Louisiana State Employees Retirement System Makes New Investment in AppFolio, Inc. $APPF

Key Points

• Louisiana State Employees Retirement System opened a new position in AppFolio during the first quarter, buying 7,100 shares worth about $1.12 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 85.19% of AppFolio shares. Several firms, including Goldman Sachs and Millennium Management, also increased their stakes significantly.
• AppFolio recently beat quarterly expectations, reporting $1.61 EPS on $262.21 million in revenue, while analysts currently rate the stock a Moderate Buy with a consensus price target of $252.29.

Louisiana State Employees Retirement System acquired a new stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 7,100 shares of the software maker's stock, valued at approximately $1,121,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of AppFolio by 22.6% in the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker's stock worth $9,993,000 after acquiring an additional 8,367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in AppFolio by 23.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker's stock worth $84,000 after purchasing an additional 73 shares during the last quarter. Millennium Management LLC lifted its stake in AppFolio by 237.7% in the first 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 during the last quarter. Jones Financial Companies Lllp grew its stake in shares of AppFolio by 164.8% during the first quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker's stock valued at $144,000 after buying an additional 407 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker's stock valued at $14,684,000 after buying an additional 50,970 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company's stock.

Wall Street Analyst Weigh In

APPF has been the subject of a number of recent analyst reports. Weiss Ratings cut AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Wall Street Zen lowered AppFolio from a "buy" rating to a "hold" rating in a research note on Saturday. Piper Sandler decreased their target price on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. Benchmark boosted their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Finally, UBS Group set a $210.00 price target on shares of AppFolio in a research note on Friday, April 24th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $252.29.

AppFolio Price Performance

Shares of NASDAQ:APPF opened at $170.90 on Friday. AppFolio, Inc. has a 52-week low of $142.56 and a 52-week high of $326.04. The stock has a market cap of $6.04 billion, a P/E ratio of 40.69 and a beta of 0.79. The business's 50 day moving average is $161.26 and its 200 day moving average is $180.18.

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

Insider Transactions at AppFolio

In related news, General Counsel Evan Pickering sold 660 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $155.25, for a total value of $102,465.00. Following the completion of the sale, the general counsel directly owned 6,555 shares of the company's stock, valued at $1,017,663.75. This represents a 9.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the transaction, the chief executive officer owned 76,547 shares in the company, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 8,957 shares of company stock valued at $1,399,501. Insiders own 1.57% of the company's stock.

AppFolio 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.

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