Horizon Investments LLC Has $168,000 Stock Holdings in AppFolio, Inc. $APPF

Key Points

• Horizon Investments LLC sharply reduced its AppFolio stake by 92.2% in the fourth quarter, selling 8,573 shares and ending with 722 shares valued at about $168,000.
• AppFolio reported better-than-expected quarterly results, with EPS of $1.61 versus $1.47 expected and revenue of $262.21 million, up 20.7% year over year.
• Analysts remain broadly positive on the stock, with nine Buy ratings and one Hold, though several firms trimmed price targets; the consensus target is $252.29.

Horizon Investments LLC lessened its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 92.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 722 shares of the software maker's stock after selling 8,573 shares during the quarter. Horizon Investments LLC's holdings in AppFolio were worth $168,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. M&T Bank Corp lifted its stake in shares of AppFolio by 1,643.8% during the fourth quarter. M&T Bank Corp now owns 96,153 shares of the software maker's stock valued at $22,370,000 after acquiring an additional 90,639 shares during the period. Nordea Investment Management AB acquired a new position in AppFolio in the fourth quarter valued at about $8,795,000. Wealth Enhancement Advisory Services LLC acquired a new position in AppFolio in the third quarter valued at about $8,275,000. Citigroup Inc. lifted its stake in AppFolio by 140.3% in the third quarter. Citigroup Inc. now owns 15,641 shares of the software maker's stock valued at $4,312,000 after buying an additional 9,132 shares during the period. Finally, Vanguard Group Inc. lifted its stake in AppFolio by 2.3% in the third quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker's stock valued at $677,846,000 after buying an additional 55,277 shares during the period. Institutional investors and hedge funds own 85.19% of the company's stock.

AppFolio Price Performance

Shares of AppFolio stock opened at $166.59 on Monday. AppFolio, Inc. has a 1 year low of $142.73 and a 1 year high of $326.04. The business has a 50-day moving average of $165.78 and a two-hundred day moving average of $202.54. The company has a market capitalization of $5.89 billion, a P/E ratio of 39.66 and a beta of 0.82.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.14. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The company had revenue of $262.21 million during the quarter, compared to the consensus estimate of $258.13 million. During the same period in the prior year, the company earned $1.21 earnings per share. The company's revenue for the quarter was up 20.7% compared to the same quarter last year. On average, equities analysts anticipate that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

Analysts Set New Price Targets

APPF has been the topic of several analyst reports. KeyCorp reissued an "overweight" rating on shares of AppFolio in a research note on Monday, February 2nd. JPMorgan Chase & Co. cut their target price on AppFolio from $330.00 to $300.00 and set an "overweight" rating on the stock in a research note on Friday, January 30th. William Blair reissued an "outperform" rating on shares of AppFolio in a research note on Friday, January 30th. UBS Group set a $210.00 target price on AppFolio in a research note on Friday, April 24th. Finally, Keefe, Bruyette & Woods cut their target price on AppFolio from $311.00 to $290.00 and set an "outperform" rating on the stock in a research note on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $252.29.

Insider Activity

In other AppFolio news, CEO William Shane Trigg sold 6,963 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $169.73, for a total value of $1,181,829.99. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.57% of the stock is owned by company insiders.

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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