Zevenbergen Capital Investments LLC Sells 950 Shares of 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 decreased its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,000 shares of the software maker's stock after selling 950 shares during the quarter. Zevenbergen Capital Investments LLC owned approximately 0.06% of AppFolio worth $4,398,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of APPF. Colonial Trust Co SC acquired a new position in shares of AppFolio during the 4th quarter worth $28,000. Fifth Third Bancorp increased its stake in shares of AppFolio by 53.0% during the 1st quarter. Fifth Third Bancorp now owns 179 shares of the software maker's stock worth $39,000 after purchasing an additional 62 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of AppFolio by 4,975.0% during the 1st quarter. Versant Capital Management Inc now owns 203 shares of the software maker's stock worth $45,000 after purchasing an additional 199 shares during the last quarter. Blue Trust Inc. increased its stake in shares of AppFolio by 330.2% during the 1st quarter. Blue Trust Inc. now owns 271 shares of the software maker's stock worth $60,000 after purchasing an additional 208 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of AppFolio by 73.1% during the 1st quarter. UMB Bank n.a. now owns 289 shares of the software maker's stock worth $64,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

AppFolio Price Performance

NASDAQ APPF traded down $1.05 during trading hours on Thursday, reaching $267.67. The company's stock had a trading volume of 102,573 shares, compared to its average volume of 318,453. The firm has a fifty day simple moving average of $249.06 and a 200-day simple moving average of $229.00. The stock has a market cap of $9.60 billion, a P/E ratio of 48.32 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 released its earnings results on Thursday, July 31st. The software maker reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates 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 revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. On average, research analysts expect that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insider Buying and Selling at AppFolio

In related news, major shareholder Maurice J. Duca sold 2,324 shares of AppFolio stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $276.80, for a total value of $643,283.20. Following the completion of the sale, the insider owned 35,376 shares of the company's stock, valued at approximately $9,792,076.80. This trade represents a 6.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have acquired 18,500 shares of company stock valued at $4,024,220 and have sold 44,963 shares valued at $12,457,771. 4.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on APPF. DA Davidson restated a "buy" rating and issued a $350.00 price target on shares of AppFolio in a research report on Friday, August 1st. Piper Sandler raised shares of AppFolio from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $240.00 to $350.00 in a research report on Friday, August 1st. Finally, Keefe, Bruyette & Woods raised shares of AppFolio from an "underperform" rating to a "market perform" rating and upped their price target for the stock from $205.00 to $267.00 in a research report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $303.00.

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.