6,000 Shares in AppFolio, Inc. $APPF Acquired by Evanson Financial LLC

Key Points

• Evanson Financial acquired 6,000 AppFolio shares worth approximately $962,000 in the second quarter. Institutional investors collectively own 85.19% of the company.
• AppFolio insiders sold 89,318 shares valued at $16.2 million over the past 90 days, including sales by major shareholder Maurice J. Duca and General Counsel Evan Pickering under pre-arranged trading plans.
• Analysts maintain a broadly positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $243.50. AppFolio recently beat quarterly earnings and revenue estimates, while revenue increased 19.3% year over year.

Evanson Financial LLC acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,000 shares of the software maker's stock, valued at approximately $962,000.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in AppFolio by 74.5% in the 2nd quarter. GAMMA Investing LLC now owns 834 shares of the software maker's stock valued at $134,000 after purchasing an additional 356 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of AppFolio by 169.0% during the second quarter. Versant Capital Management Inc now owns 452 shares of the software maker's stock worth $72,000 after purchasing an additional 284 shares during the last quarter. Pacer Advisors Inc. increased its holdings in AppFolio by 1,913.2% in the first quarter. Pacer Advisors Inc. now owns 71,790 shares of the software maker's stock valued at $11,330,000 after buying an additional 68,224 shares during the last quarter. Optiver Holding B.V. raised its position in shares of AppFolio by 827.8% during the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of AppFolio by 21.7% in the 1st quarter. Bank of America Corp DE now owns 345,603 shares of the software maker's stock valued at $54,543,000 after buying an additional 61,641 shares during the period. Hedge funds and other institutional investors own 85.19% of the company's stock.

Insider Activity

In other news, major shareholder Maurice J. Duca sold 1,134 shares of AppFolio stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $197.13, for a total transaction of $223,545.42. Following the transaction, the insider owned 59,662 shares in the company, valued at $11,761,170.06. The trade was a 1.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Evan Pickering sold 661 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $200.49, for a total transaction of $132,523.89. Following the sale, the general counsel directly owned 5,894 shares of the company's stock, valued at $1,181,688.06. This represents a 10.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 89,318 shares of company stock valued at $16,175,746 over the last 90 days. Corporate insiders own 1.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on APPF shares. Weiss Ratings lowered AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. DA Davidson set a $225.00 target price on AppFolio in a research note on Friday, July 24th. Zacks Research raised shares of AppFolio from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Guggenheim began coverage on AppFolio in a report on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price objective on the stock. Finally, UBS Group set a $210.00 price target on AppFolio in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $243.50.

AppFolio Trading Up 2.4%

AppFolio stock opened at $198.74 on Friday. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $300.25. The company has a market cap of $7.04 billion, a PE ratio of 45.37 and a beta of 0.78. The company's 50-day moving average is $169.70 and its two-hundred day moving average is $171.29.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, beating the consensus estimate of $1.69 by $0.02. The company had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 EPS. Research analysts forecast that AppFolio, Inc. will post 5.16 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source