Global Endowment Management LP Trims Stock Position in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• Global Endowment Management LP has reduced its stake in AppFolio, Inc. by 66.5%, now holding 2,194 shares valued at $482,000 after selling 4,355 shares in the first quarter.
• Several hedge funds have increased their positions in AppFolio, with AQR Capital Management growing its stake by 43.2% and Principal Financial Group increasing its stake by 121.2%.
• AppFolio recently reported earnings of $1.38 per share, exceeding analyst estimates, and generated $235.58 million in revenue for the quarter, marking a 19.4% year-over-year increase.

Global Endowment Management LP lowered its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 66.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,194 shares of the software maker's stock after selling 4,355 shares during the period. Global Endowment Management LP's holdings in AppFolio were worth $482,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in AppFolio by 43.2% in 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. Gilder Gagnon Howe & Co. LLC grew its stake in AppFolio by 4.7% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker's stock worth $141,350,000 after buying an additional 25,566 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in AppFolio in the 4th quarter worth approximately $103,503,000. Principal Financial Group Inc. grew its stake in AppFolio by 121.2% in 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, Nellore Capital Management LLC grew its stake in AppFolio by 18.6% in the 4th quarter. Nellore Capital Management LLC now owns 371,934 shares of the software maker's stock worth $91,764,000 after buying an additional 58,315 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on APPF. Keefe, Bruyette & Woods raised shares of 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. Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $240.00 to $350.00 in a report on Friday, August 1st. Finally, DA Davidson reaffirmed a "buy" rating and issued a $350.00 price objective on shares of AppFolio in a research note on Friday, August 1st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $303.00.

AppFolio Stock Down 0.0%

NASDAQ:APPF opened at $265.30 on Friday. AppFolio, Inc. has a 52 week low of $189.01 and a 52 week high of $326.04. The firm has a market capitalization of $9.51 billion, a P/E ratio of 47.89 and a beta of 0.95. The company has a fifty day moving average of $251.01 and a 200 day moving average of $229.12.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $235.58 million during the quarter, compared to analyst estimates of $230.10 million. During the same period in the prior year, the business earned $1.12 EPS. The company's revenue for the quarter was up 19.4% on a year-over-year basis. As a group, analysts anticipate that AppFolio, Inc. will post 3.96 EPS for the current year.

Insiders Place Their Bets

In other AppFolio news, insider Elizabeth Erin Barat sold 4,682 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $227.79, for a total value of $1,066,512.78. Following the completion of the transaction, the insider directly owned 17,926 shares in the company, valued at approximately $4,083,363.54. This represents a 20.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy K. Bliss bought 7,500 shares of AppFolio stock in a transaction dated Thursday, June 5th. The stock was acquired at an average cost of $217.02 per share, for a total transaction of $1,627,650.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. In the last ninety days, insiders purchased 18,500 shares of company stock worth $4,024,220 and sold 38,006 shares worth $10,976,482. Company insiders own 4.68% of the company's stock.

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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