AppFolio, Inc. (NASDAQ:APPF) Shares Acquired by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its stake in AppFolio, Inc. by 696.6% in Q1, owning a total of 20,416 shares worth approximately $4.49 million.
• AppFolio reported a quarterly EPS of $1.38, surpassing estimates, with revenue rising 19.4% year-over-year to $235.58 million.
• Brokerages have raised AppFolio's price target, with Piper Sandler boosting it from $240 to $350 and a consensus rating of "Moderate Buy".

Townsquare Capital LLC grew its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 696.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,416 shares of the software maker's stock after acquiring an additional 17,853 shares during the quarter. Townsquare Capital LLC owned about 0.06% of AppFolio worth $4,489,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Treasurer of the State of North Carolina increased its stake in AppFolio by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock worth $2,457,000 after purchasing an additional 60 shares during the period. Fifth Third Bancorp increased its stake in AppFolio by 53.0% in the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock valued at $39,000 after purchasing an additional 62 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of AppFolio by 4.7% in the fourth quarter. Tidal Investments LLC now owns 1,492 shares of the software maker's stock valued at $368,000 after acquiring an additional 67 shares during the period. Deutsche Bank AG boosted its holdings in shares of AppFolio by 3.3% in the first quarter. Deutsche Bank AG now owns 2,362 shares of the software maker's stock valued at $519,000 after acquiring an additional 75 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of AppFolio by 7.8% during the fourth quarter. ProShare Advisors LLC now owns 1,126 shares of the software maker's stock worth $278,000 after purchasing an additional 81 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Buying and Selling

In other news, insider Elizabeth Erin Barat sold 4,682 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $227.79, for a total value of $1,066,512.78. Following the completion of the sale, the insider directly owned 17,926 shares in the company, valued at approximately $4,083,363.54. The trade was a 20.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Maurice J. Duca sold 3,100 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $296.53, for a total value of $919,243.00. Following the completion of the sale, the insider owned 43,700 shares of the company's stock, valued at $12,958,361. This trade represents a 6.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 18,500 shares of company stock worth $4,024,220 and sold 44,963 shares worth $12,457,771. Company insiders own 4.68% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on APPF shares. DA Davidson reaffirmed a "buy" rating and set a $350.00 price target on shares of AppFolio in a report on Friday, August 1st. Keefe, Bruyette & Woods upgraded AppFolio from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $205.00 to $267.00 in a research report on Thursday, July 31st. Finally, Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $240.00 to $350.00 in a research note on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $303.00.

AppFolio Stock Down 1.2%

Shares of NASDAQ APPF traded down $3.32 during midday trading on Thursday, hitting $265.40. The stock had a trading volume of 239,144 shares, compared to its average volume of 319,018. The company has a fifty day moving average price of $249.06 and a 200 day moving average price of $229.00. The company has a market capitalization of $9.51 billion, a price-to-earnings ratio of 47.91 and a beta of 0.95. AppFolio, Inc. has a 1-year low of $189.01 and a 1-year high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.27 by $0.11. AppFolio had a return on equity of 26.32% and a net margin of 23.54%. The firm had revenue of $235.58 million for the quarter, compared to analyst estimates of $230.10 million. During the same period in the previous year, the company posted $1.12 EPS. AppFolio's revenue for the quarter was up 19.4% on a year-over-year basis. On average, research analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

AppFolio Profile

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.