Zeno Equity Partners LLP Cuts Stock 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 cut its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,789 shares of the software maker's stock after selling 40,467 shares during the quarter. AppFolio comprises 6.7% of Zeno Equity Partners LLP's holdings, making the stock its 7th biggest position. Zeno Equity Partners LLP owned approximately 0.25% of AppFolio worth $19,525,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. New York State Teachers Retirement System lifted its position in AppFolio by 80.8% in the 1st quarter. New York State Teachers Retirement System now owns 8,773 shares of the software maker's stock valued at $1,929,000 after purchasing an additional 3,922 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in AppFolio in the 1st quarter valued at about $420,000. Janney Montgomery Scott LLC bought a new stake in AppFolio in the 1st quarter valued at about $305,000. Oppenheimer Asset Management Inc. lifted its position in AppFolio by 34.8% in the 1st 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 last quarter. Finally, Northern Trust Corp lifted its position in AppFolio by 0.8% in the 1st quarter. Northern Trust Corp now owns 193,780 shares of the software maker's stock valued at $42,612,000 after purchasing an additional 1,493 shares during the last quarter. 85.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on APPF shares. Keefe, Bruyette & Woods boosted their price target on shares of AppFolio from $295.00 to $311.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 3rd. Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, DA Davidson restated a "buy" rating and set a $350.00 price target on shares of AppFolio 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 stock. According to data from MarketBeat.com, AppFolio presently has an average rating of "Moderate Buy" and a consensus price target of $311.80.

AppFolio Price Performance

Shares of APPF opened at $286.46 on Tuesday. The firm's 50 day moving average is $266.68 and its 200-day moving average is $234.84. The stock has a market capitalization of $10.27 billion, a P/E ratio of 51.71 and a beta of 0.89. 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 data on Thursday, July 31st. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.11. The company had revenue of $235.58 million for the quarter, compared to analysts' expectations of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The business's revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 EPS. AppFolio has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Klaus Schauser sold 3,000 shares of AppFolio stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $295.14, for a total value of $885,420.00. Following the transaction, the insider directly owned 300,000 shares of the company's stock, valued at $88,542,000. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Shane Trigg sold 3,012 shares of AppFolio stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $264.98, for a total transaction of $798,119.76. Following the completion of the transaction, the chief executive officer directly owned 63,556 shares in the company, valued at approximately $16,841,068.88. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,985 shares of company stock valued at $15,348,953. 4.68% of the stock is currently owned by insiders.

About AppFolio

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.

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