Bank of America Corp DE Decreases Position in AppFolio, Inc. (NASDAQ:APPF)

Bank of America Corp DE lowered its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 41.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,707 shares of the software maker's stock after selling 37,188 shares during the period. Bank of America Corp DE owned approximately 0.15% of AppFolio worth $13,004,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of APPF. Exchange Traded Concepts LLC increased its stake in AppFolio by 6.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 642 shares of the software maker's stock valued at $158,000 after acquiring an additional 40 shares during the last quarter. Independent Advisor Alliance boosted its holdings in shares of AppFolio by 2.1% in the 4th quarter. Independent Advisor Alliance now owns 2,607 shares of the software maker's stock worth $643,000 after purchasing an additional 53 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of AppFolio by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock valued at $2,457,000 after purchasing an additional 60 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of AppFolio by 11.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 616 shares of the software maker's stock valued at $152,000 after buying an additional 65 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of AppFolio by 60.4% during the 4th quarter. Jones Financial Companies Lllp now owns 247 shares of the software maker's stock valued at $61,000 after buying an additional 93 shares in the last quarter. Institutional investors own 85.19% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on APPF shares. Keefe, Bruyette & Woods reduced their price target on shares of AppFolio from $210.00 to $205.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Piper Sandler reaffirmed a "neutral" rating and set a $265.00 target price on shares of AppFolio in a report on Wednesday, April 23rd. DA Davidson raised shares of AppFolio to a "strong-buy" rating in a research note on Tuesday, May 13th. William Blair reaffirmed an "outperform" rating on shares of AppFolio in a research note on Friday, January 31st. Finally, Stephens reissued an "overweight" rating and issued a $295.00 target price on shares of AppFolio in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $274.43.

Insider Buying and Selling

In related news, CFO Timothy Mathias Eaton sold 1,057 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $221.13, for a total value of $233,734.41. Following the completion of the transaction, the chief financial officer now directly owns 7,176 shares of the company's stock, valued at $1,586,828.88. This represents a 12.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William Shane Trigg sold 5,900 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $211.45, for a total transaction of $1,247,555.00. Following the completion of the sale, the chief executive officer now owns 70,647 shares of the company's stock, valued at $14,938,308.15. This trade represents a 7.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.24% of the stock is currently owned by insiders.

AppFolio Stock Up 1.6%

Shares of NASDAQ:APPF traded up $3.37 during midday trading on Tuesday, hitting $213.20. 80,593 shares of the stock traded hands, compared to its average volume of 271,376. The business's 50 day moving average is $216.67 and its two-hundred day moving average is $231.06. The stock has a market capitalization of $7.68 billion, a PE ratio of 38.41 and a beta of 0.99. AppFolio, Inc. has a one year low of $189.01 and a one year high of $274.56.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The software maker reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a net margin of 25.69% and a return on equity of 26.21%. The business had revenue of $217.70 million for the quarter, compared to the consensus estimate of $220.95 million. The company's revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 EPS. As a group, sell-side analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

AppFolio Company 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.