Shares of AppFolio, Inc. (NASDAQ:APPF - Get Free Report) reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $301.00 and last traded at $304.92, with a volume of 3665 shares trading hands. The stock had previously closed at $267.38.
The software maker reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.11. The business had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. AppFolio had a net margin of 23.87% and a return on equity of 25.83%. The firm's revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 earnings per share.
Analyst Upgrades and Downgrades
A number of research firms have commented on APPF. Piper Sandler raised shares of AppFolio from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $240.00 to $350.00 in a research report on Friday. DA Davidson raised shares of AppFolio to a "strong-buy" rating in a research report on Tuesday, July 22nd. Finally, Keefe, Bruyette & Woods raised shares of AppFolio from an "underperform" rating to a "market perform" rating and boosted their target price for the company from $205.00 to $267.00 in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, AppFolio presently has a consensus rating of "Moderate Buy" and an average target price of $288.00.
Check Out Our Latest Report on AppFolio
Insider Transactions at AppFolio
In other AppFolio news, CEO William Shane Trigg sold 5,900 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $211.45, for a total value of $1,247,555.00. Following the completion of the transaction, the chief executive officer directly owned 70,647 shares in the company, valued at approximately $14,938,308.15. This represents a 7.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy K. Bliss purchased 7,500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was acquired at an average price of $217.02 per share, with a total value of $1,627,650.00. Following the completion of the transaction, the director owned 7,500 shares in the company, valued at approximately $1,627,650. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 18,500 shares of company stock worth $4,024,220 and sold 11,639 shares worth $2,547,802. Insiders own 4.68% of the company's stock.
Institutional Trading of AppFolio
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of AppFolio during the 2nd quarter worth approximately $233,000. Nisa Investment Advisors LLC grew its position in shares of AppFolio by 63.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 9,370 shares of the software maker's stock worth $2,158,000 after buying an additional 3,621 shares during the period. Linden Thomas Advisory Services LLC grew its position in shares of AppFolio by 5.4% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 1,469 shares of the software maker's stock worth $338,000 after buying an additional 75 shares during the period. State of New Jersey Common Pension Fund D grew its position in shares of AppFolio by 0.5% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 9,041 shares of the software maker's stock worth $2,082,000 after buying an additional 44 shares during the period. Finally, AlphaQuest LLC grew its position in shares of AppFolio by 60.0% during the 2nd quarter. AlphaQuest LLC now owns 1,408 shares of the software maker's stock worth $324,000 after buying an additional 528 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.
AppFolio Trading Up 14.2%
The company has a market cap of $11.00 billion, a price-to-earnings ratio of 57.01 and a beta of 0.88. The firm's 50-day moving average price is $233.70 and its 200 day moving average price is $226.33.
About AppFolio
(
Get Free Report)
AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.
Further Reading
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