Victory Capital Management Inc. Sells 6,317 Shares of AppFolio, Inc. (NASDAQ:APPF)

Victory Capital Management Inc. cut its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 6.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,023 shares of the software maker's stock after selling 6,317 shares during the period. Victory Capital Management Inc. owned about 0.26% of AppFolio worth $22,133,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of APPF. SG Americas Securities LLC grew its position in AppFolio by 29.7% in the first quarter. SG Americas Securities LLC now owns 1,498 shares of the software maker's stock worth $370,000 after acquiring an additional 343 shares in the last quarter. US Bancorp DE boosted its holdings in AppFolio by 200.8% in the first quarter. US Bancorp DE now owns 1,444 shares of the software maker's stock worth $356,000 after purchasing an additional 964 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in AppFolio during the first quarter worth $306,000. State Board of Administration of Florida Retirement System raised its holdings in AppFolio by 17.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 6,456 shares of the software maker's stock valued at $1,593,000 after buying an additional 970 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of 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 buying an additional 73,965 shares during the last quarter. 62.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

APPF has been the topic of several analyst reports. Piper Sandler lowered their price target on AppFolio from $300.00 to $265.00 and set an "overweight" rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods downgraded 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 report on Tuesday, October 15th. DA Davidson raised 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. Piper Sandler Companies reissued an "overweight" rating and set a $300.00 price objective on shares of AppFolio in a research report on Friday, July 26th. Finally, KeyCorp dropped their price target on AppFolio from $300.00 to $252.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. One investment 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $261.75.

Insider Buying and Selling

In other AppFolio news, insider Matthew S. Mazza sold 5,090 shares of the business's stock in a transaction that occurred 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 transaction, the insider now owns 28,266 shares of the company's stock, valued at $6,677,559.84. The trade was a 15.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 500 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $232.59, for a total transaction of $116,295.00. Following the completion of the transaction, the insider now directly owns 22,997 shares in the company, valued at approximately $5,348,872.23. This represents a 2.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,796 shares of company stock valued at $4,177,209 in the last 90 days. 5.24% of the stock is owned by insiders.

AppFolio Price Performance

Shares of APPF traded down $0.78 during trading hours on Tuesday, hitting $228.55. The stock had a trading volume of 128,251 shares, compared to its average volume of 276,551. AppFolio, Inc. has a 52 week low of $164.29 and a 52 week high of $274.56. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 63.88 and a beta of 0.83. The company's fifty day moving average is $222.00 and its two-hundred day moving average is $231.11.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The software maker reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.26. The company had revenue of $206.00 million during 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 was up 24.5% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. Equities analysts predict that AppFolio, Inc. will post 3.23 EPS 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.