Bank of New York Mellon Corp Decreases Stake in AppFolio, Inc. $APPF

Bank of New York Mellon Corp decreased its holdings in AppFolio, Inc. (NASDAQ:APPF) by 10.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 159,724 shares of the software maker’s stock after selling 19,435 shares during the quarter. Bank of New York Mellon Corp owned 0.45% of AppFolio worth $25,208,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of APPF. Woodline Partners LP increased its holdings in AppFolio by 2.9% in the 1st quarter. Woodline Partners LP now owns 1,754 shares of the software maker’s stock worth $386,000 after acquiring an additional 50 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after acquiring an additional 56 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of AppFolio by 4.8% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 1,263 shares of the software maker’s stock worth $348,000 after purchasing an additional 58 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in AppFolio by 48.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after buying an additional 63 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC grew its holdings in AppFolio by 1.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 5,162 shares of the software maker’s stock valued at $1,201,000 after purchasing an additional 64 shares during the last quarter. 85.19% of the stock is owned by institutional investors.

AppFolio Stock Performance

NASDAQ:APPF opened at $168.74 on Tuesday. The firm has a 50-day simple moving average of $164.98 and a 200-day simple moving average of $173.02. AppFolio, Inc. has a one year low of $142.56 and a one year high of $326.04. The firm has a market cap of $5.97 billion, a P/E ratio of 38.53 and a beta of 0.79.

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

Insider Transactions at AppFolio

In other AppFolio news, major shareholder Maurice J. Duca sold 7,200 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the completion of the sale, the insider directly owned 42,400 shares of the company’s stock, valued at approximately $7,645,568. This represents a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of AppFolio stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the transaction, the chief executive officer directly owned 76,547 shares in the company, valued at approximately $11,673,417.50. The trade was a 4.47% 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. In the last quarter, insiders sold 30,657 shares of company stock worth $5,310,740. Company insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APPF. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Piper Sandler decreased their target price on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Wall Street Zen cut shares of AppFolio from a “buy” rating to a “hold” rating in a report on Sunday. Guggenheim started coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $232.00 price target on the stock. Finally, Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, AppFolio currently has an average rating of “Buy” and an average target price of $243.50.

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.