Zeno Equity Partners LLP Trims Position in AppFolio, Inc. $APPF

Key Points

• Zeno Equity Partners LLP reduced its holdings in AppFolio, Inc. by 31.3% during the first quarter, now owning 88,789 shares worth approximately $19.5 million.
• Analysts have raised price targets for AppFolio, with Piper Sandler upgrading their rating and setting a new target of $350.00, indicating strong market confidence.
• AppFolio reported a net margin of 23.54% and a revenue increase of 19.4% year-over-year, surpassing analysts' expectations in its latest earnings report.

Zeno Equity Partners LLP decreased its holdings in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 31.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,789 shares of the software maker's stock after selling 40,467 shares during the quarter. AppFolio accounts for about 6.7% of Zeno Equity Partners LLP's portfolio, making the stock its 7th largest holding. Zeno Equity Partners LLP owned approximately 0.25% of AppFolio worth $19,525,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC raised its stake in AppFolio by 84.4% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 773,579 shares of the software maker's stock worth $170,110,000 after purchasing an additional 354,061 shares in the last quarter. Principal Financial Group Inc. raised its stake in AppFolio by 121.2% in the 1st quarter. Principal Financial Group Inc. now owns 401,888 shares of the software maker's stock worth $88,375,000 after purchasing an additional 220,239 shares in the last quarter. Nellore Capital Management LLC raised its stake in AppFolio by 18.6% in the 4th quarter. Nellore Capital Management LLC now owns 371,934 shares of the software maker's stock worth $91,764,000 after purchasing an additional 58,315 shares in the last quarter. Invesco Ltd. raised its stake in AppFolio by 1.9% in the 1st quarter. Invesco Ltd. now owns 347,125 shares of the software maker's stock worth $76,333,000 after purchasing an additional 6,528 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in AppFolio by 23.3% in the 1st quarter. New York State Common Retirement Fund now owns 225,472 shares of the software maker's stock worth $49,581,000 after purchasing an additional 42,631 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 3,012 shares of AppFolio stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $264.98, for a total transaction of $798,119.76. Following the sale, the chief executive officer directly owned 63,556 shares of the company's stock, valued at approximately $16,841,068.88. The trade was a 4.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Maurice J. Duca sold 2,500 shares of AppFolio stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $275.57, for a total transaction of $688,925.00. Following the sale, the insider directly owned 55,795 shares in the company, valued at $15,375,428.15. This trade represents a 4.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,803 shares of company stock valued at $14,995,040. Company insiders own 4.68% of the company's stock.

AppFolio Stock Performance

Shares of AppFolio stock traded down $5.39 during midday trading on Friday, hitting $276.09. 259,741 shares of the company traded hands, compared to its average volume of 236,505. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 49.84 and a beta of 0.89. The firm's fifty day moving average price is $270.29 and its 200-day moving average price is $236.68. AppFolio, Inc. has a 12 month low of $189.01 and a 12 month high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.11. The company had revenue of $235.58 million for 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%. The firm's revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. Equities research analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on APPF shares. Keefe, Bruyette & Woods boosted their target price on shares of AppFolio from $295.00 to $311.00 and gave the company a "market perform" rating in a research report on Wednesday, September 3rd. DA Davidson restated a "buy" rating and issued a $350.00 target price on shares of AppFolio in a research report on Friday, August 1st. Finally, Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $240.00 to $350.00 in a research report on Friday, August 1st. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $311.80.

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.