Quantum Capital Management LLC NJ Invests $8 Million in AppFolio, Inc. $APPF

Key Points

• Quantum Capital Management LLC NJ opened a new position in AppFolio during Q4, buying 34,366 shares worth about $8.0 million. The stake represented roughly 0.9% of its portfolio and made AppFolio its 19th-largest holding.
• Institutional ownership in AppFolio remains very high at 85.19%, with several large investors like Vanguard, Principal Financial Group, and William Blair increasing their positions in recent quarters.
• AppFolio insiders were active sellers, including CEO William Shane Trigg and insider Elizabeth Erin Barat, while analysts remain generally bullish with a Moderate Buy consensus and a price target of $252.29.

Quantum Capital Management LLC NJ purchased a new position in AppFolio, Inc. (NASDAQ:APPF - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 34,366 shares of the software maker's stock, valued at approximately $7,995,000. AppFolio comprises approximately 0.9% of Quantum Capital Management LLC NJ's investment portfolio, making the stock its 19th largest position. Quantum Capital Management LLC NJ owned 0.10% of AppFolio at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in APPF. Vanguard Group Inc. increased its stake in AppFolio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock valued at $595,691,000 after purchasing an additional 101,466 shares in the last quarter. Principal Financial Group Inc. increased its stake in AppFolio by 6.8% in the fourth quarter. Principal Financial Group Inc. now owns 1,245,949 shares of the software maker's stock valued at $289,880,000 after purchasing an additional 79,197 shares in the last quarter. William Blair Investment Management LLC increased its stake in AppFolio by 15.6% in the fourth quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker's stock valued at $148,487,000 after purchasing an additional 86,272 shares in the last quarter. Geode Capital Management LLC increased its stake in AppFolio by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 472,491 shares of the software maker's stock valued at $109,947,000 after purchasing an additional 11,588 shares in the last quarter. Finally, Invesco Ltd. increased its stake in AppFolio by 26.1% in the third quarter. Invesco Ltd. now owns 395,651 shares of the software maker's stock valued at $109,065,000 after purchasing an additional 81,778 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors.

Insider Activity

In other AppFolio news, CEO William Shane Trigg sold 3,584 shares of AppFolio stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $546,560.00. Following the sale, the chief executive officer owned 76,547 shares of the company's stock, valued at $11,673,417.50. This trade represents a 4.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Erin Barat sold 1,978 shares of AppFolio stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total value of $312,761.36. Following the completion of the sale, the insider directly owned 21,545 shares in the company, valued at $3,406,695.40. This represents a 8.41% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.57% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on APPF. Piper Sandler reduced their target price on AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. Weiss Ratings lowered AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday. UBS Group set a $210.00 target price on AppFolio in a report on Friday, April 24th. Wall Street Zen upgraded AppFolio from a "hold" rating to a "buy" rating in a report on Sunday, March 15th. Finally, Benchmark lifted their target price on AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $252.29.

AppFolio Trading Up 1.0%

APPF stock opened at $161.21 on Friday. The business's 50-day moving average price is $160.95 and its two-hundred day moving average price is $188.11. The firm has a market cap of $5.70 billion, a PE ratio of 38.38 and a beta of 0.80. AppFolio, Inc. has a 1-year low of $142.73 and a 1-year high of $326.04.

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

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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