OP Asset Management Ltd Makes New $525,000 Investment in AppFolio, Inc. $APPF

OP Asset Management Ltd bought a new position in AppFolio, Inc. (NASDAQ:APPF) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,327 shares of the software maker’s stock, valued at approximately $525,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverbridge Partners LLC purchased a new stake in shares of AppFolio in the first quarter valued at $13,906,000. SG Americas Securities LLC grew its holdings in shares of AppFolio by 666.2% during the first quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker’s stock valued at $3,975,000 after buying an additional 21,898 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in AppFolio by 90,272.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 52,416 shares of the software maker’s stock valued at $12,195,000 after buying an additional 52,358 shares during the period. Pacer Advisors Inc. lifted its stake in AppFolio by 17.7% in the 4th quarter. Pacer Advisors Inc. now owns 3,566 shares of the software maker’s stock worth $830,000 after acquiring an additional 536 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in AppFolio by 5.2% in the 4th quarter. Invesco Ltd. now owns 416,260 shares of the software maker’s stock worth $96,843,000 after acquiring an additional 20,609 shares in the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AppFolio

In other AppFolio news, insider Elizabeth Erin Barat sold 1,978 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total transaction of $312,761.36. Following the transaction, the insider directly owned 21,545 shares in the company, valued at $3,406,695.40. This trade represents a 8.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Timothy Mathias Eaton sold 2,585 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was 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 directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 8,957 shares of company stock valued at $1,399,501. Company insiders own 1.57% of the company’s stock.

AppFolio Price Performance

Shares of AppFolio stock opened at $160.35 on Wednesday. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 38.18 and a beta of 0.80. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $326.04. The stock has a 50-day simple moving average of $160.63 and a 200-day simple moving average of $181.13.

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

Analyst Ratings Changes

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

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.