Cerity Partners LLC Sells 5,645 Shares of AppFolio, Inc. (NASDAQ:APPF)

Cerity Partners LLC reduced its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 37.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,253 shares of the software maker's stock after selling 5,645 shares during the period. Cerity Partners LLC's holdings in AppFolio were worth $2,035,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in APPF. FMR LLC boosted its stake in shares of AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after buying an additional 536,591 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in AppFolio during the fourth quarter worth $103,503,000. Norges Bank bought a new stake in AppFolio during the fourth quarter worth $68,037,000. Principal Financial Group Inc. lifted its stake in AppFolio by 121.2% during the first quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after purchasing an additional 220,239 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in AppFolio by 43.2% during the fourth quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock worth $161,756,000 after purchasing an additional 197,700 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. DA Davidson upgraded AppFolio to a "strong-buy" rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods cut their target price on AppFolio from $210.00 to $205.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Piper Sandler upped their target price on AppFolio from $208.00 to $240.00 and gave the stock a "neutral" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $261.33.

Insider Buying and Selling at AppFolio

In related news, CEO William Shane Trigg sold 5,900 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $211.45, for a total value of $1,247,555.00. Following the completion of the sale, the chief executive officer directly owned 70,647 shares in the company, valued at $14,938,308.15. This represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy Mathias Eaton sold 1,057 shares of the stock in a transaction on 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 sale, the chief financial officer owned 7,176 shares of the company's stock, valued at $1,586,828.88. The trade was a 12.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 18,500 shares of company stock worth $4,024,220 and have sold 11,639 shares worth $2,547,802. 4.68% of the stock is currently owned by insiders.

AppFolio Stock Down 1.2%

Shares of APPF stock opened at $250.95 on Monday. The firm has a market capitalization of $9.04 billion, a P/E ratio of 46.82 and a beta of 0.88. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $274.56. The stock's fifty day simple moving average is $225.31 and its 200 day simple moving average is $225.32.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The software maker reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). The firm had revenue of $217.70 million for the quarter, compared to the consensus estimate of $220.95 million. AppFolio had a return on equity of 25.83% and a net margin of 23.87%. The company's revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, equities research analysts expect that AppFolio, Inc. will post 3.96 EPS for the current fiscal 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.

Want to see what other hedge funds are holding APPF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppFolio, Inc. (NASDAQ:APPF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.