Allspring Global Investments Holdings LLC Cuts Stock Holdings in AppFolio, Inc. (NASDAQ:APPF)

Allspring Global Investments Holdings LLC reduced its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 8.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,406 shares of the software maker’s stock after selling 1,177 shares during the period. Allspring Global Investments Holdings LLC’s holdings in AppFolio were worth $2,759,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in AppFolio by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker’s stock worth $615,696,000 after purchasing an additional 91,174 shares in the last quarter. AQR Capital Management LLC increased its holdings in AppFolio by 43.2% in the fourth quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker’s stock valued at $161,756,000 after buying an additional 197,700 shares in the last quarter. FMR LLC increased its holdings in AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker’s stock valued at $147,411,000 after buying an additional 536,591 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its holdings in AppFolio by 4.7% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker’s stock valued at $141,350,000 after buying an additional 25,566 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in AppFolio in the fourth quarter valued at about $103,503,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppFolio

In related news, CEO William Shane Trigg sold 5,900 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $211.45, for a total transaction of $1,247,555.00. Following the sale, the chief executive officer owned 70,647 shares in the company, valued at approximately $14,938,308.15. This trade represents a 7.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Mathias Eaton sold 1,057 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $221.13, for a total transaction of $233,734.41. Following the sale, the chief financial officer owned 7,176 shares in the company, valued at approximately $1,586,828.88. This trade represents a 12.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 18,500 shares of company stock worth $4,024,220 and sold 11,639 shares worth $2,547,802. Company insiders own 4.68% of the company’s stock.

Wall Street Analysts Forecast Growth

APPF has been the subject of a number of research analyst reports. DA Davidson raised shares of AppFolio to a “strong-buy” rating in a report on Tuesday, May 13th. Piper Sandler reaffirmed a “neutral” rating and issued a $265.00 target price on shares of AppFolio in a report on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods dropped their target price on shares of AppFolio from $210.00 to $205.00 and set an “underweight” rating for the company in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $274.43.

AppFolio Price Performance

Shares of APPF opened at $235.58 on Monday. The firm has a 50 day simple moving average of $218.44 and a 200-day simple moving average of $225.68. AppFolio, Inc. has a 1-year low of $189.01 and a 1-year high of $274.56. The stock has a market cap of $8.49 billion, a price-to-earnings ratio of 43.95 and a beta of 0.88.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Thursday, April 24th. The software maker reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). AppFolio had a return on equity of 25.83% and a net margin of 23.87%. The business had revenue of $217.70 million for the quarter, compared to analysts’ expectations of $220.95 million. During the same period last year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

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.