6,505 Shares in AppFolio, Inc. $APPF Purchased by Public Employees Retirement System of Ohio

Key Points

• Ohio’s public employees’ retirement system purchased 6,505 AppFolio shares worth approximately $1.04 million, while institutional investors collectively own 85.19% of the company.
• AppFolio’s latest quarterly results exceeded expectations, with EPS of $1.71 versus $1.69 expected and revenue of $281.12 million, up 19.3% year over year.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $243.50 price target; however, insiders have sold 179,612 shares worth about $34.7 million over the past 90 days.

Public Employees Retirement System of Ohio purchased a new stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,505 shares of the software maker's stock, valued at approximately $1,043,000.

A number of other institutional investors also recently bought and sold shares of APPF. Principal Financial Group Inc. boosted its stake in shares of AppFolio by 20.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock worth $237,665,000 after purchasing an additional 259,933 shares during the period. Lead Edge Capital Management LLC bought a new stake in AppFolio in the first quarter worth about $33,183,000. Greenstone Partners & Co. LLC bought a new position in shares of AppFolio during the fourth quarter valued at approximately $43,647,000. Millennium Management LLC grew its stake in shares of AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock valued at $65,490,000 after buying an additional 172,627 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of AppFolio in the second quarter worth approximately $23,524,000. 85.19% of the stock is currently owned by institutional investors.

AppFolio Stock Down 3.9%

NASDAQ:APPF opened at $206.01 on Wednesday. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 47.03 and a beta of 0.85. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $287.50. The firm has a 50 day moving average of $194.63 and a 200 day moving average of $174.31.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same period in the prior year, the firm posted $1.38 earnings per share. The business's quarterly revenue was up 19.3% on a year-over-year basis. As a group, analysts expect that AppFolio, Inc. will post 5.17 EPS for the current year.

Analyst Upgrades and Downgrades

APPF has been the topic of a number of recent analyst reports. Wall Street Zen lowered AppFolio from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. Zacks Research upgraded shares of AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. KeyCorp reaffirmed an "overweight" rating on shares of AppFolio in a research note on Monday, July 6th. Guggenheim assumed coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 target price on the stock. Finally, Weiss Ratings raised shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $243.50.

Insider Transactions at AppFolio

In other AppFolio news, major shareholder Maurice Duca sold 7,200 shares of AppFolio stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the completion of the sale, the insider owned 42,400 shares of the company's stock, valued at approximately $7,645,568. The trade was a 14.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 179,612 shares of company stock valued at $34,697,503. Company insiders own 1.57% of the company's stock.

About AppFolio

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.

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