Analysts Set AppFolio, Inc. (NASDAQ:APPF) Target Price at $252.29

AppFolio, Inc. (NASDAQ:APPF) has been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $252.2857.

Several brokerages have recently commented on APPF. UBS Group set a $210.00 target price on AppFolio in a report on Friday, April 24th. Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler reduced their price objective on AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Finally, KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th.

AppFolio Stock Down 0.9%

Shares of APPF stock opened at $179.73 on Wednesday. The company has a market capitalization of $6.36 billion, a P/E ratio of 42.79 and a beta of 0.79. AppFolio has a 12-month low of $142.56 and a 12-month high of $326.04. The firm has a 50-day moving average price of $163.35 and a 200 day moving average price of $176.22.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings data on Thursday, April 23rd. The software maker reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.14. The firm had revenue of $262.21 million for the quarter, compared to analysts’ expectations of $258.13 million. AppFolio had a net margin of 15.27% and a return on equity of 32.35%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 earnings per share. As a group, research analysts expect that AppFolio will post 5.04 earnings per share for the current year.

Insiders Place Their Bets

In other AppFolio news, CFO Timothy Mathias Eaton sold 2,585 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the sale, the chief financial officer owned 18,036 shares of the company’s stock, valued at $2,887,022.52. This represents a 12.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 660 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $155.25, for a total transaction of $102,465.00. Following the completion of the sale, the general counsel owned 6,555 shares of the company’s stock, valued at $1,017,663.75. The trade was a 9.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,657 shares of company stock valued at $5,310,740 over the last three months. Company insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On AppFolio

Large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB increased its holdings in shares of AppFolio by 62.9% in the second quarter. Handelsbanken Fonder AB now owns 10,880 shares of the software maker’s stock valued at $1,745,000 after purchasing an additional 4,200 shares in the last quarter. Chemistry Wealth Management LLC raised its position in AppFolio by 17.1% in the 2nd quarter. Chemistry Wealth Management LLC now owns 1,879 shares of the software maker’s stock worth $301,000 after purchasing an additional 275 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in AppFolio during the 2nd quarter worth $3,095,000. Evanson Financial LLC acquired a new position in AppFolio during the 2nd quarter worth $962,000. Finally, GAMMA Investing LLC boosted its position in AppFolio by 74.5% in the 2nd quarter. GAMMA Investing LLC now owns 834 shares of the software maker’s stock valued at $134,000 after buying an additional 356 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Company Profile

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.