Nicholas Investment Partners LP Sells 6,755 Shares of AppFolio, Inc. (NASDAQ:APPF)

Nicholas Investment Partners LP lessened its stake in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,330 shares of the software maker's stock after selling 6,755 shares during the quarter. AppFolio comprises 1.0% of Nicholas Investment Partners LP's investment portfolio, making the stock its 28th biggest position. Nicholas Investment Partners LP owned 0.12% of AppFolio worth $10,937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of APPF. Barclays PLC raised its stake in AppFolio by 20.5% in the third quarter. Barclays PLC now owns 9,888 shares of the software maker's stock valued at $2,327,000 after purchasing an additional 1,681 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in AppFolio by 2.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,620 shares of the software maker's stock valued at $1,558,000 after purchasing an additional 157 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in AppFolio by 18.0% in the fourth quarter. Harbor Capital Advisors Inc. now owns 4,227 shares of the software maker's stock valued at $1,043,000 after purchasing an additional 646 shares in the last quarter. Salem Investment Counselors Inc. acquired a new position in AppFolio in the fourth quarter valued at about $123,000. Finally, Pallas Capital Advisors LLC raised its stake in AppFolio by 17.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 4,263 shares of the software maker's stock worth $1,052,000 after acquiring an additional 642 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company's stock.

Insider Transactions at AppFolio

In related news, CEO William Shane Trigg sold 3,501 shares of the company's 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 sale, the chief executive officer now directly owns 83,824 shares in the company, valued at $18,212,440.48. This represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 5.24% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on APPF. Piper Sandler reissued a "neutral" rating and set a $265.00 target price on shares of AppFolio in a research note on Wednesday, April 23rd. William Blair reissued an "outperform" rating on shares of AppFolio in a research note on Friday, January 31st. DA Davidson raised AppFolio to a "strong-buy" rating in a research note on Tuesday. Keefe, Bruyette & Woods lowered their target price on AppFolio from $210.00 to $205.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Stephens reissued an "overweight" rating and set a $295.00 target price on shares of AppFolio in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppFolio presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.43.

AppFolio Stock Performance

Shares of NASDAQ:APPF traded up $6.48 during midday trading on Friday, hitting $218.91. 263,350 shares of the stock were exchanged, compared to its average volume of 271,298. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 39.44 and a beta of 0.99. The business's 50-day moving average price is $217.02 and its 200 day moving average price is $231.21. AppFolio, Inc. has a 12 month low of $189.01 and a 12 month high of $274.56.

AppFolio (NASDAQ:APPF - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The software maker reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.02). The firm had revenue of $217.70 million for the quarter, compared to the consensus estimate of $220.95 million. AppFolio had a return on equity of 26.21% and a net margin of 25.69%. The business's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. As a group, sell-side analysts expect that AppFolio, Inc. will post 3.96 EPS for the current 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.