Fred Alger Management LLC Trims Stock Holdings in AppFolio, Inc. $APPF

Key Points

• Fred Alger Management LLC has reduced its stake in AppFolio, Inc. by 51.9% during the first quarter, now holding 7,473 shares valued at approximately $1.64 million.
• Insiders, including CFO Timothy Mathias Eaton, sold a total of 49,303 shares worth about $14.28 million in the last quarter, resulting in a decrease of their ownership.
• AppFolio's shares are trading at approximately $279.59, with a one-year high of $326.04 and a consensus price target of $311.80 from analysts.

Fred Alger Management LLC trimmed its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 51.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,473 shares of the software maker's stock after selling 8,062 shares during the quarter. Fred Alger Management LLC's holdings in AppFolio were worth $1,643,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in shares of AppFolio by 53.0% in the first quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after buying an additional 62 shares during the period. Versant Capital Management Inc raised its holdings in shares of AppFolio by 4,975.0% in the first quarter. Versant Capital Management Inc now owns 203 shares of the software maker's stock worth $45,000 after buying an additional 199 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of AppFolio in the first quarter worth approximately $55,000. Blue Trust Inc. raised its holdings in shares of AppFolio by 330.2% in the first quarter. Blue Trust Inc. now owns 271 shares of the software maker's stock worth $60,000 after buying an additional 208 shares during the period. Finally, UMB Bank n.a. raised its holdings in shares of AppFolio by 73.1% in the first quarter. UMB Bank n.a. now owns 289 shares of the software maker's stock worth $64,000 after buying an additional 122 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Price Performance

NASDAQ APPF traded up $1.30 during midday trading on Monday, hitting $277.39. 27,476 shares of the company traded hands, compared to its average volume of 309,791. The company has a market cap of $9.94 billion, a PE ratio of 50.07 and a beta of 0.89. The company's 50-day simple moving average is $270.29 and its 200-day simple moving average is $236.68. AppFolio, Inc. has a 52 week low of $189.01 and a 52 week high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its 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. The business had revenue of $235.58 million for the quarter, compared to analysts' expectations of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The business's revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. On average, research analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on APPF. Keefe, Bruyette & Woods increased their price target on AppFolio from $295.00 to $311.00 and gave the stock a "market perform" rating in a report on Wednesday, September 3rd. Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $240.00 to $350.00 in a research note on Friday, August 1st. Finally, DA Davidson reissued a "buy" rating and issued a $350.00 price objective on shares of AppFolio in a research note on Friday, August 1st. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, AppFolio presently has a consensus rating of "Moderate Buy" and a consensus price target of $311.80.

Insider Buying and Selling

In other AppFolio news, major shareholder Maurice J. Duca sold 2,500 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $275.57, for a total transaction of $688,925.00. Following the sale, the insider owned 55,795 shares of the company's stock, valued at approximately $15,375,428.15. This trade represents a 4.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Mathias Eaton sold 667 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $276.58, for a total value of $184,478.86. Following the sale, the chief financial officer directly owned 11,142 shares in the company, valued at $3,081,654.36. This trade represents a 5.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,803 shares of company stock worth $14,995,040 over the last quarter. Insiders own 4.68% of the company's stock.

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.