Zevenbergen Capital Investments LLC Trims Stock Position in AppFolio, Inc. (NASDAQ:APPF)

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in AppFolio, Inc. by 4.5% in the first quarter, holding 20,000 shares worth approximately $4.4 million.
• Insider activity included Elizabeth Erin Barat selling 4,682 shares, resulting in a 20.71% decrease in her ownership, while Robert Donald Casey III purchased 4,000 shares, increasing his stake by 16.77%.
• AppFolio's stock has seen a trend down by 5.7%, with recent earnings exceeding estimates, and analysts have set target prices between $267.00 and $350.00.

Zevenbergen Capital Investments LLC lessened its position in shares of AppFolio, Inc. (NASDAQ:APPF - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,000 shares of the software maker's stock after selling 950 shares during the quarter. Zevenbergen Capital Investments LLC owned about 0.06% of AppFolio worth $4,398,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in APPF. New York State Teachers Retirement System increased its holdings 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. acquired a new stake in AppFolio in the 1st quarter valued at approximately $420,000. Janney Montgomery Scott LLC acquired a new stake in AppFolio in the 1st quarter valued at approximately $305,000. Oppenheimer Asset Management Inc. increased its holdings 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, Portside Wealth Group LLC acquired a new stake in AppFolio in the 1st quarter valued at approximately $774,000. Hedge funds and other institutional investors own 85.19% of the company's stock.

Insider Buying and Selling at AppFolio

In other AppFolio news, insider Elizabeth Erin Barat sold 4,682 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $227.79, for a total value of $1,066,512.78. Following the sale, the insider directly owned 17,926 shares in the company, valued at $4,083,363.54. This trade represents a 20.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Donald Casey III purchased 4,000 shares of the business's stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $217.73 per share, for a total transaction of $870,920.00. Following the completion of the purchase, the director owned 27,856 shares of the company's stock, valued at $6,065,086.88. This represents a 16.77% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 18,500 shares of company stock worth $4,024,220 and sold 31,439 shares worth $8,628,860. Company insiders own 4.68% of the company's stock.

AppFolio Stock Down 5.7%

NASDAQ:APPF opened at $283.36 on Friday. The company has a fifty day simple moving average of $245.54 and a two-hundred day simple moving average of $228.43. The company has a market cap of $10.16 billion, a price-to-earnings ratio of 51.15 and a beta of 0.95. AppFolio, Inc. has a 52 week low of $189.01 and a 52 week high of $326.04.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.27 by $0.11. The business had revenue of $235.58 million during the quarter, compared to the consensus estimate of $230.10 million. AppFolio had a net margin of 23.54% and a return on equity of 26.32%. The company's quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.12 earnings per share. On average, analysts expect that AppFolio, Inc. will post 3.96 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. DA Davidson reiterated a "buy" rating and issued a $350.00 target price on shares of AppFolio in a report on Friday, August 1st. Keefe, Bruyette & Woods upgraded shares of AppFolio from an "underperform" rating to a "market perform" rating and lifted their target price for the company from $205.00 to $267.00 in a report on Thursday, July 31st. Finally, Piper Sandler upgraded shares of AppFolio from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $240.00 to $350.00 in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, AppFolio presently has an average rating of "Moderate Buy" and an average target price of $303.00.

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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