Gallacher Capital Management LLC Increases Stake in AppFolio, Inc. (NASDAQ:APPF)

Gallacher Capital Management LLC lifted its holdings in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 162.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,160 shares of the software maker's stock after purchasing an additional 1,338 shares during the period. Gallacher Capital Management LLC's holdings in AppFolio were worth $475,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC lifted its stake in shares of AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after buying an additional 536,591 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of AppFolio during the fourth quarter valued at about $103,503,000. Norges Bank bought a new position in shares of AppFolio during the 4th quarter worth approximately $68,037,000. Principal Financial Group Inc. lifted its position in shares of AppFolio by 121.2% during the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after buying an additional 220,239 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of AppFolio by 43.2% during the 4th quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock worth $161,756,000 after buying an additional 197,700 shares in the last quarter. Institutional investors own 85.19% of the company's stock.

AppFolio Stock Up 1.3%

Shares of APPF traded up $3.44 during mid-day trading on Thursday, hitting $264.96. 87,449 shares of the company's stock traded hands, compared to its average volume of 300,246. AppFolio, Inc. has a 1 year low of $189.01 and a 1 year high of $273.00. The firm has a market capitalization of $9.55 billion, a P/E ratio of 49.43 and a beta of 0.88. The business's 50-day moving average price is $226.71 and its 200-day moving average price is $225.53.

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

Analyst Upgrades and Downgrades

APPF has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective 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. Piper Sandler increased their price objective on AppFolio from $208.00 to $240.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, DA Davidson upgraded AppFolio to a "strong-buy" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppFolio currently has an average rating of "Moderate Buy" and a consensus target price of $261.33.

Insider Activity

In other news, Director Timothy K. Bliss purchased 7,500 shares of AppFolio stock in a transaction that occurred on Thursday, June 5th. The shares were bought at an average cost of $217.02 per share, with a total value of $1,627,650.00. Following the completion of the purchase, the director directly owned 7,500 shares in the company, valued at approximately $1,627,650. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth Erin Barat sold 4,682 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $227.79, for a total transaction of $1,066,512.78. Following the completion of the sale, the insider directly owned 17,926 shares in the company, valued at $4,083,363.54. This represents a 20.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 18,500 shares of company stock worth $4,024,220 and have sold 11,639 shares worth $2,547,802. 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.