AppFolio, Inc. (NASDAQ:APPF) Sees Large Growth in Short Interest

AppFolio, Inc. (NASDAQ:APPF) saw a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 1,925,861 shares, a growth of 45.4% from the January 29th total of 1,324,405 shares. Currently, 5.6% of the shares of the company are short sold. Based on an average daily trading volume, of 524,697 shares, the days-to-cover ratio is presently 3.7 days. Based on an average daily trading volume, of 524,697 shares, the days-to-cover ratio is presently 3.7 days. Currently, 5.6% of the shares of the company are short sold.

AppFolio Trading Up 0.6%

Shares of APPF opened at $177.76 on Friday. The business’s 50 day moving average is $205.57 and its 200 day moving average is $235.94. AppFolio has a 12-month low of $161.13 and a 12-month high of $326.04. The company has a market capitalization of $6.40 billion, a PE ratio of 45.81 and a beta of 0.75.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.17. The business had revenue of $248.19 million during the quarter, compared to the consensus estimate of $246.56 million. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. Equities research analysts predict that AppFolio will post 3.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

APPF has been the topic of several analyst reports. UBS Group set a $260.00 target price on AppFolio and gave the company a “buy” rating in a research report on Friday, January 30th. JPMorgan Chase & Co. decreased their price objective on AppFolio from $330.00 to $300.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Piper Sandler lowered their price objective on AppFolio from $350.00 to $245.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Finally, KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $270.83.

Insider Buying and Selling

In other AppFolio news, CEO William Shane Trigg sold 6,963 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total value of $1,181,829.99. Following the transaction, the chief executive officer directly owned 52,920 shares in the company, valued at approximately $8,982,111.60. This trade represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.68% of the company’s stock.

Institutional Trading of AppFolio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of AppFolio in the third quarter worth about $31,000. TD Private Client Wealth LLC boosted its stake in AppFolio by 2,116.7% during the third quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker’s stock valued at $37,000 after buying an additional 127 shares during the last quarter. First Horizon Corp purchased a new position in AppFolio during the 3rd quarter valued at approximately $39,000. Finally, Hantz Financial Services Inc. grew its holdings in AppFolio by 373.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker’s stock valued at $39,000 after buying an additional 112 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

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.