Bank of New York Mellon Corp Takes Position in AppFolio, Inc. $APPF

Key Points

• Bank of New York Mellon acquired 146,702 AppFolio shares worth approximately $23.5 million, while institutional investors and hedge funds collectively own 85.19% of the company.
• Analyst sentiment remains favorable, with AppFolio carrying an average “Buy” rating and a consensus price target of $243.50, despite one downgrade to “Hold.”
• AppFolio exceeded quarterly expectations with $1.71 EPS and $281.12 million in revenue, up 19.3% year over year; however, insiders sold about $34.7 million of stock during the latest quarter.

Bank of New York Mellon Corp acquired a new position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 146,702 shares of the software maker's stock, valued at approximately $23,524,000. Bank of New York Mellon Corp owned approximately 0.41% of AppFolio as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of APPF. Principal Financial Group Inc. grew its stake in shares of AppFolio by 20.9% during the first quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock worth $237,665,000 after purchasing an additional 259,933 shares during the period. Lead Edge Capital Management LLC bought a new stake in shares of AppFolio in the first quarter valued at about $33,183,000. Greenstone Partners & Co. LLC bought a new stake in shares of AppFolio in the fourth quarter valued at about $43,647,000. Millennium Management LLC boosted its position in shares of AppFolio by 158.6% during the fourth quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock worth $65,490,000 after buying an additional 172,627 shares during the period. Finally, Caledonia Private Investments Pty Ltd boosted its position in shares of AppFolio by 45.9% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 332,635 shares of the software maker's stock worth $77,388,000 after buying an additional 104,609 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on APPF. Wall Street Zen downgraded AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. DA Davidson set a $225.00 price objective on shares of AppFolio in a report on Friday, July 24th. Weiss Ratings raised shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Zacks Research upgraded shares of AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of AppFolio in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, AppFolio currently has an average rating of "Buy" and an average price target of $243.50.

AppFolio Price Performance

APPF stock opened at $234.49 on Monday. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 53.54 and a beta of 0.78. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $288.73. The business has a 50 day moving average price of $184.93 and a two-hundred day moving average price of $172.22.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company had revenue of $281.12 million for the quarter, compared to analysts' expectations of $277.35 million. During the same quarter in the prior year, the business posted $1.38 EPS. The business's revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts anticipate that AppFolio, Inc. will post 5.17 EPS for the current fiscal year.

Insider Activity

In other AppFolio news, major shareholder Maurice J. Duca sold 2,656 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $221.85, for a total value of $589,233.60. Following the sale, the insider owned 8,000 shares in the company, valued at $1,774,800. This represents a 24.92% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Mathias Eaton sold 373 shares of AppFolio stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $202.61, for a total value of $75,573.53. Following the transaction, the chief financial officer owned 16,714 shares of the company's stock, valued at $3,386,423.54. This represents a 2.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 179,612 shares of company stock valued at $34,697,503 over the last quarter. 1.57% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source