Y Intercept Hong Kong Ltd Purchases 38,995 Shares of AppFolio, Inc. $APPF

Key Points

• Y Intercept Hong Kong Ltd increased its AppFolio stake by 317.9% in the first quarter, buying 38,995 additional shares and lifting its holdings to 51,263 shares worth about $8.1 million.
• AppFolio reported strong quarterly results, with EPS of $1.61 topping estimates and revenue of $262.21 million, up 20.7% year over year.
• Analysts remain broadly positive on the stock despite some target cuts, with AppFolio holding a Moderate Buy consensus and a $252.29 average price target.

Y Intercept Hong Kong Ltd grew its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 317.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,263 shares of the software maker's stock after purchasing an additional 38,995 shares during the quarter. Y Intercept Hong Kong Ltd owned approximately 0.14% of AppFolio worth $8,090,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in APPF. EverSource Wealth Advisors LLC grew its holdings in AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker's stock worth $26,000 after acquiring an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of AppFolio by 48.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker's stock valued at $53,000 after acquiring an additional 63 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of AppFolio during the third quarter worth $55,000. Employees Retirement System of Texas bought a new stake in shares of AppFolio in the third quarter worth $58,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of AppFolio in the third quarter worth $69,000. Institutional investors own 85.19% of the company's stock.

AppFolio Price Performance

Shares of NASDAQ APPF opened at $170.90 on Friday. The company has a market capitalization of $6.04 billion, a PE ratio of 40.69 and a beta of 0.79. AppFolio, Inc. has a twelve month low of $142.56 and a twelve month high of $326.04. The firm has a fifty day simple moving average of $161.26 and a 200 day simple moving average of $180.18.

AppFolio (NASDAQ:APPF - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.47 by $0.14. The firm had revenue of $262.21 million during the quarter, compared to the consensus estimate of $258.13 million. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The business's revenue was up 20.7% compared to the same quarter last year. During the same period last year, the business posted $1.21 EPS. As a group, equities analysts expect that AppFolio, Inc. will post 5.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

APPF has been the subject of several analyst reports. Piper Sandler lowered their target price on AppFolio from $245.00 to $210.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. UBS Group set a $210.00 price target on AppFolio in a research note on Friday, April 24th. Benchmark raised their price objective on AppFolio from $222.00 to $226.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Wall Street Zen lowered AppFolio from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Weiss Ratings cut AppFolio from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, AppFolio has a consensus rating of "Moderate Buy" and a consensus target price of $252.29.

Insiders Place Their Bets

In other news, CEO William Shane Trigg sold 3,584 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the sale, the chief executive officer owned 76,547 shares of the company's stock, valued at $11,673,417.50. This trade represents a 4.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Erin Barat sold 1,978 shares of AppFolio stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total transaction of $312,761.36. Following the completion of the sale, the insider owned 21,545 shares of the company's stock, valued at $3,406,695.40. This represents a 8.41% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 8,957 shares of company stock valued at $1,399,501. Company insiders own 1.57% of the company's stock.

About AppFolio

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.

Want to see what other hedge funds are holding APPF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppFolio, Inc. (NASDAQ:APPF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.