AppFolio, Inc. $APPF Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its AppFolio stake by 16,264.8% in the second quarter, acquiring 4.19 million additional shares. It now owns 11.9% of the company, valued at approximately $676.1 million.
• Analyst sentiment remains positive, with AppFolio carrying a consensus “Buy” rating and an average price target of $243.50. Ratings included upgrades to “strong buy” and new coverage from Guggenheim with a $232 target.
• AppFolio beat quarterly expectations, reporting $1.71 in earnings per share and $281.12 million in revenue, while revenue rose 19.3% year over year. Insiders sold 176,217 shares worth approximately $34.2 million during the latest quarter.

California State Teachers Retirement System increased its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 16,264.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,216,564 shares of the software maker's stock after purchasing an additional 4,190,798 shares during the quarter. California State Teachers Retirement System owned 11.90% of AppFolio worth $676,126,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of APPF. EverSource Wealth Advisors LLC lifted its holdings in shares of AppFolio by 101.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock valued at $26,000 after buying an additional 56 shares during the period. Optiver Holding B.V. raised its position in AppFolio by 827.8% in the first quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock worth $26,000 after acquiring an additional 149 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock valued at $53,000 after acquiring an additional 63 shares during the period. Advisory Services Network LLC acquired a new stake in AppFolio in the third quarter valued at $55,000. Finally, Employees Retirement System of Texas purchased a new stake in shares of AppFolio during the 3rd quarter worth $58,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

AppFolio Stock Performance

NASDAQ:APPF opened at $208.48 on Monday. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $285.61. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 47.60 and a beta of 0.85. The company's 50-day moving average is $196.90 and its two-hundred day moving average is $175.07.

AppFolio (NASDAQ:APPF - Get Free Report) last released 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 firm 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 business's quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.38 earnings per share. On average, equities research analysts forecast that AppFolio, Inc. will post 5.17 earnings per share for the current fiscal year.

Insider Transactions at AppFolio

In other AppFolio news, CFO Timothy Eaton sold 373 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $202.61, for a total value of $75,573.53. Following the completion of the transaction, the chief financial officer owned 16,714 shares in the company, valued at $3,386,423.54. This represents a 2.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice Duca sold 2,656 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $221.85, for a total transaction of $589,233.60. Following the sale, the insider directly owned 8,000 shares of the company's stock, valued at approximately $1,774,800. The trade was a 24.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 176,217 shares of company stock valued at $34,157,323. Insiders own 1.57% of the company's stock.

About AppFolio

AppFolio, Inc provides cloud-based software and technology solutions for the real estate industry. Its platform is designed to help property managers and real estate businesses manage core operations, including accounting, leasing, maintenance, communications, payments, reporting and resident services.

The company's AppFolio Property Manager platform serves a range of property types, including residential, commercial, student housing and community associations. AppFolio also offers solutions for real estate investment management, along with workflow automation, data and reporting tools, online payment processing and other services intended to help customers operate more efficiently and improve the experience for owners, residents and tenants.

AppFolio was founded in 2006 and is headquartered in Santa Barbara, California.

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