Fred Alger Management LLC Lowers Position in AppFolio, Inc. (NASDAQ:APPF)

Fred Alger Management LLC trimmed its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 91.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,535 shares of the software maker's stock after selling 169,291 shares during the quarter. Fred Alger Management LLC's holdings in AppFolio were worth $3,833,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Deutsche Bank AG increased its stake in AppFolio by 90.6% in the 4th quarter. Deutsche Bank AG now owns 2,287 shares of the software maker's stock worth $564,000 after acquiring an additional 1,087 shares during the last quarter. Colonial Trust Co SC purchased a new position in shares of AppFolio in the fourth quarter valued at $28,000. Crestline Management LP bought a new stake in AppFolio in the fourth quarter worth $296,000. Captrust Financial Advisors lifted its position in AppFolio by 27.5% during the fourth quarter. Captrust Financial Advisors now owns 5,577 shares of the software maker's stock valued at $1,376,000 after purchasing an additional 1,203 shares during the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in shares of AppFolio by 4.5% in the 4th quarter. Baker Avenue Asset Management LP now owns 22,440 shares of the software maker's stock worth $5,536,000 after buying an additional 957 shares in the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Alexander Wolf purchased 9,678 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was purchased at an average price of $214.81 per share, for a total transaction of $2,078,931.18. Following the completion of the acquisition, the director now owns 3,226 shares of the company's stock, valued at approximately $692,977.06. This trade represents a -150.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William Shane Trigg sold 3,501 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $217.27, for a total value of $760,662.27. Following the completion of the transaction, the chief executive officer now directly owns 83,824 shares in the company, valued at approximately $18,212,440.48. This trade represents a 4.01% decrease in their position. The disclosure for this sale can be found here. 5.24% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on APPF. William Blair restated an "outperform" rating on shares of AppFolio in a research report on Friday, January 31st. Stephens restated an "overweight" rating and set a $295.00 price objective on shares of AppFolio in a research report on Friday, January 31st. Piper Sandler reiterated a "neutral" rating and issued a $265.00 target price on shares of AppFolio in a report on Wednesday, April 23rd. DA Davidson decreased their price target on AppFolio from $300.00 to $275.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Keefe, Bruyette & Woods lowered their price target on AppFolio from $210.00 to $205.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, AppFolio currently has a consensus rating of "Hold" and an average price target of $274.43.

AppFolio Trading Down 1.8%

Shares of NASDAQ APPF traded down $4.08 during midday trading on Tuesday, hitting $216.70. The company's stock had a trading volume of 334,448 shares, compared to its average volume of 270,738. AppFolio, Inc. has a 12-month low of $189.01 and a 12-month high of $274.56. The firm has a market cap of $7.81 billion, a P/E ratio of 39.05 and a beta of 0.99. The business's 50 day moving average is $217.24 and its two-hundred day moving average is $231.42.

AppFolio (NASDAQ:APPF - Get Free Report) last released its earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). AppFolio had a return on equity of 26.21% and a net margin of 25.69%. The business had revenue of $217.70 million during the quarter, compared to analysts' expectations of $220.95 million. During the same quarter in the previous year, the business earned $1.05 EPS. The business's revenue for the quarter was up 15.9% on a year-over-year basis. On average, analysts predict that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

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.