Ranger Investment Management L.P. Decreases Stock Holdings in AppFolio, Inc. $APPF

Ranger Investment Management L.P. reduced its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 13.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 98,630 shares of the software maker’s stock after selling 15,660 shares during the quarter. Ranger Investment Management L.P.’s holdings in AppFolio were worth $15,566,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of APPF. EverSource Wealth Advisors LLC raised its stake in AppFolio by 101.8% during the fourth 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of AppFolio by 48.8% in the 3rd 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 last quarter. Advisory Services Network LLC bought a new stake in shares of AppFolio in the 3rd quarter worth about $55,000. Employees Retirement System of Texas purchased a new stake in shares of AppFolio during the 3rd quarter valued at about $58,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of AppFolio in the 3rd quarter valued at about $69,000. Institutional investors 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 company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $160.07, for a total value of $413,780.95. Following the transaction, 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 SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 200 shares of AppFolio stock in a transaction on Monday, July 20th. The stock was sold at an average price of $180.00, for a total value of $36,000.00. Following the sale, the insider owned 81,480 shares of the company’s stock, valued at approximately $14,666,400. This trade represents a 0.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 43,357 shares of company stock valued at $7,614,340 over the last three months. 1.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on APPF. Guggenheim began coverage on AppFolio in a research note on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price objective on the stock. Wall Street Zen cut AppFolio from a “buy” rating to a “hold” rating in a report on Sunday. DA Davidson set a $225.00 target price on AppFolio in a research report on Friday. UBS Group set a $210.00 price target on AppFolio in a report on Friday, April 24th. Finally, Piper Sandler lowered their price target on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. 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 company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $243.50.

AppFolio Trading Up 5.6%

Shares of NASDAQ:APPF opened at $178.27 on Wednesday. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $326.04. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of 40.70 and a beta of 0.79. The firm’s 50-day moving average is $165.35 and its 200 day moving average is $172.69.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business had revenue of $281.12 million during the quarter, compared to the consensus estimate of $277.35 million. During the same quarter last year, the firm earned $1.38 earnings per share. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

AppFolio 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.