AppFolio (NASDAQ:APPF) Shares Gap Up After Strong Earnings

Shares of AppFolio, Inc. (NASDAQ:APPFGet Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $192.07, but opened at $210.82. AppFolio shares last traded at $231.79, with a volume of 264,087 shares trading hands.

The software maker reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.26. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. The business had revenue of $206.00 million for the quarter, compared to analyst estimates of $199.11 million. During the same period in the prior year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 24.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

APPF has been the topic of several recent analyst reports. DA Davidson increased their target price on shares of AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. StockNews.com lowered shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Piper Sandler decreased their price target on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of AppFolio from $260.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lowered shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $261.75.

Get Our Latest Stock Report on AppFolio

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 1,296 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $236.77, for a total value of $306,853.92. Following the transaction, the insider now directly owns 9,383 shares of the company’s stock, valued at $2,221,612.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Maurice J. Duca sold 200 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $232.52, for a total transaction of $46,504.00. Following the completion of the sale, the insider now owns 27,568 shares in the company, valued at $6,410,111.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Maurice J. Duca sold 1,296 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $236.77, for a total transaction of $306,853.92. Following the sale, the insider now owns 9,383 shares of the company’s stock, valued at $2,221,612.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,852 shares of company stock valued at $4,100,322 in the last ninety days. 9.15% of the stock is currently owned by corporate insiders.

Institutional Trading of AppFolio

A number of hedge funds and other institutional investors have recently made changes to their positions in APPF. Blue Trust Inc. increased its holdings in shares of AppFolio by 85.7% during the 3rd quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock worth $29,000 after buying an additional 54 shares during the last quarter. GAMMA Investing LLC increased its holdings in AppFolio by 589.5% in the 2nd quarter. GAMMA Investing LLC now owns 131 shares of the software maker’s stock valued at $32,000 after purchasing an additional 112 shares during the last quarter. CWM LLC increased its holdings in AppFolio by 238.6% in the 2nd quarter. CWM LLC now owns 149 shares of the software maker’s stock valued at $36,000 after purchasing an additional 105 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in AppFolio by 291.3% in the 1st quarter. Advisors Asset Management Inc. now owns 180 shares of the software maker’s stock valued at $44,000 after purchasing an additional 134 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 688.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock valued at $52,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 62.34% of the company’s stock.

AppFolio Trading Up 10.6 %

The company’s fifty day moving average is $223.58 and its two-hundred day moving average is $230.97. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 102.58 and a beta of 0.81.

About AppFolio

(Get 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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