Squarepoint Ops LLC Cuts Stock Holdings in AppFolio, Inc. $APPF

Key Points

• Squarepoint Ops LLC cut its AppFolio stake by 62.3% in the second quarter, selling 50,227 shares and retaining 30,438 shares valued at approximately $4.9 million.
• Institutional ownership remains high at 85.19%, with California State Teachers Retirement System significantly increasing its position and several firms initiating new stakes.
• Analysts maintain a generally positive outlook, with AppFolio holding an average “Buy” rating and a consensus price target of $243.50. The company also beat quarterly earnings and revenue estimates, reporting $1.71 in EPS and $281.12 million in revenue.

Squarepoint Ops LLC lowered its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 62.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,438 shares of the software maker's stock after selling 50,227 shares during the period. Squarepoint Ops LLC owned approximately 0.09% of AppFolio worth $4,881,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its stake in AppFolio by 16,264.8% during the 2nd quarter. California State Teachers Retirement System now owns 4,216,564 shares of the software maker's stock valued at $676,126,000 after purchasing an additional 4,190,798 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of AppFolio by 20.9% in the first 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 last quarter. Wellington Management Group LLP purchased a new position in shares of AppFolio in the second quarter worth $36,063,000. Lead Edge Capital Management LLC bought a new position in shares of AppFolio during the first quarter valued at $33,183,000. Finally, Greenstone Partners & Co. LLC bought a new position in shares of AppFolio during the fourth quarter valued at $43,647,000. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on APPF shares. Zacks Research upgraded AppFolio from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Weiss Ratings upgraded shares of AppFolio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. DA Davidson set a $225.00 target price on shares of AppFolio in a report on Friday, July 24th. Wall Street Zen downgraded shares of AppFolio from a "buy" rating to a "hold" rating in a research report on Sunday, July 26th. Finally, Guggenheim began coverage on shares of AppFolio in a research note on Wednesday, July 22nd. They set a "buy" rating and a $232.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $243.50.

Insider Activity at AppFolio

In other news, major shareholder Maurice Duca sold 7,200 shares of AppFolio stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $181.72, for a total transaction of $1,308,384.00. Following the transaction, the insider directly owned 34,198 shares of the company's stock, valued at $6,214,460.56. The trade was a 17.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 176,217 shares of company stock valued at $34,157,323 over the last 90 days. 1.57% of the stock is owned by company insiders.

AppFolio Price Performance

Shares of AppFolio stock opened at $208.48 on Friday. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $285.61. The company's fifty day simple moving average is $196.90 and its 200-day simple moving average is $174.99. The stock has a market capitalization of $7.38 billion, a PE ratio of 47.60 and a beta of 0.85.

AppFolio (NASDAQ:APPF - Get Free Report) last released its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The company had revenue of $281.12 million for the quarter, compared to the consensus estimate of $277.35 million. During the same period in the previous year, the business earned $1.38 earnings per share. AppFolio's quarterly revenue was up 19.3% compared to the same quarter last year. As a group, research analysts anticipate that AppFolio, Inc. will post 5.17 EPS for the current year.

AppFolio Profile

AppFolio, Inc provides cloud-based software and technology solutions for the real estate industry. Its platform is designed to help property managers and real estate businesses manage core operations, including accounting, leasing, maintenance, communications, payments, reporting and resident services.

The company's AppFolio Property Manager platform serves a range of property types, including residential, commercial, student housing and community associations. AppFolio also offers solutions for real estate investment management, along with workflow automation, data and reporting tools, online payment processing and other services intended to help customers operate more efficiently and improve the experience for owners, residents and tenants.

AppFolio was founded in 2006 and is headquartered in Santa Barbara, California.

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