Summit Global Investments cut its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 50.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,612 shares of the software maker's stock after selling 1,613 shares during the period. Summit Global Investments' holdings in AppFolio were worth $398,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Lord Abbett & CO. LLC lifted its position in shares of AppFolio by 82.2% in the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker's stock worth $108,116,000 after buying an additional 207,204 shares during the last quarter. Raymond James Financial Inc. acquired a new position in AppFolio during the fourth quarter valued at approximately $30,195,000. Deepwater Asset Management LLC bought a new position in shares of AppFolio in the fourth quarter valued at approximately $15,483,000. FMR LLC grew its stake in AppFolio by 998.0% in the 3rd 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 during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in AppFolio by 31.2% during the third quarter. Franklin Resources Inc. now owns 228,655 shares of the software maker's stock valued at $51,800,000 after acquiring an additional 54,386 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.
Insiders Place Their Bets
In other AppFolio news, insider Matthew S. Mazza sold 838 shares of the business's stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $255.30, for a total value of $213,941.40. Following the transaction, the insider now directly owns 22,701 shares in the company, valued at $5,795,565.30. The trade was a 3.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Shane Trigg sold 3,501 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $217.27, for a total value of $760,662.27. Following the transaction, the chief executive officer now directly owns 83,824 shares in the company, valued at $18,212,440.48. This represents a 4.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.24% of the company's stock.
AppFolio Stock Performance
Shares of NASDAQ:APPF traded down $3.89 during midday trading on Friday, reaching $221.30. The company's stock had a trading volume of 227,289 shares, compared to its average volume of 258,820. The firm has a 50 day moving average price of $225.99 and a two-hundred day moving average price of $232.41. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $274.56. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 39.87 and a beta of 0.89.
AppFolio (NASDAQ:APPF - Get Free Report) last released its earnings results on Thursday, January 30th. The software maker reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.34). AppFolio had a net margin of 25.69% and a return on equity of 26.21%. As a group, research analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current year.
Analysts Set New Price Targets
A number of research analysts have recently commented on the company. William Blair reiterated an "outperform" rating on shares of AppFolio in a report on Friday, January 31st. KeyCorp downgraded AppFolio from an "overweight" rating to a "sector weight" rating and set a $253.00 price objective on the stock. in a report on Friday, January 10th. Stephens reaffirmed an "overweight" rating and issued a $295.00 price target on shares of AppFolio in a report on Friday, January 31st. Finally, Piper Sandler reissued a "neutral" rating and set a $265.00 price target on shares of AppFolio in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $276.29.
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About AppFolio
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Free Report)
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.
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