GW&K Investment Management LLC Sells 22,004 Shares of AppFolio, Inc. $APPF

Key Points

• GW&K Investment Management cut its AppFolio stake by 13.3%, selling 22,004 shares and ending the quarter with 143,403 shares worth about $39.53 million.
• Insider sale: CEO William Shane Trigg sold 6,963 shares for roughly $1.18 million on Feb. 17, reducing his ownership by 11.63%; insiders own 4.68% of the company.
• Performance and outlook: AppFolio beat the quarter with $1.39 EPS and $248.2M revenue (up 21.7% y/y), holds a ~$6.8B market cap, and has a "Moderate Buy" consensus with an average price target of $270.83.

GW&K Investment Management LLC lessened its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 13.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 143,403 shares of the software maker's stock after selling 22,004 shares during the period. GW&K Investment Management LLC owned 0.40% of AppFolio worth $39,531,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of APPF. Root Financial Partners LLC purchased a new stake in shares of AppFolio during the third quarter worth about $31,000. TD Private Client Wealth LLC raised its position in AppFolio by 2,116.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker's stock valued at $37,000 after purchasing an additional 127 shares during the last quarter. First Horizon Corp bought a new position in AppFolio during the 3rd quarter valued at approximately $39,000. Hantz Financial Services Inc. lifted its holdings in AppFolio by 373.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker's stock worth $39,000 after buying an additional 112 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of AppFolio by 2,200.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 184 shares of the software maker's stock worth $51,000 after buying an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $189.90 on Friday. The business has a fifty day moving average price of $201.63 and a 200-day moving average price of $233.94. The company has a market capitalization of $6.83 billion, a PE ratio of 48.94 and a beta of 0.75. AppFolio, Inc. has a 1-year low of $161.13 and a 1-year high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.17. The company had revenue of $248.19 million for the quarter, compared to analysts' expectations of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. AppFolio's revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 EPS. On average, sell-side analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Activity at AppFolio

In other news, CEO William Shane Trigg sold 6,963 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the sale, the chief executive officer owned 52,920 shares in the company, valued at $8,982,111.60. This represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on APPF shares. Wall Street Zen upgraded AppFolio from a "hold" rating to a "buy" rating in a report on Saturday, February 7th. JPMorgan Chase & Co. decreased their price objective on shares of AppFolio from $330.00 to $300.00 and set an "overweight" rating for the company in a report on Friday, January 30th. KeyCorp reaffirmed an "overweight" rating on shares of AppFolio in a research note on Monday, February 2nd. William Blair reiterated an "outperform" rating on shares of AppFolio in a research report on Friday, January 30th. Finally, UBS Group set a $260.00 price objective on shares of AppFolio and gave the stock a "buy" rating in a report on Friday, January 30th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $270.83.

About AppFolio

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.

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