Kerrisdale Advisers LLC Sells 8,440 Shares of AppFolio, Inc. $APPF

Key Points

• Kerrisdale Advisers cut its AppFolio stake by 37.8%, selling 8,440 shares and retaining 13,904 shares valued at $2.23 million. Institutional investors collectively own 85.19% of the company.
• AppFolio exceeded quarterly expectations, reporting $1.71 in EPS versus the $1.69 consensus and revenue of $281.12 million, up 19.3% year over year.
• Analyst sentiment remains positive, with AppFolio carrying a consensus “Buy” rating and an average price target of $243.50, although insiders sold 179,612 shares worth approximately $34.7 million during the last quarter.

Kerrisdale Advisers LLC decreased its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 37.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,904 shares of the software maker's stock after selling 8,440 shares during the quarter. Kerrisdale Advisers LLC's holdings in AppFolio were worth $2,230,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of APPF. Royal Bank of Canada lifted its position in shares of AppFolio by 22.6% in the first quarter. Royal Bank of Canada now owns 45,452 shares of the software maker's stock valued at $9,993,000 after acquiring an additional 8,367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in AppFolio by 23.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker's stock valued at $84,000 after purchasing an additional 73 shares during the period. Millennium Management LLC lifted its holdings in AppFolio by 237.7% in the 1st quarter. Millennium Management LLC now owns 18,055 shares of the software maker's stock worth $3,970,000 after purchasing an additional 12,709 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in AppFolio by 164.8% in the 1st quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker's stock worth $144,000 after purchasing an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in AppFolio by 322.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker's stock worth $14,684,000 after purchasing an additional 50,970 shares during the period. Institutional investors own 85.19% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Maurice J. Duca sold 7,200 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total value of $1,298,304.00. Following the sale, the insider owned 42,400 shares of the company's stock, valued at approximately $7,645,568. This represents a 14.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 179,612 shares of company stock worth $34,697,503 in the last quarter. Insiders own 1.57% of the company's stock.

AppFolio Price Performance

Shares of APPF stock opened at $234.49 on Monday. AppFolio, Inc. has a 1 year low of $142.56 and a 1 year high of $288.73. The stock's 50 day simple moving average is $184.93 and its two-hundred day simple moving average is $172.22. The company has a market cap of $8.31 billion, a PE ratio of 53.54 and a beta of 0.78.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.02. The firm had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company's quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.38 EPS. Equities research analysts expect that AppFolio, Inc. will post 5.17 EPS for the current year.

Analyst Ratings Changes

APPF has been the topic of several research analyst reports. Weiss Ratings raised shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. KeyCorp reiterated an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. Guggenheim started coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 price target on the stock. Finally, DA Davidson set a $225.00 price objective on shares of AppFolio in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, AppFolio has a consensus rating of "Buy" and an average target price of $243.50.

AppFolio Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source