AppFolio (NASDAQ:APPF) Shares Gap Down After Analyst Downgrade

AppFolio, Inc. (NASDAQ:APPF) shares gapped down before the market opened on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $210.00 to $205.00. The stock had previously closed at $234.65, but opened at $208.26. Keefe, Bruyette & Woods currently has an underweight rating on the stock. AppFolio shares last traded at $205.51, with a volume of 249,961 shares traded.

A number of other brokerages have also recently commented on APPF. KeyCorp cut shares of AppFolio from an “overweight” rating to a “sector weight” rating and set a $253.00 target price for the company. in a research report on Friday, January 10th. Piper Sandler reiterated a “neutral” rating and issued a $265.00 price objective on shares of AppFolio in a report on Wednesday. DA Davidson decreased their target price on shares of AppFolio from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Stephens restated an “overweight” rating and issued a $295.00 price target on shares of AppFolio in a research report on Friday, January 31st. Finally, William Blair reiterated an “outperform” rating on shares of AppFolio in a research report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $274.43.

Insider Activity at AppFolio

In other AppFolio news, Director Alexander Wolf bought 9,678 shares of AppFolio stock in a transaction on Thursday, February 13th. The shares were bought at an average price of $214.81 per share, for a total transaction of $2,078,931.18. Following the completion of the transaction, the director now directly owns 3,226 shares of the company’s stock, valued at $692,977.06. This trade represents a -150.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO William Shane Trigg sold 3,501 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $217.27, for a total value of $760,662.27. Following the sale, the chief executive officer now directly owns 83,824 shares of the company’s stock, valued at $18,212,440.48. The trade was a 4.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppFolio

Several large investors have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its position in AppFolio by 80.8% in the first quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker’s stock valued at $1,929,000 after purchasing an additional 3,922 shares during the period. Lecap Asset Management Ltd. raised its holdings in shares of AppFolio by 114.7% in the 1st quarter. Lecap Asset Management Ltd. now owns 8,842 shares of the software maker’s stock valued at $1,944,000 after buying an additional 4,723 shares during the period. Davidson Kahn Capital Management LLC acquired a new position in AppFolio during the 1st quarter worth about $1,903,000. Oppenheimer Asset Management Inc. boosted its holdings in AppFolio by 34.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker’s stock valued at $1,110,000 after acquiring an additional 1,304 shares during the period. Finally, LVZ Inc. boosted its holdings in AppFolio by 8.2% during the 1st quarter. LVZ Inc. now owns 2,437 shares of the software maker’s stock valued at $536,000 after acquiring an additional 185 shares during the period. 85.19% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Price Performance

The company has a market capitalization of $6.99 billion, a PE ratio of 34.60 and a beta of 0.86. The stock’s 50 day simple moving average is $218.06 and its 200-day simple moving average is $230.91.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, January 30th. The software maker reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.34). AppFolio had a return on equity of 26.21% and a net margin of 25.69%. On average, equities analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current 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.