AppFolio, Inc. (NASDAQ:APPF) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. sold 8,355 shares of AppFolio, Inc., reducing its holdings by 41.6% during the first quarter, leaving it with 11,736 shares valued at approximately $2.58 million.
• AppFolio's stock recently traded at $312.37, marking a 12-month high of $326.04 and a low of $189.01, with analysts projecting 3.96 EPS for the current year.
• Several analysts upgraded their ratings on AppFolio, with target prices ranging from $267.00 to $350.00, signaling a potential positive outlook for the company's stock.

Federated Hermes Inc. reduced its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 41.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,736 shares of the software maker's stock after selling 8,355 shares during the period. Federated Hermes Inc.'s holdings in AppFolio were worth $2,581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in APPF. FMR LLC lifted its stake in AppFolio by 881.2% during the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock worth $147,411,000 after purchasing an additional 536,591 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in AppFolio in the fourth quarter valued at $103,503,000. Principal Financial Group Inc. increased its holdings in AppFolio by 121.2% in the first quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock valued at $88,375,000 after buying an additional 220,239 shares during the last quarter. AQR Capital Management LLC increased its holdings in AppFolio by 43.2% in the fourth quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock valued at $161,756,000 after buying an additional 197,700 shares during the last quarter. Finally, Fiera Capital Corp purchased a new position in shares of AppFolio during the first quarter worth about $35,896,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppFolio

In related news, Director Robert Donald Casey III acquired 4,000 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $217.73 per share, with a total value of $870,920.00. Following the purchase, the director directly owned 27,856 shares of the company's stock, valued at approximately $6,065,086.88. This represents a 16.77% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Maurice J. Duca sold 2,500 shares of AppFolio stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $308.13, for a total transaction of $770,325.00. Following the transaction, the insider owned 75,795 shares in the company, valued at $23,354,713.35. The trade was a 3.19% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders bought 18,500 shares of company stock worth $4,024,220 and sold 31,439 shares worth $8,628,860. 4.68% of the stock is currently owned by corporate insiders.

AppFolio Stock Down 5.7%

Shares of AppFolio stock traded down $17.01 during trading on Friday, hitting $283.36. 635,501 shares of the company were exchanged, compared to its average volume of 382,130. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 51.15 and a beta of 0.95. AppFolio, Inc. has a fifty-two week low of $189.01 and a fifty-two week high of $326.04. The firm has a 50 day moving average price of $245.54 and a 200 day moving average price of $228.63.

AppFolio (NASDAQ:APPF - Get Free Report) last released its earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping 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 firm had revenue of $235.58 million during the quarter, compared to analysts' expectations of $230.10 million. During the same period in the previous year, the company earned $1.12 EPS. AppFolio's revenue for the quarter was up 19.4% on a year-over-year basis. Analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $240.00 to $350.00 in a report on Friday, August 1st. DA Davidson restated a "buy" rating and issued a $350.00 price objective on shares of AppFolio in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods raised 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 note on Thursday, July 31st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, AppFolio has a consensus rating of "Moderate Buy" and a consensus target price of $303.00.

AppFolio 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.