AppFolio (NASDAQ:APPF) Trading Down 7.8% - Here's What Happened

Shares of AppFolio, Inc. (NASDAQ:APPF - Get Free Report) fell 7.8% during trading on Tuesday . The stock traded as low as $208.57 and last traded at $208.77. 54,023 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 274,860 shares. The stock had previously closed at $226.53.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on APPF. Piper Sandler Companies reissued an "overweight" rating and issued a $300.00 price objective on shares of AppFolio in a report on Friday, July 26th. JPMorgan Chase & Co. raised their target price on AppFolio from $260.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 17th. DA Davidson upped their price target on AppFolio from $285.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, July 26th. StockNews.com lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Thursday, August 22nd. Finally, Piper Sandler upped their target price on shares of AppFolio from $295.00 to $300.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $272.13.

AppFolio Trading Down 10.8 %

The company has a market capitalization of $7.31 billion, a PE ratio of 97.57 and a beta of 0.81. The stock has a fifty day moving average of $226.04 and a two-hundred day moving average of $232.83.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, July 25th. The software maker reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.16. The company had revenue of $197.38 million for the quarter, compared to analysts' expectations of $190.57 million. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The firm's revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.53) EPS. Equities analysts forecast that AppFolio, Inc. will post 3.04 EPS for the current year.

Insider Activity

In other news, major shareholder Maurice J. Duca sold 11,627 shares of the company's stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $240.08, for a total transaction of $2,791,410.16. Following the completion of the transaction, the insider now directly owns 27,768 shares of the company's stock, valued at approximately $6,666,541.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Maurice J. Duca sold 11,627 shares of the company's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $240.08, for a total transaction of $2,791,410.16. Following the completion of the transaction, the insider now owns 27,768 shares in the company, valued at $6,666,541.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 4,462 shares of AppFolio stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $261.19, for a total transaction of $1,165,429.78. Following the completion of the sale, the insider now owns 49,784 shares in the company, valued at approximately $13,003,082.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,941 shares of company stock valued at $8,327,162. 9.15% of the stock is currently owned by company insiders.

Institutional Trading of AppFolio

Hedge funds have recently made changes to their positions in the stock. American International Group Inc. raised its stake in AppFolio by 280.7% during the first quarter. American International Group Inc. now owns 36,367 shares of the software maker's stock valued at $8,973,000 after buying an additional 26,815 shares during the last quarter. Texas Permanent School Fund Corp purchased a new stake in AppFolio during the 1st quarter valued at about $4,415,000. Ameritas Investment Partners Inc. raised its holdings in AppFolio by 223.5% in the first quarter. Ameritas Investment Partners Inc. now owns 6,434 shares of the software maker's stock worth $1,588,000 after buying an additional 4,445 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in AppFolio in the 1st quarter worth approximately $839,000. Finally, Lazard Asset Management LLC boosted its position in shares of AppFolio by 750.5% during the first quarter. Lazard Asset Management LLC now owns 9,211 shares of the software maker's stock valued at $2,271,000 after buying an additional 8,128 shares during the last quarter. 62.34% of the stock is owned by institutional investors.

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.