AppFolio, Inc. $APPF Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its AppFolio stake by 21.7% in the first quarter, purchasing 61,641 additional shares and bringing its holdings to 345,603 shares worth approximately $54.5 million. Institutional investors collectively own 85.19% of the company.
• AppFolio exceeded quarterly expectations, reporting $1.71 in EPS versus the $1.69 consensus and revenue of $281.12 million, up 19.3% year over year. Analysts maintain a “Buy” consensus with an average price target of $243.50.
• Insiders sold 98,040 shares worth approximately $18.0 million over the past three months, while AppFolio shares opened at $203.02 and carried a market capitalization of about $7.19 billion.

Bank of America Corp DE increased its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 21.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 345,603 shares of the software maker's stock after buying an additional 61,641 shares during the period. Bank of America Corp DE owned about 0.98% of AppFolio worth $54,543,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock valued at $595,691,000 after purchasing an additional 101,466 shares in the last quarter. Principal Financial Group Inc. boosted its stake in AppFolio by 20.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock valued at $237,665,000 after acquiring an additional 259,933 shares during the last quarter. State Street Corp grew its holdings in AppFolio by 1.1% during the 4th quarter. State Street Corp now owns 685,656 shares of the software maker's stock worth $159,518,000 after acquiring an additional 7,585 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in AppFolio by 17.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker's stock worth $155,717,000 after acquiring an additional 98,230 shares in the last quarter. Finally, William Blair Investment Management LLC increased its position in shares of AppFolio by 15.6% in the 4th quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker's stock worth $148,487,000 after purchasing an additional 86,272 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Activity at AppFolio

In related news, major shareholder Maurice J. Duca sold 5,809 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $198.44, for a total transaction of $1,152,737.96. Following the completion of the transaction, the insider owned 22,624 shares in the company, valued at $4,489,506.56. The trade was a 20.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $200.49, for a total transaction of $132,523.89. Following the transaction, the general counsel directly owned 5,894 shares of the company's stock, valued at approximately $1,181,688.06. This trade 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. In the last three months, insiders sold 98,040 shares of company stock worth $17,966,454. Company insiders own 1.57% of the company's stock.

AppFolio Stock Up 1.7%

Shares of NASDAQ:APPF opened at $203.02 on Wednesday. AppFolio, Inc. has a fifty-two week low of $142.56 and a fifty-two week high of $288.73. The firm has a 50-day simple moving average of $170.67 and a 200 day simple moving average of $170.78. The company has a market cap of $7.19 billion, a PE ratio of 46.35 and a beta of 0.78.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its 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. The firm had revenue of $281.12 million for 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%. AppFolio's revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company posted $1.38 earnings per share. As a group, research analysts forecast that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on APPF shares. KeyCorp restated an "overweight" rating on shares of AppFolio in a research note on Monday, July 6th. Piper Sandler decreased their price target on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. UBS Group set a $210.00 price objective on AppFolio in a report on Friday, April 24th. Weiss Ratings cut AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 11th. Finally, Wall Street Zen downgraded AppFolio from a "buy" rating to a "hold" rating in a report on Sunday, July 26th. Two 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. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $243.50.

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.

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