Charles Schwab Investment Management Inc. Cuts Stock Holdings in AppFolio, Inc. $APPF

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in AppFolio, Inc. by 4.4%, selling 7,299 shares, yet still holds 159,543 shares valued at $35,084,000.
• AppFolio's recent quarterly earnings surpassed expectations, reporting a $1.38 EPS against a forecast of $1.27, with revenues of $235.58 million.
• Several institutional investors, including New York State Teachers Retirement System, made significant adjustments to their positions in AppFolio during the first quarter, with a total institutional ownership of 85.19%.

Charles Schwab Investment Management Inc. trimmed its holdings in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,543 shares of the software maker's stock after selling 7,299 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.44% of AppFolio worth $35,084,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. New York State Teachers Retirement System grew its holdings in AppFolio by 80.8% during the 1st quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock worth $1,929,000 after acquiring an additional 3,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of AppFolio in the 1st quarter worth approximately $420,000. Janney Montgomery Scott LLC acquired a new position in shares of AppFolio in the 1st quarter worth approximately $305,000. Oppenheimer Asset Management Inc. lifted its position in shares of AppFolio by 34.8% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker's stock worth $1,110,000 after purchasing an additional 1,304 shares during the period. Finally, Portside Wealth Group LLC acquired a new position in shares of AppFolio in the 1st quarter worth approximately $774,000. 85.19% of the stock is owned by institutional investors.

AppFolio Trading Up 0.9%

NASDAQ APPF traded up $2.51 during mid-day trading on Thursday, hitting $269.97. The company's stock had a trading volume of 188,549 shares, compared to its average volume of 317,409. The company's 50 day simple moving average is $253.66 and its 200 day simple moving average is $229.60. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $326.04. The firm has a market capitalization of $9.68 billion, a price-to-earnings ratio of 48.73 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.11. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The business had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. During the same quarter last year, the firm posted $1.12 EPS. AppFolio's revenue was up 19.4% compared to the same quarter last year. AppFolio has set its FY 2025 guidance at EPS. As a group, research analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on APPF. Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $240.00 to $350.00 in a research report on Friday, August 1st. DA Davidson restated a "buy" rating and issued a $350.00 price target on shares of AppFolio in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and boosted their price target for the stock from $205.00 to $267.00 in a research report on Thursday, July 31st. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $303.00.

Insider Buying and Selling at AppFolio

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

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.