Bank of New York Mellon Corp reduced its stake in AppFolio, Inc. (NASDAQ:APPF – Free Report) by 11.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,767 shares of the software maker’s stock after selling 18,873 shares during the period. Bank of New York Mellon Corp owned 0.43% of AppFolio worth $18,892,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in APPF. MetLife Investment Management LLC boosted its position in shares of AppFolio by 56.4% in the 1st quarter. MetLife Investment Management LLC now owns 9,835 shares of the software maker’s stock worth $1,113,000 after purchasing an additional 3,545 shares during the last quarter. Rhumbline Advisers lifted its holdings in AppFolio by 2.8% during the first quarter. Rhumbline Advisers now owns 19,928 shares of the software maker’s stock worth $2,256,000 after acquiring an additional 535 shares in the last quarter. Blair William & Co. IL lifted its holdings in AppFolio by 2.3% during the first quarter. Blair William & Co. IL now owns 72,954 shares of the software maker’s stock worth $8,259,000 after acquiring an additional 1,664 shares in the last quarter. Ergoteles LLC bought a new position in AppFolio during the first quarter worth about $228,000. Finally, Federated Hermes Inc. bought a new position in AppFolio during the first quarter worth about $39,000. 48.96% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on APPF. TheStreet upgraded AppFolio from a “d+” rating to a “c-” rating in a report on Thursday, May 11th. KeyCorp lifted their price target on AppFolio from $190.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. William Blair raised AppFolio from a “market perform” rating to an “outperform” rating in a research note on Monday. StockNews.com began coverage on AppFolio in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, DA Davidson lifted their price target on AppFolio from $117.00 to $155.00 and gave the company a “neutral” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.40.
AppFolio Stock Performance
NASDAQ:APPF opened at $194.69 on Tuesday. The stock’s 50-day simple moving average is $177.02 and its 200 day simple moving average is $149.94. The company has a market cap of $6.94 billion, a P/E ratio of -88.50 and a beta of 0.98. AppFolio, Inc. has a 52-week low of $93.02 and a 52-week high of $196.62.
AppFolio (NASDAQ:APPF – Get Free Report) last released its earnings results on Thursday, July 27th. The software maker reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.63). The company had revenue of $147.08 million during the quarter, compared to analyst estimates of $143.76 million. AppFolio had a negative net margin of 14.63% and a negative return on equity of 31.03%. AppFolio’s revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.86) EPS. As a group, equities analysts predict that AppFolio, Inc. will post -0.29 earnings per share for the current fiscal year.
Insider Activity at AppFolio
In related news, Director Janet Kerr sold 250 shares of AppFolio stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $172.46, for a total value of $43,115.00. Following the sale, the director now owns 16,876 shares of the company’s stock, valued at $2,910,434.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.15% of the stock is owned by company insiders.
AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry. The company offers AppFolio Property Manager, a platform to leverage process automation, easy to use interface, and the optimization of common workflows for property management companies, as well as completes and records critical transactions in the system and give its customers access to the data they need to run their business; AppFolio Property Manager Plus, which offers customizable workflows that allow customers to digitize their existing processes, performance insights, intelligent revenue management, and integrations through selected partners and dedicated strategic account managers; and AppFolio Investment Management, a solution that is designed to enable real estate investment management organizations to manage investor relationships through enhancing transparency and streamlining certain business processes.
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