Arrowstreet Capital Limited Partnership Has $60.69 Million Stock Position in AppFolio, Inc. $APPF

Arrowstreet Capital Limited Partnership lifted its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 6.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 384,529 shares of the software maker’s stock after acquiring an additional 23,428 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.09% of AppFolio worth $60,686,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada increased its position in AppFolio by 22.6% during the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after buying an additional 8,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in AppFolio by 23.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock valued at $84,000 after acquiring an additional 73 shares during the last quarter. Millennium Management LLC increased its stake in shares of AppFolio by 237.7% in the 1st quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock valued at $3,970,000 after purchasing an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp raised its stake in AppFolio by 164.8% during the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker’s stock worth $144,000 after acquiring an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in AppFolio by 322.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock valued at $14,684,000 after purchasing an additional 50,970 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

Insider Buying and Selling

In other AppFolio news, CFO Timothy Mathias Eaton sold 2,585 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the completion of 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 filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 660 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $155.25, for a total transaction of $102,465.00. Following the sale, the general counsel owned 6,555 shares of the company’s stock, valued at approximately $1,017,663.75. This represents a 9.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,657 shares of company stock worth $5,310,740 over the last 90 days. Insiders own 1.57% of the company’s stock.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $168.74 on Tuesday. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The company’s fifty day moving average price is $164.98 and its 200-day moving average price is $173.02. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 38.53 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last released its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. The business had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted $1.38 earnings per share. As a group, equities research analysts expect that AppFolio, Inc. will post 5.04 EPS for the current year.

Wall Street Analysts Forecast Growth

APPF has been the subject of several recent research reports. DA Davidson set a $225.00 price target on AppFolio in a research note on Friday. Guggenheim initiated coverage on AppFolio in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price objective for the company. UBS Group set a $210.00 target price on shares of AppFolio in a research report on Friday, April 24th. Piper Sandler dropped 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, Benchmark upped their target price on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, AppFolio currently has an average rating of “Buy” and a consensus price target of $243.50.

About AppFolio

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.