Jupiter Asset Management Ltd. Reduces Stake in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• Jupiter Asset Management Ltd. significantly reduced its stake in AppFolio, Inc. by selling 46,861 shares, resulting in a 79.3% decrease in their position during the 1st quarter.
• AppFolio reported a 19.4% year-over-year revenue growth for the last quarter, with earnings per share of $1.38, beating analyst expectations.
• Research analysts have shown positive sentiment toward AppFolio, with several upgrading their ratings and setting a target price as high as $350.00.

Jupiter Asset Management Ltd. cut its holdings in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 79.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,239 shares of the software maker's stock after selling 46,861 shares during the period. Jupiter Asset Management Ltd.'s holdings in AppFolio were worth $2,691,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. American Century Companies Inc. lifted its stake in AppFolio by 16.4% in the 4th quarter. American Century Companies Inc. now owns 4,693 shares of the software maker's stock worth $1,158,000 after purchasing an additional 661 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in AppFolio by 15.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,133 shares of the software maker's stock worth $773,000 after purchasing an additional 417 shares in the last quarter. Alliancebernstein L.P. grew its position in AppFolio by 11.4% during the fourth quarter. Alliancebernstein L.P. now owns 30,749 shares of the software maker's stock worth $7,586,000 after buying an additional 3,142 shares during the period. Geode Capital Management LLC boosted its position in AppFolio by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 416,508 shares of the software maker's stock worth $102,791,000 after acquiring an additional 3,476 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of AppFolio by 2.3% in the 4th quarter. Russell Investments Group Ltd. now owns 33,901 shares of the software maker's stock valued at $8,364,000 after purchasing an additional 755 shares during the last quarter. 85.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APPF has been the topic of several analyst reports. DA Davidson reaffirmed a "buy" rating and set a $350.00 price target on shares of AppFolio in a research note on Friday, August 1st. Piper Sandler raised shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods raised shares of AppFolio from an "underperform" rating to a "market perform" rating and upped their price objective for the stock from $205.00 to $267.00 in a report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $303.00.

AppFolio Stock Performance

Shares of NASDAQ:APPF traded down $12.00 during midday trading on Thursday, hitting $300.37. 605,313 shares of the stock were exchanged, compared to its average volume of 315,274. The business's 50-day moving average price is $242.24 and its 200 day moving average price is $228.14. AppFolio, Inc. has a 12 month low of $189.01 and a 12 month high of $326.04. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 54.22 and a beta of 0.95.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.11. AppFolio had a return on equity of 26.32% and a net margin of 23.54%. The firm had revenue of $235.58 million during the quarter, compared to analyst estimates of $230.10 million. During the same period last year, the firm posted $1.12 EPS. The business's revenue was up 19.4% compared to the same quarter last year. As a group, sell-side analysts expect that AppFolio, Inc. will post 3.96 EPS for the current year.

Insiders Place Their Bets

In other AppFolio news, Director Robert Donald Casey III bought 4,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $217.73 per share, with a total value of $870,920.00. Following the purchase, the director owned 27,856 shares of the company's stock, valued at $6,065,086.88. This trade represents a 16.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 3,100 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $296.53, for a total value of $919,243.00. Following the transaction, the insider owned 43,700 shares of the company's stock, valued at $12,958,361. This represents a 6.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 18,500 shares of company stock valued at $4,024,220 and have sold 25,839 shares valued at $6,903,518. 4.68% of the stock is owned by company insiders.

AppFolio 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.