Atika Capital Management LLC Sells 12,800 Shares of AppFolio, Inc. $APPF

Key Points

• Atika Capital Management LLC reduced its stake in AppFolio, Inc. by 22.3%, selling 12,800 shares and retaining 44,500 shares in total, which represents 1.4% of its portfolio.
• Several institutional investors, including Sellaronda Global Management LP and Oberndorf William E, significantly increased their positions in AppFolio, reflecting growing interest in the stock.
• Upcoming earnings projections suggest AppFolio could report an EPS of 3.96 for the current year, following a successful previous quarter where it beat estimates with an EPS of $1.38.

Atika Capital Management LLC lessened its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 22.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 44,500 shares of the software maker's stock after selling 12,800 shares during the period. AppFolio accounts for about 1.4% of Atika Capital Management LLC's investment portfolio, making the stock its 25th biggest holding. Atika Capital Management LLC owned approximately 0.12% of AppFolio worth $9,786,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. New York State Teachers Retirement System grew its holdings in AppFolio by 80.8% during the first quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock valued at $1,929,000 after purchasing an additional 3,922 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of AppFolio in the first quarter worth about $420,000. Janney Montgomery Scott LLC purchased a new stake in shares of AppFolio in the first quarter worth about $305,000. Oppenheimer Asset Management Inc. lifted its position in shares of AppFolio by 34.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker's stock worth $1,110,000 after buying an additional 1,304 shares in the last quarter. Finally, Portside Wealth Group LLC purchased a new stake in shares of AppFolio in the first quarter worth about $774,000. Institutional investors own 85.19% of the company's stock.

AppFolio Stock Performance

APPF stock traded down $0.68 during midday trading on Tuesday, reaching $274.11. 63,641 shares of the company traded hands, compared to its average volume of 315,388. AppFolio, Inc. has a 52-week low of $189.01 and a 52-week high of $326.04. The business has a 50 day moving average of $256.46 and a 200-day moving average of $230.50. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 49.63 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share 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 the consensus estimate of $230.10 million. During the same period in the prior year, the business posted $1.12 earnings per share. The company's revenue for the quarter was up 19.4% on a year-over-year basis. AppFolio has set its FY 2025 guidance at EPS. Research analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insider Activity at AppFolio

In other news, major shareholder Maurice J. Duca sold 2,324 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $276.80, for a total value of $643,283.20. Following the sale, the insider directly owned 35,376 shares in the company, valued at approximately $9,792,076.80. This represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William Shane Trigg sold 3,012 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $264.98, for a total value of $798,119.76. Following the completion of the sale, the chief executive officer owned 63,556 shares in the company, valued at approximately $16,841,068.88. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 18,500 shares of company stock worth $4,024,220 and sold 41,018 shares worth $11,774,602. Corporate insiders own 4.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on APPF shares. DA Davidson reiterated a "buy" rating and issued a $350.00 target price on shares of AppFolio in a research report on Friday, August 1st. Piper Sandler upgraded AppFolio from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods upgraded AppFolio from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $205.00 to $267.00 in a research report on Thursday, July 31st. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $303.00.

About AppFolio

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.