AppFolio (NASDAQ:APPF) Shares Gap Down Following Analyst Downgrade

AppFolio, Inc. (NASDAQ:APPF - Get Free Report)'s share price gapped down before the market opened on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $210.00 to $205.00. The stock had previously closed at $234.65, but opened at $208.26. Keefe, Bruyette & Woods currently has an underweight rating on the stock. AppFolio shares last traded at $205.51, with a volume of 249,961 shares.

A number of other analysts also recently issued reports on the stock. William Blair reiterated an "outperform" rating on shares of AppFolio in a report on Friday, January 31st. Piper Sandler restated a "neutral" rating and issued a $265.00 price target on shares of AppFolio in a research report on Wednesday, April 23rd. Stephens restated an "overweight" rating and set a $295.00 price objective on shares of AppFolio in a report on Friday, January 31st. DA Davidson dropped their price target on shares of AppFolio from $300.00 to $275.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, KeyCorp lowered shares of AppFolio from an "overweight" rating to a "sector weight" rating and set a $253.00 target price for the company. in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $274.43.

Insider Buying and Selling

In other AppFolio news, CEO William Shane Trigg sold 3,501 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $217.27, for a total value of $760,662.27. Following the completion of the sale, the chief executive officer now directly owns 83,824 shares of the company's stock, valued at $18,212,440.48. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alexander Wolf purchased 9,678 shares of the firm's stock in a transaction on Thursday, February 13th. The stock was bought at an average cost of $214.81 per share, for a total transaction of $2,078,931.18. Following the completion of the purchase, the director now directly owns 3,226 shares in the company, valued at approximately $692,977.06. This trade represents a -150.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.24% of the stock is owned by insiders.

Hedge Funds Weigh In On AppFolio

Several hedge funds and other institutional investors have recently modified their holdings of APPF. FMR LLC increased its stake in shares of AppFolio by 881.2% during the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after buying an additional 536,591 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of AppFolio in the 4th quarter worth approximately $103,503,000. Norges Bank bought a new stake in shares of AppFolio during the 4th quarter valued at $68,037,000. Principal Financial Group Inc. increased its stake in shares of AppFolio by 121.2% in the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after acquiring an additional 220,239 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in shares of AppFolio by 82.2% during the third quarter. Lord Abbett & CO. LLC now owns 459,285 shares of the software maker's stock valued at $108,116,000 after purchasing an additional 207,204 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

AppFolio Trading Up 0.5 %

The company has a market cap of $7.45 billion, a PE ratio of 36.89 and a beta of 0.86. The firm has a 50 day moving average of $217.54 and a two-hundred day moving average of $230.61.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The software maker reported $1.21 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $217.70 million during the quarter, compared to the consensus estimate of $220.95 million. AppFolio had a return on equity of 26.21% and a net margin of 25.69%. AppFolio's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. On average, research analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

AppFolio Company Profile

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.