Renaissance Technologies LLC Buys 80,760 Shares of AppFolio, Inc. $APPF

Key Points

• Renaissance Technologies increased its AppFolio stake by 55.1% in the first quarter, purchasing 80,760 additional shares and bringing its total holdings to 227,280 shares worth approximately $35.9 million. Institutional investors collectively own 85.19% of the company.
• AppFolio reported quarterly adjusted earnings of $1.71 per share and revenue of $281.12 million, exceeding analyst estimates. Revenue rose 19.3% year over year, while the stock opened at $178.27, up 5.6%.
• Wall Street remains broadly bullish, with a consensus “Buy” rating and an average price target of $243.50. However, company insiders sold 43,357 shares worth $7.6 million during the last quarter.

Renaissance Technologies LLC boosted its stake in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 55.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 227,280 shares of the software maker's stock after purchasing an additional 80,760 shares during the quarter. Renaissance Technologies LLC owned 0.64% of AppFolio worth $35,869,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in AppFolio by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker's stock worth $595,691,000 after purchasing an additional 101,466 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of AppFolio by 20.9% during 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 during the period. State Street Corp lifted its stake in shares of AppFolio by 1.1% in the fourth quarter. State Street Corp now owns 685,656 shares of the software maker's stock valued at $159,518,000 after buying an additional 7,585 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of AppFolio by 17.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 669,317 shares of the software maker's stock valued at $155,717,000 after buying an additional 98,230 shares during the period. Finally, William Blair Investment Management LLC grew its position in AppFolio by 15.6% during the fourth quarter. William Blair Investment Management LLC now owns 638,241 shares of the software maker's stock worth $148,487,000 after buying an additional 86,272 shares in the last quarter. 85.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO William Shane Trigg sold 3,584 shares of the business's stock in a transaction on 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. The trade was a 4.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Maurice J. Duca sold 7,200 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $180.32, for a total value of $1,298,304.00. Following the completion of the sale, the insider owned 42,400 shares in the company, valued at $7,645,568. This trade represents a 14.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 43,357 shares of company stock valued at $7,614,340. 1.57% of the stock is currently owned by corporate insiders.

AppFolio Stock Up 5.6%

NASDAQ:APPF opened at $178.27 on Wednesday. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $326.04. The firm has a market capitalization of $6.30 billion, a PE ratio of 40.70 and a beta of 0.79. The firm has a 50-day moving average price of $165.35 and a 200 day moving average price of $172.69.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings results 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 firm 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 company's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.38 earnings per share. On average, research analysts expect that AppFolio, Inc. will post 5.04 EPS for the current year.

Wall Street Analyst Weigh In

APPF has been the topic of several research reports. DA Davidson set a $225.00 price target on AppFolio in a research note on Friday. UBS Group set a $210.00 price objective on AppFolio in a research report on Friday, April 24th. Piper Sandler decreased their price objective on AppFolio from $245.00 to $210.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. Guggenheim assumed coverage on AppFolio in a research report on Wednesday, July 22nd. They set a "buy" rating and a $232.00 price objective on the stock. Finally, Benchmark upped their target price on AppFolio from $222.00 to $226.00 and gave the company a "buy" rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $243.50.

AppFolio Company 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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