Zacks Investment Research Lowers AppFolio (NASDAQ:APPF) to Hold

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Zacks Investment Research lowered shares of AppFolio (NASDAQ:APPF) from a buy rating to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “AppFolio, Inc. offers cloud-based software solutions for property management and legal industries. It offers AppFolio Property Manager, a solution for the property managers including activities of posting and tracking tenant vacancies, handling the entire leasing process electronically, administering maintenance and repairs with their vendor networks, managing accounting and reporting to property owners. MyCase solution for practitioners and small law firms, providing time tracking, billing and payments, client communication, coordination with other lawyers and support staff, legal document management and assembly and general office administration services. Value+ services include Websites and electronic payment services. AppFolio, Inc. is headquartered Goleta, California. “

Several other equities research analysts have also recently commented on APPF. BidaskClub cut shares of AppFolio from a buy rating to a hold rating in a research report on Saturday, June 22nd. DA Davidson cut shares of AppFolio from a neutral rating to an underperform rating in a research report on Tuesday, July 30th. William Blair reissued an outperform rating on shares of AppFolio in a research report on Friday, May 3rd. KeyCorp began coverage on shares of AppFolio in a research report on Tuesday, July 16th. They set a sector weight rating and a $106.10 price target on the stock. Finally, ValuEngine cut shares of AppFolio from a strong-buy rating to a buy rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $94.28.

Shares of NASDAQ APPF opened at $97.66 on Monday. The company has a fifty day moving average price of $101.81 and a 200 day moving average price of $88.75. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.56. AppFolio has a 1-year low of $51.15 and a 1-year high of $109.89. The firm has a market cap of $3.28 billion, a PE ratio of 97.39 and a beta of 1.19.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Monday, July 29th. The software maker reported $0.65 EPS for the quarter, topping the consensus estimate of $0.11 by $0.54. AppFolio had a net margin of 15.85% and a return on equity of 33.91%. The firm had revenue of $63.60 million for the quarter, compared to analysts’ expectations of $63.71 million. During the same period in the previous year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 34.7% on a year-over-year basis. Equities research analysts forecast that AppFolio will post 0.77 EPS for the current year.

In other news, Director Timothy K. Bliss sold 15,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $95.97, for a total value of $1,439,550.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William R. Rauth III sold 9,701 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $105.10, for a total transaction of $1,019,575.10. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at $2,102,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,701 shares of company stock worth $2,757,280. 42.46% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC bought a new stake in shares of AppFolio in the 1st quarter valued at about $307,000. Martingale Asset Management L P raised its holdings in shares of AppFolio by 76.3% in the 1st quarter. Martingale Asset Management L P now owns 46,202 shares of the software maker’s stock valued at $3,670,000 after purchasing an additional 20,000 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of AppFolio by 1,036.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,558 shares of the software maker’s stock valued at $283,000 after purchasing an additional 3,245 shares during the period. Spark Investment Management LLC raised its holdings in shares of AppFolio by 25.3% in the 1st quarter. Spark Investment Management LLC now owns 133,800 shares of the software maker’s stock valued at $10,623,000 after purchasing an additional 27,000 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of AppFolio by 155.6% in the 4th quarter. Bank of America Corp DE now owns 35,325 shares of the software maker’s stock valued at $2,093,000 after purchasing an additional 21,504 shares during the period. 31.97% of the stock is currently owned by institutional investors.

About AppFolio

AppFolio, Inc provides industry-specific cloud-based software solutions for small and medium-sized businesses in the property management and legal industries. It offers AppFolio Property Manager, a cloud-based software solution for the real estate market that provides property managers of various sizes and tools and services designed to streamline their property management businesses, such as posting and tracking vacancies, leasing vacant properties, and accounting, as well as facilitating tenant, owner, and vendor communications.

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