Mission Wealth Management LP Cuts Stock Position in AppFolio, Inc. (NASDAQ:APPF)

Mission Wealth Management LP cut its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 12.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,439 shares of the software maker's stock after selling 7,400 shares during the quarter. Mission Wealth Management LP owned 0.15% of AppFolio worth $11,751,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of AppFolio by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 2,495,527 shares of the software maker's stock valued at $615,696,000 after buying an additional 91,174 shares in the last quarter. AQR Capital Management LLC increased its position in shares of AppFolio by 43.2% in the fourth quarter. AQR Capital Management LLC now owns 655,625 shares of the software maker's stock valued at $161,756,000 after buying an additional 197,700 shares in the last quarter. FMR LLC increased its position in shares of AppFolio by 881.2% in the fourth quarter. FMR LLC now owns 597,485 shares of the software maker's stock valued at $147,411,000 after buying an additional 536,591 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in shares of AppFolio by 4.7% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 572,917 shares of the software maker's stock valued at $141,350,000 after buying an additional 25,566 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of AppFolio in the fourth quarter valued at approximately $103,503,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

AppFolio Trading Down 0.6%

NASDAQ APPF opened at $225.57 on Monday. The stock has a market cap of $8.13 billion, a PE ratio of 40.64 and a beta of 0.87. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $274.56. The stock has a fifty day simple moving average of $215.81 and a 200-day simple moving average of $228.92.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a return on equity of 26.21% and a net margin of 25.69%. The business had revenue of $217.70 million for the quarter, compared to analysts' expectations of $220.95 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts predict that AppFolio, Inc. will post 3.96 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on APPF shares. DA Davidson raised AppFolio to a "strong-buy" rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price objective on AppFolio from $210.00 to $205.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Piper Sandler reissued a "neutral" rating and issued a $265.00 price objective on shares of AppFolio in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AppFolio has an average rating of "Moderate Buy" and an average price target of $274.43.

Insider Buying and Selling

In other AppFolio news, CFO Timothy Mathias Eaton sold 1,057 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.13, for a total value of $233,734.41. Following the sale, the chief financial officer now owns 7,176 shares of the company's stock, valued at $1,586,828.88. This trade represents a 12.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Elizabeth Erin Barat sold 4,682 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $227.79, for a total value of $1,066,512.78. Following the completion of the sale, the insider now directly owns 17,926 shares in the company, valued at $4,083,363.54. This represents a 20.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 18,500 shares of company stock valued at $4,024,220 and have sold 11,639 shares valued at $2,547,802. 4.68% of the stock is owned by corporate 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.

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