Envestnet Asset Management Inc. Raises Position in AppFolio, Inc. (NASDAQ:APPF)

Envestnet Asset Management Inc. lifted its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 236.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,429 shares of the software maker's stock after buying an additional 49,508 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of AppFolio worth $15,487,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in APPF. New York State Teachers Retirement System increased its holdings in AppFolio by 80.8% in the 1st quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock valued at $1,929,000 after purchasing an additional 3,922 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of AppFolio during the first quarter valued at about $420,000. Janney Montgomery Scott LLC acquired a new stake in shares of AppFolio during the first quarter valued at about $305,000. Oppenheimer Asset Management Inc. grew its stake in shares of AppFolio by 34.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker's stock valued at $1,110,000 after acquiring an additional 1,304 shares in the last quarter. Finally, Portside Wealth Group LLC acquired a new stake in shares of AppFolio during the first quarter valued at about $774,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Timothy K. Bliss acquired 7,500 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average cost of $217.02 per share, for a total transaction of $1,627,650.00. Following the transaction, the director owned 7,500 shares in the company, valued at approximately $1,627,650. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Mathias Eaton sold 1,057 shares of AppFolio stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $221.13, for a total transaction of $233,734.41. Following the transaction, the chief financial officer owned 7,176 shares in the company, valued at approximately $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. In the last 90 days, insiders bought 18,500 shares of company stock worth $4,024,220 and sold 11,639 shares worth $2,547,802. 4.68% of the stock is currently owned by company insiders.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $253.97 on Friday. AppFolio, Inc. has a 12 month low of $189.01 and a 12 month high of $274.56. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 47.38 and a beta of 0.88. The stock's 50 day moving average price is $224.58 and its 200 day moving average price is $225.60.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $217.70 million during the quarter, compared to analyst estimates of $220.95 million. AppFolio had a return on equity of 25.83% and a net margin of 23.87%. The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.05 EPS. On average, sell-side analysts expect that AppFolio, Inc. will post 3.96 EPS for the current year.

Analyst Ratings Changes

APPF has been the topic of several research analyst reports. Piper Sandler increased their price target on shares of AppFolio from $208.00 to $240.00 and gave the stock a "neutral" rating in a research report on Thursday. 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. Finally, DA Davidson raised shares of AppFolio to a "strong-buy" rating in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, AppFolio has an average rating of "Moderate Buy" and an average price target of $261.33.

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.

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