VIRGINIA RETIREMENT SYSTEMS ET Al Takes $3 Million Position in AppFolio, Inc. $APPF

Key Points

• Virginia Retirement Systems acquired 18,731 AppFolio shares worth approximately $3.0 million, while institutional investors and hedge funds collectively own 85.19% of the company.
• AppFolio reported quarterly earnings of $1.71 per share, exceeding estimates of $1.69, with revenue up 19.3% year over year to $281.12 million.
• Analysts maintain a consensus “Buy” rating with an average price target of $243.50, although insiders have sold 176,217 shares worth about $34.2 million over the past 90 days.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 18,731 shares of the software maker's stock, valued at approximately $3,004,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.05% of AppFolio as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in shares of AppFolio by 22.6% during the 1st quarter. Royal Bank of Canada now owns 45,452 shares of the software maker's stock valued at $9,993,000 after acquiring an additional 8,367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of AppFolio by 23.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 384 shares of the software maker's stock worth $84,000 after acquiring an additional 73 shares during the period. Millennium Management LLC increased its stake in AppFolio by 237.7% in the 1st quarter. Millennium Management LLC now owns 18,055 shares of the software maker's stock valued at $3,970,000 after purchasing an additional 12,709 shares in the last quarter. Jones Financial Companies Lllp increased its stake in AppFolio by 164.8% in the 1st quarter. Jones Financial Companies Lllp now owns 654 shares of the software maker's stock valued at $144,000 after purchasing an additional 407 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in AppFolio by 322.5% during the first quarter. Goldman Sachs Group Inc. now owns 66,777 shares of the software maker's stock worth $14,684,000 after purchasing an additional 50,970 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppFolio

In other news, major shareholder Maurice Duca sold 7,200 shares of the firm's stock in a transaction on 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 sale, the insider owned 34,198 shares in the company, valued at $6,214,460.56. This trade represents a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 176,217 shares of company stock worth $34,157,323. Corporate insiders own 1.57% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. KeyCorp reissued an "overweight" rating on shares of AppFolio in a report on Monday, July 6th. Zacks Research upgraded shares of AppFolio from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Wall Street Zen cut shares of AppFolio from a "buy" rating to a "hold" rating in a research note on Sunday, July 26th. Guggenheim started coverage on shares of AppFolio in a report on Wednesday, July 22nd. They set a "buy" rating and a $232.00 target price for the company. Finally, DA Davidson set a $225.00 target price on shares of AppFolio in a research report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $243.50.

AppFolio Stock Up 0.1%

APPF opened at $205.76 on Friday. AppFolio, Inc. has a 52 week low of $142.56 and a 52 week high of $285.61. The firm has a market cap of $7.29 billion, a P/E ratio of 46.98 and a beta of 0.85. The business's fifty day simple moving average is $196.14 and its 200 day simple moving average is $174.75.

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