AppFolio (NASDAQ:APPF) Upgraded to "Overweight" at Piper Sandler

Key Points

• AppFolio's stock has been upgraded by Piper Sandler from a "neutral" rating to an "overweight" rating, with a target price of $350.00, indicating a potential upside of 30.90% from current levels.
• In the most recent earnings report, AppFolio reported $1.38 EPS, exceeding estimates, with a revenue of $235.58 million, up 19.4% year-over-year.
• Institutional investors hold a significant share of the company, with 85.19% of the stock owned by them, reflecting strong institutional interest in AppFolio.

AppFolio (NASDAQ:APPF - Get Free Report) was upgraded by investment analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The firm presently has a $350.00 target price on the software maker's stock. Piper Sandler's price target points to a potential upside of 30.90% from the stock's current price.

Several other research analysts also recently commented on the stock. DA Davidson upgraded shares of AppFolio to a "strong-buy" rating in a report on Tuesday, July 22nd. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and boosted their price objective for the stock from $205.00 to $267.00 in a report on Thursday. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $288.00.

AppFolio Price Performance

Shares of APPF opened at $267.38 on Friday. The company has a market capitalization of $9.63 billion, a PE ratio of 49.88 and a beta of 0.88. AppFolio has a one year low of $189.01 and a one year high of $273.00. The company's fifty day moving average price is $233.70 and its 200 day moving average price is $226.33.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.27 by $0.11. The firm had revenue of $235.58 million for 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 business's quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 EPS. Analysts anticipate that AppFolio will post 3.96 earnings per share for the current year.

Insider Activity at AppFolio

In other news, CFO Timothy Mathias Eaton sold 1,057 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $221.13, for a total transaction of $233,734.41. Following the completion of the sale, the chief financial officer owned 7,176 shares of the company's stock, valued at approximately $1,586,828.88. This trade represents a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Donald Casey III acquired 4,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $217.73 per share, with a total value of $870,920.00. Following the acquisition, the director owned 27,856 shares of the company's stock, valued at approximately $6,065,086.88. This represents a 16.77% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 18,500 shares of company stock valued at $4,024,220 and have sold 11,639 shares valued at $2,547,802. Corporate insiders own 4.68% of the company's stock.

Institutional Trading of AppFolio

Hedge funds have recently modified their holdings of the stock. American Century Companies Inc. boosted its position in shares of AppFolio by 16.4% during the fourth quarter. American Century Companies Inc. now owns 4,693 shares of the software maker's stock worth $1,158,000 after purchasing an additional 661 shares in the last quarter. Norges Bank bought a new position in shares of AppFolio during the fourth quarter worth $68,037,000. Pictet Asset Management Holding SA boosted its position in shares of AppFolio by 15.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,133 shares of the software maker's stock worth $773,000 after purchasing an additional 417 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of AppFolio by 11.4% during the fourth quarter. Alliancebernstein L.P. now owns 30,749 shares of the software maker's stock worth $7,586,000 after purchasing an additional 3,142 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of AppFolio by 8.8% during the fourth quarter. Franklin Resources Inc. now owns 248,850 shares of the software maker's stock worth $61,396,000 after purchasing an additional 20,195 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.