Fred Alger Management LLC Sells 8,062 Shares of 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 decreased its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 51.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake 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 purchasing an additional 62 shares during the last quarter. Versant Capital Management Inc boosted its stake in AppFolio by 4,975.0% during 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 last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of AppFolio in the 1st quarter valued at $55,000. Blue Trust Inc. raised its holdings in shares of AppFolio by 330.2% in the 1st quarter. Blue Trust Inc. now owns 271 shares of the software maker's stock valued at $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 1st quarter. UMB Bank n.a. now owns 289 shares of the software maker's stock valued at $64,000 after buying an additional 122 shares during the period. Hedge funds and other institutional investors own 85.19% of the company's stock.

Insider Activity

In other AppFolio news, major shareholder Maurice J. Duca sold 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $275.57, for a total value of $688,925.00. Following the sale, the insider owned 55,795 shares in the company, valued at $15,375,428.15. This trade represents a 4.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Shane Trigg sold 3,012 shares of AppFolio stock in a transaction on Friday, August 15th. The shares were sold at an average price of $264.98, for a total transaction of $798,119.76. Following the completion of the sale, the chief executive officer directly owned 63,556 shares of the company's stock, valued at approximately $16,841,068.88. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,803 shares of company stock worth $14,995,040. Insiders own 4.68% of the company's stock.

Analyst Ratings Changes

APPF has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price target on AppFolio from $295.00 to $311.00 and gave the stock a "market perform" rating in a research note on Wednesday, September 3rd. Piper Sandler raised AppFolio from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, DA Davidson restated a "buy" rating and set 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 given a Hold rating to the stock. According to data from MarketBeat, AppFolio currently has an average rating of "Moderate Buy" and a consensus target price of $311.80.

AppFolio Stock Performance

Shares of NASDAQ:APPF traded down $5.39 during midday trading on Friday, hitting $276.09. 259,741 shares of the stock were exchanged, compared to its average volume of 237,240. AppFolio, Inc. has a 52-week low of $189.01 and a 52-week high of $326.04. The business's fifty day simple moving average is $270.29 and its two-hundred day simple moving average is $236.34. The company has a market capitalization of $9.90 billion, a PE ratio of 49.84 and a beta of 0.89.

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