Strategic Advocates LLC Acquires New Holdings in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• Strategic Advocates LLC has acquired 990 shares of AppFolio, Inc. valued at approximately $218,000, marking a new investment in the company.
• AppFolio's CFO Timothy Mathias Eaton sold 1,057 shares for over $233,000, indicating a 12.84% decrease in his holdings.
• The company reported better-than-expected earnings for the last quarter with $1.38 EPS, beating analysts' estimates of $1.27 by $0.11.

Strategic Advocates LLC bought a new position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 990 shares of the software maker's stock, valued at approximately $218,000.

Other institutional investors have also modified their holdings of the company. New York State Teachers Retirement System increased its position in AppFolio by 80.8% during the first quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock worth $1,929,000 after purchasing an additional 3,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of AppFolio in the first quarter valued at $420,000. Janney Montgomery Scott LLC purchased a new position in shares of AppFolio in the first quarter valued at $305,000. Oppenheimer Asset Management Inc. boosted its stake in shares of AppFolio by 34.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,049 shares of the software maker's stock valued at $1,110,000 after purchasing an additional 1,304 shares during the period. Finally, Portside Wealth Group LLC bought a new position in AppFolio during the 1st quarter valued at $774,000. Institutional investors and hedge funds own 85.19% of the company's stock.

AppFolio Trading Down 2.8%

APPF traded down $9.02 on Tuesday, reaching $312.23. The company had a trading volume of 309,717 shares, compared to its average volume of 311,376. The company has a fifty day moving average of $238.11 and a 200-day moving average of $226.95. The company has a market capitalization of $11.25 billion, a P/E ratio of 56.40 and a beta of 0.95. AppFolio, Inc. has a one year low of $189.01 and a one year high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.27 by $0.11. The firm had revenue of $235.58 million during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. Research analysts predict that AppFolio, Inc. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on APPF shares. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $205.00 to $267.00 in a research note on Thursday, July 31st. Piper Sandler raised shares of AppFolio from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $240.00 to $350.00 in a report on Friday. Finally, DA Davidson reissued a "buy" rating and set a $350.00 target price on shares of AppFolio in a report on Friday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $303.00.

Insider Buying and Selling

In other AppFolio news, major shareholder Klaus Schauser sold 3,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $295.14, for a total value of $885,420.00. Following the completion of the transaction, the insider directly owned 300,000 shares in the company, valued at $88,542,000. This trade represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy K. Bliss bought 7,500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was purchased at an average price of $217.02 per share, with a total value of $1,627,650.00. Following the completion of the acquisition, the director owned 7,500 shares of the company's stock, valued at approximately $1,627,650. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 18,500 shares of company stock valued at $4,024,220 and sold 14,639 shares valued at $3,433,222. Corporate insiders own 4.68% of the company's stock.

AppFolio Company 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.