AppFolio, Inc. $APPF Stock Position Lifted by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its AppFolio stake by 2.5% in the fourth quarter, adding 11,588 shares and bringing its total holding to 472,491 shares valued at about $109.9 million.
• AppFolio reported better-than-expected Q1 earnings, posting $1.61 EPS versus the $1.47 consensus estimate and revenue of $262.21 million, up 20.7% year over year.
• Wall Street sentiment remains constructive, with nine Buy ratings and one Hold; the average analyst target price is $252.29, well above the stock’s recent price of $166.94.

Geode Capital Management LLC grew its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 2.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 472,491 shares of the software maker's stock after acquiring an additional 11,588 shares during the period. Geode Capital Management LLC owned 1.32% of AppFolio worth $109,947,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in APPF. EverSource Wealth Advisors LLC boosted its holdings in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after buying an additional 56 shares during the period. Hantz Financial Services Inc. raised its stake in shares of AppFolio by 373.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker's stock valued at $39,000 after buying an additional 112 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of AppFolio by 48.8% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock valued at $53,000 after buying an additional 63 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of AppFolio in the 3rd quarter valued at $55,000. Finally, Employees Retirement System of Texas acquired a new position in shares of AppFolio in the 3rd quarter valued at $58,000. 85.19% of the stock is owned by institutional investors.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $166.94 on Friday. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of 39.75 and a beta of 0.80. AppFolio, Inc. has a 1 year low of $142.73 and a 1 year high of $326.04. The company's 50 day simple moving average is $160.13 and its 200 day simple moving average is $190.31.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its earnings results on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, topping the consensus estimate of $1.47 by $0.14. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The firm had revenue of $262.21 million during the quarter, compared to the consensus estimate of $258.13 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The business's quarterly revenue was up 20.7% on a year-over-year basis. As a group, analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

APPF has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of AppFolio from a "hold" rating to a "buy" rating in a research note on Sunday, March 15th. UBS Group set a $210.00 price objective on shares of AppFolio in a report on Friday, April 24th. Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Weiss Ratings upgraded shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, May 26th. Finally, Benchmark increased their price target on shares of AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $252.29.

Insider Buying and Selling

In other news, insider Elizabeth Erin Barat sold 1,978 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $158.12, for a total transaction of $312,761.36. Following the completion of the sale, the insider directly owned 21,545 shares of the company's stock, valued at $3,406,695.40. This trade represents a 8.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Shane Trigg sold 3,584 shares of AppFolio stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $546,560.00. Following the completion of the sale, the chief executive officer directly owned 76,547 shares of the company's stock, valued at approximately $11,673,417.50. This trade represents a 4.47% 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. 1.57% of the stock is currently owned by corporate insiders.

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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