Raymond James Financial Inc. Sells 30,670 Shares of AppFolio, Inc. $APPF

Key Points

• Raymond James Financial Inc. sold 30,670 shares of AppFolio, Inc., reducing its holdings by 25.1%, now owning approximately 91,715 shares worth $20.17 million.
• AppFolio reported earnings per share of $1.38 for the latest quarter, exceeding analysts' expectations, with a revenue of $235.58 million, up 19.4% year-over-year.
• Multiple hedge funds, including Dimensional Fund Advisors and the State of Tennessee Department of Treasury, have increased their stakes in AppFolio, indicating strong institutional interest.

Raymond James Financial Inc. trimmed its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 25.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,715 shares of the software maker's stock after selling 30,670 shares during the quarter. Raymond James Financial Inc. owned approximately 0.25% of AppFolio worth $20,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Alliance Wealth Advisors LLC UT bought a new position in AppFolio in the 1st quarter worth approximately $387,000. Ground Swell Capital LLC bought a new position in AppFolio in the 1st quarter worth approximately $204,000. Neuberger Berman Group LLC boosted its stake in AppFolio by 923.6% in the 1st quarter. Neuberger Berman Group LLC now owns 11,526 shares of the software maker's stock worth $2,535,000 after purchasing an additional 10,400 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in AppFolio in the 1st quarter worth approximately $55,000. Finally, Russell Investments Group Ltd. boosted its stake in AppFolio by 105.6% in the 1st quarter. Russell Investments Group Ltd. now owns 69,705 shares of the software maker's stock worth $15,328,000 after purchasing an additional 35,804 shares during the period. 85.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. 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 research note on Friday, August 1st. DA Davidson reaffirmed a "buy" rating and issued a $350.00 price objective on shares of AppFolio in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods raised AppFolio from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $205.00 to $267.00 in a research note on Thursday, July 31st. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $303.00.

Insider Activity

In other AppFolio news, Director Robert Donald Casey III bought 4,000 shares of the business's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $217.73 per share, with a total value of $870,920.00. Following the completion of the purchase, the director owned 27,856 shares in the company, valued at $6,065,086.88. This represents a 16.77% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Maurice J. Duca sold 3,100 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $321.38, for a total value of $996,278.00. Following the transaction, the insider directly owned 42,400 shares in the company, valued at approximately $13,626,512. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 18,500 shares of company stock valued at $4,024,220 and have sold 53,985 shares valued at $15,348,953. Corporate insiders own 4.68% of the company's stock.

AppFolio Price Performance

Shares of NASDAQ:APPF traded up $1.16 during trading on Friday, hitting $277.38. The company had a trading volume of 221,099 shares, compared to its average volume of 421,578. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 50.07 and a beta of 0.95. AppFolio, Inc. has a one year low of $189.01 and a one year high of $326.04. The company has a fifty day simple moving average of $260.70 and a two-hundred day simple moving average of $232.01.

AppFolio (NASDAQ:APPF - Get Free Report) last posted 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 business had revenue of $235.58 million during the quarter, compared to analyst estimates of $230.10 million. AppFolio had a return on equity of 26.32% and a net margin of 23.54%.The company's revenue for the quarter was up 19.4% on a year-over-year basis. During the same period last year, the company earned $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current year.

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.