Short Interest in AppFolio, Inc. (NASDAQ:APPF) Drops By 16.2%

AppFolio, Inc. (NASDAQ:APPF - Get Free Report) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 567,700 shares, a decline of 16.2% from the September 30th total of 677,500 shares. Based on an average daily trading volume, of 232,900 shares, the days-to-cover ratio is presently 2.4 days.

AppFolio Stock Down 0.9 %

Shares of AppFolio stock traded down $1.97 on Monday, reaching $210.37. The stock had a trading volume of 337,934 shares, compared to its average volume of 281,985. AppFolio has a 1 year low of $164.29 and a 1 year high of $274.56. The company has a 50 day moving average price of $223.32 and a 200 day moving average price of $230.91. The stock has a market capitalization of $7.62 billion, a P/E ratio of 101.63 and a beta of 0.81.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.26. AppFolio had a return on equity of 27.39% and a net margin of 17.32%. The business had revenue of $206.00 million for the quarter, compared to the consensus estimate of $199.11 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The business's quarterly revenue was up 24.5% on a year-over-year basis. On average, analysts forecast that AppFolio will post 3.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on APPF shares. DA Davidson lifted their price target on shares of AppFolio from $285.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods lowered AppFolio from a "market perform" rating to an "underperform" rating and cut their price target for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. JPMorgan Chase & Co. upped their price objective on shares of AppFolio from $260.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 17th. Piper Sandler Companies reiterated an "overweight" rating and set a $300.00 target price on shares of AppFolio in a report on Friday, July 26th. Finally, StockNews.com lowered shares of AppFolio from a "buy" rating to a "hold" rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $261.75.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 2,968 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were 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 in the company, valued at approximately $5,754,315. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AppFolio news, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $218.98, for a total value of $766,648.98. Following the sale, the chief executive officer now owns 81,699 shares in the company, valued at $17,890,447.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 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 disclosure for this sale can be found here. Insiders sold 17,652 shares of company stock valued at $4,053,818 over the last three months. 9.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppFolio

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in AppFolio by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker's stock worth $531,139,000 after acquiring an additional 73,965 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of AppFolio by 13.5% during the second quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker's stock worth $59,137,000 after purchasing an additional 28,673 shares during the period. Driehaus Capital Management LLC boosted its position in AppFolio by 16.7% in the second quarter. Driehaus Capital Management LLC now owns 227,632 shares of the software maker's stock valued at $55,672,000 after buying an additional 32,633 shares during the last quarter. Squarepoint Ops LLC increased its holdings in AppFolio by 188.2% in the 2nd quarter. Squarepoint Ops LLC now owns 185,034 shares of the software maker's stock worth $45,254,000 after buying an additional 120,835 shares during the period. Finally, Principal Financial Group Inc. raised its position in AppFolio by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 153,134 shares of the software maker's stock worth $37,452,000 after buying an additional 1,488 shares during the last quarter. Institutional investors and hedge funds own 62.34% of the company's stock.

About AppFolio

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.