Teacher Retirement System of Texas Lowers Stock Position in AppFolio, Inc. (NASDAQ:APPF)

Teacher Retirement System of Texas lowered its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 33.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,591 shares of the software maker's stock after selling 6,962 shares during the quarter. Teacher Retirement System of Texas' holdings in AppFolio were worth $2,989,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Independent Advisor Alliance raised its holdings in shares of AppFolio by 2.1% in the 4th quarter. Independent Advisor Alliance now owns 2,607 shares of the software maker's stock valued at $643,000 after purchasing an additional 53 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of AppFolio by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 9,960 shares of the software maker's stock worth $2,457,000 after buying an additional 60 shares during the last quarter. Fifth Third Bancorp grew its position in shares of AppFolio by 53.0% in the 1st quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after buying an additional 62 shares during the last quarter. Tidal Investments LLC grew its position in shares of AppFolio by 4.7% in the 4th quarter. Tidal Investments LLC now owns 1,492 shares of the software maker's stock worth $368,000 after buying an additional 67 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of AppFolio by 7.8% in the 4th quarter. ProShare Advisors LLC now owns 1,126 shares of the software maker's stock worth $278,000 after buying an additional 81 shares during the last quarter. Institutional investors own 85.19% of the company's stock.

AppFolio Trading Down 0.4%

Shares of APPF stock traded down $1.03 during trading hours on Thursday, hitting $245.36. The company's stock had a trading volume of 192,664 shares, compared to its average volume of 268,773. The company has a 50 day moving average of $221.58 and a 200 day moving average of $225.84. The stock has a market cap of $8.84 billion, a PE ratio of 45.78 and a beta of 0.88. AppFolio, Inc. has a 12-month low of $189.01 and a 12-month high of $274.56.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.02). AppFolio had a net margin of 23.87% and a return on equity of 25.83%. The firm had revenue of $217.70 million during the quarter, compared to analyst estimates of $220.95 million. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The business's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on APPF. Piper Sandler reaffirmed a "neutral" rating and issued a $265.00 price objective on shares of AppFolio in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods dropped their target price on shares of AppFolio from $210.00 to $205.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Finally, DA Davidson raised shares of AppFolio to a "strong-buy" rating in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $274.43.

Insiders Place Their Bets

In other news, CFO Timothy Mathias Eaton sold 1,057 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $221.13, for a total value of $233,734.41. Following the completion of the sale, the chief financial officer directly owned 7,176 shares in the company, valued at $1,586,828.88. This represents a 12.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Donald Casey III acquired 4,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 27,856 shares of the company's stock, valued at $6,065,086.88. The trade was a 16.77% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 18,500 shares of company stock valued at $4,024,220 and sold 11,639 shares valued at $2,547,802. 4.68% of the stock is currently owned by corporate insiders.

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.