Pier Capital LLC Has $4.69 Million Holdings in AppFolio, Inc. (NASDAQ:APPF)

Pier Capital LLC lowered its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 47.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 19,924 shares of the software maker's stock after selling 18,201 shares during the period. Pier Capital LLC owned approximately 0.05% of AppFolio worth $4,690,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. State Street Corp boosted its stake in AppFolio by 8.2% during the third quarter. State Street Corp now owns 653,136 shares of the software maker's stock worth $153,748,000 after buying an additional 49,238 shares in the last quarter. DF Dent & Co. Inc. increased its stake in AppFolio by 10.1% in the third quarter. DF Dent & Co. Inc. now owns 351,691 shares of the software maker's stock valued at $82,788,000 after acquiring an additional 32,181 shares during the period. Bank of New York Mellon Corp raised its position in AppFolio by 13.5% in 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 in the last quarter. Driehaus Capital Management LLC lifted its stake in AppFolio by 16.7% during the second quarter. Driehaus Capital Management LLC now owns 227,632 shares of the software maker's stock worth $55,672,000 after purchasing an additional 32,633 shares during the period. Finally, Squarepoint Ops LLC boosted 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 valued at $45,254,000 after purchasing an additional 120,835 shares in the last quarter. Institutional investors and hedge funds own 62.34% of the company's stock.

Analyst Upgrades and Downgrades

APPF has been the subject of a number of recent research reports. StockNews.com cut AppFolio from a "buy" rating to a "hold" rating in a report on Thursday, August 22nd. KeyCorp dropped their price objective on AppFolio from $300.00 to $252.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Piper Sandler reduced their target price on shares of AppFolio from $300.00 to $265.00 and set an "overweight" rating on the stock in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods cut shares of AppFolio from a "market perform" rating to an "underperform" rating and dropped their target price for the stock from $255.00 to $193.00 in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $261.75.

AppFolio Stock Down 2.3 %

APPF stock traded down $6.26 during trading on Friday, hitting $263.00. The company had a trading volume of 189,518 shares, compared to its average volume of 169,859. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 73.26 and a beta of 0.86. The firm has a 50-day moving average price of $228.00 and a 200-day moving average price of $231.82. AppFolio, Inc. has a 12 month low of $164.29 and a 12 month high of $274.56.

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

Insider Activity

In other AppFolio news, Director Scanlan Agnes Bundy sold 500 shares of the company's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $255.42, for a total value of $127,710.00. Following the completion of the sale, the director now owns 5,416 shares of the company's stock, valued at approximately $1,383,354.72. This represents a 8.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew S. Mazza sold 5,090 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $236.24, for a total transaction of $1,202,461.60. Following the completion of the sale, the insider now owns 28,266 shares in the company, valued at approximately $6,677,559.84. This trade represents a 15.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,961 shares of company stock valued at $5,893,982 in the last 90 days. 5.24% of the stock is owned by company insiders.

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.