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

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its AppFolio stake by 2.1% to 26,296 shares, while institutional investors and hedge funds collectively own 85.19% of the company.
• AppFolio exceeded quarterly expectations: The company reported $1.71 in EPS and $281.12 million in revenue, beating estimates and recording 19.3% year-over-year revenue growth.
• Analyst sentiment remains positive, but insiders have sold shares: AppFolio has a consensus “Buy” rating and an average price target of $243.50, while insiders sold 176,217 shares worth $34.2 million during the last quarter.

California State Teachers Retirement System boosted its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,296 shares of the software maker's stock after purchasing an additional 530 shares during the period. California State Teachers Retirement System owned approximately 0.07% of AppFolio worth $4,216,564 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of AppFolio by 20.9% in 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 last quarter. Nellore Capital Management LLC grew its stake in AppFolio by 2.9% in the 2nd quarter. Nellore Capital Management LLC now owns 654,865 shares of the software maker's stock valued at $105,008,000 after purchasing an additional 18,563 shares during the period. William Blair Investment Management LLC boosted its holdings in AppFolio by 15.6% in the 4th quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker's stock valued at $148,487,000 after purchasing an additional 86,272 shares during the period. Geode Capital Management LLC raised its holdings in AppFolio by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 472,491 shares of the software maker's stock valued at $109,947,000 after buying an additional 11,588 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in AppFolio by 6.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 384,529 shares of the software maker's stock valued at $60,686,000 after buying an additional 23,428 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Activity

In other AppFolio news, major shareholder Maurice Duca sold 7,200 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $181.72, for a total transaction of $1,308,384.00. Following the sale, the insider owned 34,198 shares of the company's stock, valued at $6,214,460.56. This represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 176,217 shares of company stock worth $34,157,323. Insiders own 1.57% of the company's stock.

AppFolio Stock Performance

APPF stock traded up $5.21 during trading on Tuesday, reaching $227.08. The company had a trading volume of 233,834 shares, compared to its average volume of 386,777. The firm has a 50-day simple moving average of $197.81 and a 200-day simple moving average of $175.46. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $285.61. The company has a market cap of $8.04 billion, a price-to-earnings ratio of 51.81 and a beta of 0.85.

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 (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. During the same period in the previous year, the company earned $1.38 EPS. The company's revenue for the quarter was up 19.3% on a year-over-year basis. Sell-side analysts expect that AppFolio, Inc. will post 5.17 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on APPF. Guggenheim assumed coverage on shares of AppFolio in a research report on Wednesday, July 22nd. They set a "buy" rating and a $232.00 target price on the stock. 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 report on Sunday, July 26th. Weiss Ratings upgraded AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised AppFolio from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $243.50.

AppFolio Company Profile

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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