Timothy Mathias Eaton Sells 2,585 Shares of AppFolio (NASDAQ:APPF) Stock

AppFolio, Inc. (NASDAQ:APPF) CFO Timothy Mathias Eaton sold 2,585 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $160.07, for a total value 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 approximately $2,887,022.52. This trade represents a 12.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

AppFolio Trading Down 0.2%

Shares of APPF stock opened at $157.89 on Wednesday. The stock has a market cap of $5.58 billion, a P/E ratio of 37.59 and a beta of 0.80. The stock has a 50 day simple moving average of $160.99 and a 200 day simple moving average of $186.84. AppFolio, Inc. has a 1 year low of $142.73 and a 1 year high of $326.04.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.14. The business had revenue of $262.21 million during the quarter, compared to analysts’ expectations of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 earnings per share. Analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

Institutional Investors Weigh In On AppFolio

Several institutional investors and hedge funds have recently added to or reduced their stakes in APPF. Royal Bank of Canada lifted its stake in AppFolio by 22.6% during the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker’s stock worth $9,993,000 after purchasing an additional 8,367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AppFolio by 23.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker’s stock worth $84,000 after purchasing an additional 73 shares during the last quarter. Millennium Management LLC lifted its stake in AppFolio by 237.7% during the first quarter. Millennium Management LLC now owns 18,055 shares of the software maker’s stock worth $3,970,000 after purchasing an additional 12,709 shares during the last quarter. Jones Financial Companies Lllp lifted 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 purchasing an additional 407 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker’s stock worth $14,684,000 after purchasing an additional 50,970 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on APPF shares. Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a research note on Sunday, March 15th. Benchmark boosted their price target on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research note on Friday, April 24th. UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. Weiss Ratings cut AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 11th. Finally, Piper Sandler cut their price target on AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AppFolio currently has an average rating of “Moderate Buy” and an average price target of $252.29.

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.