Nellore Capital Management LLC Grows Position in AppFolio, Inc. $APPF

Key Points

• Nellore Capital Management increased its AppFolio position by 2.9% in the second quarter, owning 654,865 shares valued at approximately $105 million. Institutional investors collectively hold 85.19% of APPF.
• Analysts maintain a broadly positive outlook, with an average rating of “Buy” and a consensus price target of $243.50. Recent ratings ranged from “Hold” to “Strong Buy.”
• AppFolio exceeded quarterly expectations, reporting $1.71 in EPS versus $1.69 expected and $281.12 million in revenue, up 19.3% year over year. Shares opened at $224.27, while insiders have sold about $34.7 million worth of stock over the past 90 days.

Nellore Capital Management LLC boosted its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 2.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 654,865 shares of the software maker's stock after purchasing an additional 18,563 shares during the quarter. AppFolio comprises about 11.7% of Nellore Capital Management LLC's holdings, making the stock its 3rd biggest holding. Nellore Capital Management LLC owned 1.85% of AppFolio worth $105,008,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of APPF. Principal Financial Group Inc. increased its holdings in shares of AppFolio by 20.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,505,882 shares of the software maker's stock worth $237,665,000 after purchasing an additional 259,933 shares in the last quarter. Wellington Management Group LLP bought a new stake in AppFolio in the 2nd quarter worth about $36,063,000. Lead Edge Capital Management LLC bought a new stake in AppFolio in the 1st quarter worth about $33,183,000. Greenstone Partners & Co. LLC purchased a new position in AppFolio in the 4th quarter worth about $43,647,000. Finally, Millennium Management LLC lifted its stake in AppFolio by 158.6% during the 4th quarter. Millennium Management LLC now owns 281,495 shares of the software maker's stock valued at $65,490,000 after acquiring an additional 172,627 shares during the period. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

APPF has been the topic of several research reports. Weiss Ratings raised AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. DA Davidson set a $225.00 price objective on shares of AppFolio in a research note on Friday, July 24th. KeyCorp reissued an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. Wall Street Zen lowered shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Finally, Zacks Research raised shares of AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $243.50.

Insider Transactions at AppFolio

In other AppFolio news, major shareholder Maurice J. Duca sold 2,656 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $221.85, for a total transaction of $589,233.60. Following the sale, the insider owned 8,000 shares of the company's stock, valued at approximately $1,774,800. This trade represents a 24.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Mathias Eaton sold 373 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $202.61, for a total transaction of $75,573.53. Following the sale, the chief financial officer directly owned 16,714 shares of the company's stock, valued at approximately $3,386,423.54. The trade was a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 179,612 shares of company stock valued at $34,697,503. 1.57% of the stock is owned by insiders.

AppFolio Stock Performance

APPF opened at $224.27 on Thursday. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 51.20 and a beta of 0.85. The company has a fifty day moving average of $189.81 and a 200 day moving average of $173.21. AppFolio, Inc. has a fifty-two week low of $142.56 and a fifty-two week high of $288.73.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business's revenue was up 19.3% on a year-over-year basis. During the same period last year, the company posted $1.38 EPS. On average, equities research analysts forecast that AppFolio, Inc. will post 5.17 earnings per share for the current year.

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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