AppFolio, Inc. $APPF Holdings Reduced by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. cut its AppFolio stake by 63.3% in the third quarter, leaving it with 3,378 shares valued at approximately $677,000. Institutional investors collectively own 85.19% of the company.
• AppFolio exceeded quarterly expectations, reporting $1.71 in adjusted earnings per share and $281.12 million in revenue, with revenue up 19.3% year over year.
• APPF shares opened at $212.13, while analysts maintain a “Moderate Buy” consensus and an average price target of $249.75; however, insiders have sold about $28.3 million worth of stock over the past 90 days.

First Citizens Bank & Trust Co. lowered its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 63.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,378 shares of the software maker's stock after selling 5,825 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in AppFolio were worth $677,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in APPF. Riverbridge Partners LLC bought a new position in shares of AppFolio in the first quarter worth $13,906,000. SG Americas Securities LLC increased its holdings in shares of AppFolio by 666.2% during the first quarter. SG Americas Securities LLC now owns 25,185 shares of the software maker's stock valued at $3,975,000 after purchasing an additional 21,898 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of AppFolio during the second quarter valued at about $3,004,000. Public Employees Retirement System of Ohio bought a new stake in shares of AppFolio during the second quarter valued at about $1,043,000. Finally, Royal Bank of Canada raised its stake in shares of AppFolio by 19.6% during the first quarter. Royal Bank of Canada now owns 52,466 shares of the software maker's stock valued at $8,280,000 after purchasing an additional 8,582 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Activity at AppFolio

In other news, major shareholder Maurice Duca sold 7,200 shares of AppFolio stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $181.72, for a total value of $1,308,384.00. Following the transaction, the insider directly owned 34,198 shares of the company's stock, valued at $6,214,460.56. This trade represents a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 143,817 shares of company stock valued at $28,302,484 in the last ninety days. Company insiders own 1.57% of the company's stock.

AppFolio Price Performance

APPF stock opened at $212.13 on Friday. The firm has a market cap of $7.51 billion, a PE ratio of 48.43 and a beta of 0.89. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $265.02. The firm has a 50 day simple moving average of $210.83 and a 200 day simple moving average of $180.89.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million during the quarter, compared to analyst estimates of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%. The company's revenue was up 19.3% compared to the same quarter last year. During the same period last year, the company posted $1.38 EPS. As a group, sell-side analysts expect that AppFolio, Inc. will post 5.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on APPF shares. Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. Zacks Research lowered shares of AppFolio from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 23rd. Guggenheim assumed coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price target for the company. Weiss Ratings upgraded shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Finally, DA Davidson set a $240.00 price objective on shares of AppFolio in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, AppFolio has a consensus rating of "Moderate Buy" and an average price target of $249.75.

About AppFolio

AppFolio, Inc NASDAQ: APPF develops cloud-based software and technology solutions for the real estate industry. Its platform is designed primarily for property managers and real estate businesses, helping them manage operations, accounting, leasing, maintenance, communication, payments and other property-related workflows from a centralized system.

The company's offerings include AppFolio Property Manager and related services for residential, commercial and community association properties.

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