AppFolio, Inc. $APPF Shares Sold by Watchtower Advisors LP

Key Points

• Watchtower Advisors LP cut its stake in AppFolio by 34.7% in Q3, selling 21,253 shares and leaving it with 40,000 shares (about $11.0M and ~0.11% of the company), making AppFolio its 10th-largest holding.
• CEO William Shane Trigg sold 6,963 shares on Feb. 17 for roughly $1.18M, reducing his position by 11.63% to 52,920 shares (insiders now own 4.68% of the stock).
• AppFolio beat Q4 estimates with EPS of $1.39 and revenue of $248.2M (revenue +21.7% YoY), but several brokers trimmed price targets while the consensus remains a Moderate Buy (average target ~$270.83).

Watchtower Advisors LP lessened its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 34.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,000 shares of the software maker's stock after selling 21,253 shares during the period. AppFolio makes up about 5.1% of Watchtower Advisors LP's portfolio, making the stock its 10th biggest position. Watchtower Advisors LP owned approximately 0.11% of AppFolio worth $11,026,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Root Financial Partners LLC acquired a new position in shares of AppFolio in the 3rd quarter valued at $31,000. TD Private Client Wealth LLC lifted its position in AppFolio by 2,116.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker's stock worth $37,000 after acquiring an additional 127 shares during the period. First Horizon Corp acquired a new stake in AppFolio during the 3rd quarter worth about $39,000. Hantz Financial Services Inc. grew its stake in AppFolio by 373.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker's stock valued at $39,000 after purchasing an additional 112 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in AppFolio by 2,200.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker's stock valued at $51,000 after purchasing an additional 176 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppFolio

In related news, CEO William Shane Trigg sold 6,963 shares of the business's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total value of $1,181,829.99. Following the completion of the transaction, the chief executive officer directly owned 52,920 shares in the company, valued at $8,982,111.60. The trade was a 11.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.68% of the stock is currently owned by company insiders.

AppFolio Stock Down 3.3%

AppFolio stock opened at $178.99 on Thursday. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 46.13 and a beta of 0.75. AppFolio, Inc. has a 52 week low of $161.13 and a 52 week high of $326.04. The business's 50-day moving average price is $197.69 and its 200 day moving average price is $231.33.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.17. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.The company had revenue of $248.19 million during the quarter, compared to the consensus estimate of $246.56 million. During the same period in the previous year, the company posted $0.92 earnings per share. AppFolio's revenue for the quarter was up 21.7% on a year-over-year basis. Equities analysts expect that AppFolio, Inc. will post 3.96 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on APPF. Piper Sandler reduced their price objective on AppFolio from $350.00 to $245.00 and set an "overweight" rating for the company in a research note on Friday, January 30th. Wells Fargo & Company reiterated a "buy" rating on shares of AppFolio in a report on Thursday, January 15th. DA Davidson reduced their price target on shares of AppFolio from $325.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, January 30th. JPMorgan Chase & Co. decreased their price objective on shares of AppFolio from $330.00 to $300.00 and set an "overweight" rating for the company in a research note on Friday, January 30th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of AppFolio from $311.00 to $290.00 and set an "outperform" rating on the stock in a report on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $270.83.

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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