Edgestream Partners L.P. Invests $2.64 Million in AppFolio, Inc. (NASDAQ:APPF)

Edgestream Partners L.P. bought a new position in AppFolio, Inc. (NASDAQ:APPF - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 10,784 shares of the software maker's stock, valued at approximately $2,637,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in AppFolio by 3.6% in 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 during the period. Gilder Gagnon Howe & Co. LLC increased its stake in shares of AppFolio by 3.8% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 421,309 shares of the software maker's stock valued at $72,988,000 after purchasing an additional 15,283 shares in 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 valued at $59,137,000 after purchasing an additional 28,673 shares during the last quarter. Norges Bank bought a new stake in shares of AppFolio in the 4th quarter worth approximately $38,458,000. Finally, Zeno Equity Partners LLP purchased a new stake in shares of AppFolio in the 4th quarter worth approximately $33,434,000. 62.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at AppFolio

In related news, CEO William Shane Trigg sold 3,501 shares of the business's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $218.98, for a total transaction of $766,648.98. Following the completion of the sale, the chief executive officer now directly owns 81,699 shares in the company, valued at $17,890,447.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO William Shane Trigg sold 3,501 shares of AppFolio stock in a transaction on Friday, August 16th. The stock was sold at an average price of $218.98, for a total transaction of $766,648.98. Following the transaction, the chief executive officer now directly owns 81,699 shares in the company, valued at $17,890,447.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Maurice J. Duca sold 200 shares of the business's stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $232.52, for a total value of $46,504.00. Following the sale, the insider now directly owns 27,568 shares of the company's stock, valued at approximately $6,410,111.36. The disclosure for this sale can be found here. Insiders have sold 55,051 shares of company stock worth $13,273,855 in the last quarter. Company insiders own 9.15% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. KeyCorp increased their target price on AppFolio from $275.00 to $300.00 and gave the stock an "overweight" rating in a research note on Friday, July 26th. StockNews.com lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. lifted their target price on shares of AppFolio from $260.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, July 17th. Piper Sandler Companies reiterated an "overweight" rating and set a $300.00 price target on shares of AppFolio in a report on Friday, July 26th. Finally, Piper Sandler boosted their price objective on shares of AppFolio from $295.00 to $300.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $277.75.

AppFolio Stock Performance

Shares of NASDAQ APPF traded up $2.73 during midday trading on Thursday, hitting $231.82. 166,263 shares of the stock traded hands, compared to its average volume of 282,375. The firm has a market capitalization of $8.39 billion, a P/E ratio of 111.99 and a beta of 0.81. AppFolio, Inc. has a one year low of $164.29 and a one year high of $274.56. The firm has a 50-day moving average of $231.66 and a two-hundred day moving average of $233.17.

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

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.