Fred Alger Management LLC Sells 174,057 Shares of AppFolio, Inc. (NASDAQ:APPF)

Fred Alger Management LLC reduced its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 48.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,826 shares of the software maker's stock after selling 174,057 shares during the period. Fred Alger Management LLC owned approximately 0.51% of AppFolio worth $43,508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Squarepoint Ops LLC raised its stake 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 acquiring an additional 120,835 shares in the last quarter. Westwind Capital increased its position in shares of AppFolio by 301.0% during the 2nd 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 lifted its holdings in AppFolio by 516.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 109,850 shares of the software maker's stock valued at $26,866,000 after purchasing an additional 92,034 shares during the last quarter. FMR LLC boosted its position in AppFolio by 998.0% in the third quarter. FMR LLC now owns 60,894 shares of the software maker's stock valued at $14,334,000 after buying an additional 55,348 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in AppFolio during the second quarter worth about $12,993,000. 62.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

AppFolio Price Performance

Shares of APPF stock traded down $1.07 on Friday, reaching $253.75. 106,111 shares of the stock were exchanged, compared to its average volume of 272,741. The stock has a 50 day moving average price of $225.24 and a 200 day moving average price of $231.28. The stock has a market cap of $9.22 billion, a PE ratio of 70.68 and a beta of 0.83. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56.

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

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 3,500 shares of the company's stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $229.85, for a total value of $804,475.00. Following the completion of the sale, the chief executive officer now owns 74,327 shares in the company, valued at approximately $17,084,060.95. This represents a 4.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Matthew S. Mazza sold 926 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $229.04, for a total value of $212,091.04. Following the completion of the transaction, the insider now directly owns 33,819 shares in the company, valued at $7,745,903.76. The trade was a 2.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,461 shares of company stock worth $5,766,272 over the last ninety days. Company 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.