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

Ranger Investment Management L.P. cut its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 18.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,595 shares of the software maker’s stock after selling 26,090 shares during the quarter. AppFolio accounts for about 2.2% of Ranger Investment Management L.P.’s investment portfolio, making the stock its 9th largest holding. Ranger Investment Management L.P. owned approximately 0.32% of AppFolio worth $31,589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of APPF. Principal Financial Group Inc. raised its holdings in AppFolio by 40.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock worth $321,637,000 after purchasing an additional 333,861 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of AppFolio by 73.6% during the 2nd quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker’s stock worth $168,894,000 after acquiring an additional 310,834 shares during the period. Norges Bank bought a new position in shares of AppFolio in the 2nd quarter worth approximately $34,425,000. Long Walk Management LP lifted its stake in shares of AppFolio by 78.5% in the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock valued at $63,632,000 after purchasing an additional 121,525 shares during the period. Finally, Brown Advisory Inc. boosted its position in shares of AppFolio by 76.3% during the second quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock valued at $51,327,000 after purchasing an additional 96,470 shares in the last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.

AppFolio Trading Up 0.1%

Shares of NASDAQ APPF opened at $184.34 on Friday. The firm has a 50 day moving average of $223.65 and a 200 day moving average of $247.76. The firm has a market capitalization of $6.62 billion, a price-to-earnings ratio of 46.44 and a beta of 0.75. AppFolio, Inc. has a 12-month low of $176.87 and a 12-month high of $326.04.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, January 29th. The software maker reported $1.39 EPS for the quarter, beating the consensus estimate of $1.22 by $0.17. The firm had revenue of $248.19 million for the quarter, compared to the consensus estimate of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The company’s revenue was up 21.7% on a year-over-year basis. During the same period last year, the firm earned $0.92 EPS. Sell-side analysts predict that AppFolio, Inc. will post 3.96 EPS for the current year.

Insider Transactions at AppFolio

In other AppFolio news, CEO William Shane Trigg sold 3,947 shares of AppFolio stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $240.45, for a total value of $949,056.15. Following the sale, the chief executive officer owned 51,530 shares of the company’s stock, valued at $12,390,388.50. The trade was a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Timothy Mathias Eaton sold 517 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $228.34, for a total value of $118,051.78. Following the transaction, the chief financial officer owned 10,104 shares of the company’s stock, valued at $2,307,147.36. This represents a 4.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 8,745 shares of company stock valued at $2,097,550. 4.68% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company reissued a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research report on Monday. DA Davidson reduced their price objective on AppFolio from $325.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods dropped their target price on AppFolio from $311.00 to $290.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Finally, Weiss Ratings cut AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, January 16th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $270.83.

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.