AppFolio, Inc. $APPF Shares Sold by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management LLC reduced its stake in AppFolio, Inc. by 38.3%, selling 1,757 shares and holding a total of 2,829 shares worth $666,000 at the end of the second quarter.
• Insiders have sold a total of 58,803 shares of AppFolio stock valued at approximately $16.9 million over the last three months, indicating significant insider selling activity.
• AppFolio reported better-than-expected quarterly earnings, with $1.38 earnings per share for the last quarter, surpassing analysts' expectations and reflecting a 19.4% increase in revenue year-over-year.

NorthCrest Asset Manangement LLC decreased its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 38.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,829 shares of the software maker's stock after selling 1,757 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in AppFolio were worth $666,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC raised its stake in AppFolio by 84.4% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 773,579 shares of the software maker's stock valued at $170,110,000 after purchasing an additional 354,061 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of AppFolio by 121.2% during the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock valued at $88,375,000 after acquiring an additional 220,239 shares during the last quarter. Invesco Ltd. increased its stake in shares of AppFolio by 1.9% during the 1st quarter. Invesco Ltd. now owns 347,125 shares of the software maker's stock valued at $76,333,000 after acquiring an additional 6,528 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of AppFolio by 23.3% during the 1st quarter. New York State Common Retirement Fund now owns 225,472 shares of the software maker's stock valued at $49,581,000 after acquiring an additional 42,631 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of AppFolio by 0.6% during the 1st quarter. Bank of New York Mellon Corp now owns 208,319 shares of the software maker's stock valued at $45,809,000 after acquiring an additional 1,183 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

AppFolio Stock Down 0.6%

Shares of APPF traded down $1.75 during trading on Tuesday, reaching $283.43. The company's stock had a trading volume of 80,767 shares, compared to its average volume of 307,180. The company has a fifty day moving average of $274.78 and a two-hundred day moving average of $239.25. AppFolio, Inc. has a twelve month low of $189.01 and a twelve month high of $326.04. The company has a market cap of $10.16 billion, a price-to-earnings ratio of 51.24 and a beta of 0.89.

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 analysts' consensus estimates of $1.27 by $0.11. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The company had revenue of $235.58 million for the quarter, compared to analyst estimates of $230.10 million. During the same period in the prior year, the company posted $1.12 EPS. AppFolio's quarterly revenue was up 19.4% on a year-over-year basis. AppFolio has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Analysts Set New Price Targets

APPF has been the subject of a number of research analyst reports. DA Davidson reaffirmed a "buy" rating and set a $350.00 price objective on shares of AppFolio in a research note on Friday, August 1st. Keefe, Bruyette & Woods upped their price target on AppFolio from $295.00 to $311.00 and gave the stock a "market perform" rating in a report on Wednesday, September 3rd. Finally, Piper Sandler upgraded AppFolio from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $240.00 to $350.00 in a report on Friday, August 1st. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $311.80.

Insider Buying and Selling at AppFolio

In related news, CFO Timothy Mathias Eaton sold 667 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $276.58, for a total transaction of $184,478.86. Following the sale, the chief financial officer directly owned 11,142 shares of the company's stock, valued at approximately $3,081,654.36. This represents a 5.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Shane Trigg sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $276.95, for a total value of $1,107,800.00. Following the sale, the chief executive officer directly owned 59,556 shares in the company, valued at approximately $16,494,034.20. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,803 shares of company stock worth $16,938,949. 4.68% of the stock is owned by insiders.

About AppFolio

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.