Verition Fund Management LLC Reduces Stake in AppFolio, Inc. (NASDAQ:APPF)

Verition Fund Management LLC decreased its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 83.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,158 shares of the software maker's stock after selling 5,651 shares during the period. Verition Fund Management LLC's holdings in AppFolio were worth $273,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC boosted its position in shares of AppFolio by 238.6% in the 2nd quarter. CWM LLC now owns 149 shares of the software maker's stock worth $36,000 after purchasing an additional 105 shares in the last quarter. SG Americas Securities LLC lifted its position in AppFolio by 160.0% in the 2nd quarter. SG Americas Securities LLC now owns 3,895 shares of the software maker's stock valued at $953,000 after acquiring an additional 2,397 shares in the last quarter. Retirement Systems of Alabama lifted its position in AppFolio by 1.0% in the 2nd quarter. Retirement Systems of Alabama now owns 25,903 shares of the software maker's stock valued at $6,335,000 after acquiring an additional 254 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of AppFolio by 13.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker's stock valued at $59,137,000 after buying an additional 28,673 shares during the period. Finally, State of Michigan Retirement System lifted its holdings in shares of AppFolio by 4.1% during the 2nd quarter. State of Michigan Retirement System now owns 5,100 shares of the software maker's stock valued at $1,247,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 85.19% of the company's stock.

Insider Activity

In related news, insider Matthew S. Mazza sold 926 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $229.04, for a total transaction of $212,091.04. Following the transaction, the insider now owns 33,819 shares of the company's stock, valued at approximately $7,745,903.76. This represents a 2.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Maurice J. Duca sold 200 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $232.18, for a total value of $46,436.00. Following the transaction, the insider now directly owns 18,922 shares in the company, valued at approximately $4,393,309.96. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,806 shares of company stock valued at $7,164,293 in the last quarter. Insiders own 5.24% of the company's stock.

AppFolio Price Performance

NASDAQ APPF traded down $4.37 during trading hours on Friday, hitting $259.18. 150,417 shares of the company's stock traded hands, compared to its average volume of 269,447. AppFolio, Inc. has a 52-week low of $164.29 and a 52-week high of $274.56. The company has a market capitalization of $9.42 billion, a PE ratio of 72.20 and a beta of 0.86. The firm's 50-day moving average is $230.94 and its 200-day moving average is $232.76.

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

Analysts Set New Price Targets

Several research firms have recently commented on APPF. Keefe, Bruyette & Woods lowered AppFolio from a "market perform" rating to an "underperform" rating and reduced their price objective for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. Piper Sandler lowered their price target on shares of AppFolio from $300.00 to $265.00 and set an "overweight" rating for the company in a report on Friday, October 25th. KeyCorp decreased their price objective on shares of AppFolio from $300.00 to $252.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Finally, StockNews.com lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Thursday, August 22nd. One investment 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $261.75.

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.