California State Teachers Retirement System Purchases 5,115 Shares of AppFolio, Inc. $APPF

Key Points

• California State Teachers Retirement System increased its AppFolio stake by 24.8%, buying 5,115 shares to own 25,766 shares worth approximately $4.1 million. Institutional investors collectively own 85.19% of the company.
• Analyst sentiment remains broadly positive, with AppFolio carrying a consensus “Buy” rating and an average price target of $243.50, although Piper Sandler reduced its target to $210.
• AppFolio exceeded quarterly expectations, reporting $1.71 in EPS and $281.12 million in revenue, with revenue up 19.3% year over year. Shares opened at $198.74, while insiders sold roughly $16.2 million of stock during the latest quarter.

California State Teachers Retirement System lifted its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 24.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,766 shares of the software maker's stock after purchasing an additional 5,115 shares during the quarter. California State Teachers Retirement System owned 0.07% of AppFolio worth $4,066,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of APPF. EverSource Wealth Advisors LLC boosted its stake in AppFolio by 101.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after buying an additional 56 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted 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 purchasing an additional 63 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of AppFolio in the 3rd quarter valued at $55,000. Employees Retirement System of Texas bought a new position in shares of AppFolio during the 3rd quarter valued at $58,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of AppFolio during the 3rd quarter valued at $69,000. 85.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on APPF. Piper Sandler lowered their price target on shares of AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Zacks Research upgraded AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Guggenheim initiated coverage on AppFolio in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 target price for the company. Weiss Ratings cut AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Finally, Wall Street Zen lowered AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $243.50.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $198.74 on Friday. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $300.25. The company has a market cap of $7.04 billion, a PE ratio of 45.37 and a beta of 0.78. The stock's 50-day moving average is $169.70 and its 200 day moving average is $171.29.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The business had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. During the same quarter last year, the business posted $1.38 EPS. The business's revenue was up 19.3% on a year-over-year basis. Analysts expect that AppFolio, Inc. will post 5.16 EPS for the current fiscal year.

Insider Buying and Selling at AppFolio

In related news, General Counsel Evan Pickering sold 661 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $200.49, for a total value of $132,523.89. Following the completion of the transaction, the general counsel directly owned 5,894 shares of the company's stock, valued at $1,181,688.06. This represents a 10.08% 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, major shareholder Maurice J. Duca sold 1,134 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $197.13, for a total transaction of $223,545.42. Following the completion of the sale, the insider owned 59,662 shares of the company's stock, valued at $11,761,170.06. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 89,318 shares of company stock worth $16,175,746. 1.57% of the stock is currently owned by company insiders.

About AppFolio

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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