns 24,500 shares of the company's stock, valued at approximately $5,754,315. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Maurice J. Duca sold 500 shares of AppFolio stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $232.59, for a total transaction of $116,295.00. Following the completion of the transaction, the insider now owns 22,997 shares of the company's stock, valued at $5,348,872.23. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 2,968 shares of AppFolio stock in a transaction on Monday, August 26th. The stock was sold at an average price of $234.87, for a total value of $697,094.16. Following the transaction, the insider now directly owns 24,500 shares of the company's stock, valued at $5,754,315. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,652 shares of company stock worth $4,053,818 in the last three months. Insiders own 5.24% of the company's stock.

AppFolio Company 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.