Parnassus Investments LLC Acquires Shares of 5,863 AppFolio, Inc. $APPF

Key Points

• Parnassus Investments LLC acquired 5,863 shares of AppFolio, valued at approximately $1.29 million, during the first quarter of the year.
• AppFolio has drawn positive attention from analysts, with four "buy" ratings and a consensus price target of $303.00.
• Insider trading activity includes CEO William Shane Trigg selling 3,012 shares, reducing his ownership by 4.52% and raising concerns about insider confidence.

Parnassus Investments LLC purchased a new position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,863 shares of the software maker's stock, valued at approximately $1,289,000.

Several other institutional investors have also modified their holdings of the stock. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of AppFolio by 364.4% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 130,737 shares of the software maker's stock worth $28,749,000 after acquiring an additional 102,586 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of AppFolio by 84.4% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 773,579 shares of the software maker's stock worth $170,110,000 after acquiring an additional 354,061 shares during the period. Sellaronda Global Management LP raised its holdings in shares of AppFolio by 433.3% during the 1st quarter. Sellaronda Global Management LP now owns 80,000 shares of the software maker's stock worth $17,592,000 after acquiring an additional 65,000 shares during the period. Oberndorf William E raised its holdings in shares of AppFolio by 514.0% during the 1st quarter. Oberndorf William E now owns 24,184 shares of the software maker's stock worth $5,318,000 after acquiring an additional 20,245 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of AppFolio by 0.8% during the 1st quarter. Northern Trust Corp now owns 193,780 shares of the software maker's stock worth $42,612,000 after acquiring an additional 1,493 shares during the period. Hedge funds and other institutional investors own 85.19% of the company's stock.

Wall Street Analysts Forecast Growth

APPF has been the topic of several analyst reports. DA Davidson reiterated a "buy" rating and set a $350.00 price target on shares of AppFolio in a report on Friday, August 1st. Keefe, Bruyette & Woods upgraded AppFolio from an "underperform" rating to a "market perform" rating and lifted their price target for the stock from $205.00 to $267.00 in a report on Thursday, July 31st. Finally, Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $240.00 to $350.00 in a report on Friday, August 1st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $303.00.

AppFolio Trading Up 0.4%

Shares of APPF opened at $277.38 on Friday. The firm has a market cap of $9.94 billion, a P/E ratio of 50.07 and a beta of 0.95. AppFolio, Inc. has a 12-month low of $189.01 and a 12-month high of $326.04. The company's 50-day moving average price is $260.70 and its 200 day moving average price is $231.88.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.11. The firm had revenue of $235.58 million for the quarter, compared to analyst estimates of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. AppFolio's revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. Equities research analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insider Buying and Selling

In other AppFolio news, CEO William Shane Trigg sold 3,012 shares of AppFolio stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $264.98, for a total value of $798,119.76. Following the completion of the transaction, the chief executive officer directly owned 63,556 shares of the company's stock, valued at $16,841,068.88. The trade was a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Elizabeth Erin Barat sold 4,682 shares of AppFolio 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 transaction, the insider directly owned 17,926 shares of the company's stock, valued at approximately $4,083,363.54. This represents a 20.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 18,500 shares of company stock worth $4,024,220 and sold 53,985 shares worth $15,348,953. 4.68% of the stock is owned by 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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