AppFolio, Inc. $APPF Shares Sold by Ashe Capital Management LP

Key Points

• Ashe Capital Management trimmed its AppFolio stake by 2.8% in the first quarter, but still held 1,047,915 shares worth about $165.4 million. AppFolio remained the fund’s second-largest holding and made up 20.7% of its portfolio.
• AppFolio reported strong Q2 results, posting EPS of $1.71 versus the $1.69 estimate and revenue of $281.1 million, up 19.3% year over year and above expectations. The company also lifted its full-year 2026 outlook.
• Analyst sentiment remains broadly bullish, with multiple firms maintaining or raising price targets and Guggenheim starting coverage with a buy rating and $232 target. The stock’s average analyst rating is Buy with an average target price of $243.50.

Ashe Capital Management LP trimmed its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 2.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,047,915 shares of the software maker's stock after selling 30,000 shares during the period. AppFolio makes up 20.7% of Ashe Capital Management LP's investment portfolio, making the stock its 2nd largest holding. Ashe Capital Management LP owned about 2.96% of AppFolio worth $165,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APPF. Principal Financial Group Inc. boosted its stake in shares of AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock worth $237,665,000 after buying an additional 259,933 shares during the period. Greenstone Partners & Co. LLC acquired a new position in AppFolio in the 4th quarter valued at about $43,647,000. Millennium Management LLC increased its position in AppFolio by 158.6% in the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock valued at $65,490,000 after acquiring an additional 172,627 shares during the period. Caledonia Private Investments Pty Ltd raised its stake in AppFolio by 45.9% during the 4th quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker's stock valued at $77,388,000 after acquiring an additional 104,609 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in AppFolio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock valued at $595,691,000 after acquiring an additional 101,466 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

Insider Activity at AppFolio

In other AppFolio news, insider Elizabeth Erin Barat sold 1,978 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total value of $312,761.36. Following the completion of the transaction, the insider directly owned 21,545 shares of the company's stock, valued at approximately $3,406,695.40. This trade represents a 8.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Evan Pickering sold 660 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $155.25, for a total transaction of $102,465.00. Following the completion of the transaction, the general counsel directly owned 6,555 shares of the company's stock, valued at approximately $1,017,663.75. This trade represents a 9.15% decrease in their ownership of the stock. 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. Insiders sold a total of 30,657 shares of company stock valued at $5,310,740 in the last ninety days. Company insiders own 1.57% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on APPF. DA Davidson set a $225.00 target price on AppFolio in a research note on Friday. Benchmark upped their price target on AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Guggenheim started coverage on AppFolio in a report on Wednesday. They set a "buy" rating and a $232.00 price target for the company. KeyCorp reiterated an "overweight" rating on shares of AppFolio in a research report on Monday, July 6th. Finally, Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $243.50.

AppFolio Stock Performance

NASDAQ:APPF opened at $165.05 on Friday. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $326.04. The stock has a fifty day moving average price of $164.76 and a two-hundred day moving average price of $173.91. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 37.68 and a beta of 0.79.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.71 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 32.77%. The company had revenue of $281.12 million for the quarter, compared to analyst estimates of $277.35 million. During the same period in the previous year, the firm earned $1.38 EPS. The business's revenue was up 19.3% on a year-over-year basis. On average, analysts predict that AppFolio, Inc. will post 5.04 EPS for the current year.

AppFolio News Summary

Here are the key news stories impacting AppFolio this week:

• Positive Sentiment: AppFolio delivered Q2 earnings of $1.71 per share, topping estimates, while revenue rose 19.3% year over year to $281.1 million, also ahead of forecasts. AppFolio's Q2 Earnings Beat Estimates, Revenues Rise Y/Y
• Positive Sentiment: The company lifted its full-year 2026 outlook, which suggests management sees momentum continuing beyond the latest quarter. AppFolio, Inc. Announces Second Quarter 2026 Financial Results
• Positive Sentiment: Guggenheim upgraded AppFolio to strong-buy, adding to bullish sentiment around the stock after the earnings release. Zacks.com
• Positive Sentiment: Management highlighted premium-tier adoption and Value Added Services as key growth drivers, which could support higher recurring revenue and better monetization over time. AppFolio (APPF) Beats Q2 Earnings and Revenue Estimates

AppFolio 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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