Piper Sandler Companies Reaffirms “Overweight” Rating for AppFolio (NASDAQ:APPF)

Piper Sandler Companies restated their overweight rating on shares of AppFolio (NASDAQ:APPF) in a report released on Friday morning, Stock Target Advisor reports. They currently have a $300.00 target price on the software maker’s stock.

A number of other brokerages also recently weighed in on APPF. JPMorgan Chase & Co. boosted their target price on AppFolio from $260.00 to $328.00 and gave the stock an overweight rating in a research note on Wednesday, July 17th. KeyCorp upped their price objective on AppFolio from $264.00 to $275.00 and gave the company an overweight rating in a research note on Friday, April 26th. Stephens reiterated an overweight rating and issued a $241.00 price objective on shares of AppFolio in a research note on Friday, April 26th. Piper Sandler reiterated an overweight rating and issued a $295.00 price objective on shares of AppFolio in a research note on Friday, July 12th. Finally, Keefe, Bruyette & Woods upped their price objective on AppFolio from $215.00 to $238.00 and gave the company a market perform rating in a research note on Friday, April 26th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $277.75.

AppFolio Stock Down 10.9 %

Shares of NASDAQ APPF opened at $230.95 on Friday. AppFolio has a twelve month low of $164.29 and a twelve month high of $274.56. The stock’s 50 day moving average price is $242.53 and its 200-day moving average price is $231.56. The company has a market capitalization of $8.36 billion, a PE ratio of 111.57 and a beta of 0.80.

AppFolio (NASDAQ:APPF) last announced its earnings results on Thursday, July 25th. The software maker reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. AppFolio had a return on equity of 29.03% and a net margin of 17.32%. The firm had revenue of $197.38 million for the quarter, compared to the consensus estimate of $190.57 million. During the same quarter in the previous year, the business earned ($0.53) EPS. The company’s revenue was up 34.2% compared to the same quarter last year. As a group, research analysts expect that AppFolio will post 2.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppFolio news, major shareholder Maurice J. Duca sold 4,462 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $261.19, for a total transaction of $1,165,429.78. Following the sale, the insider now owns 49,784 shares in the company, valued at $13,003,082.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Alexander Wolf sold 10,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $250.26, for a total value of $2,502,600.00. Following the transaction, the director now owns 182,584 shares of the company’s stock, valued at $45,693,471.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Maurice J. Duca sold 4,462 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $261.19, for a total transaction of $1,165,429.78. Following the completion of the transaction, the insider now directly owns 49,784 shares in the company, valued at approximately $13,003,082.96. The disclosure for this sale can be found here. Insiders have sold a total of 130,444 shares of company stock worth $31,124,559 over the last 90 days. Corporate insiders own 9.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of AppFolio by 3.6% in the first quarter. Vanguard Group Inc. now owns 2,152,626 shares of the software maker’s stock worth $531,139,000 after purchasing an additional 73,965 shares during the period. Gilder Gagnon Howe & Co. LLC increased its stake in AppFolio by 3.8% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 421,309 shares of the software maker’s stock valued at $72,988,000 after acquiring an additional 15,283 shares during the last quarter. Bank of New York Mellon Corp increased its stake in AppFolio by 13.5% in the second quarter. Bank of New York Mellon Corp now owns 241,801 shares of the software maker’s stock valued at $59,137,000 after acquiring an additional 28,673 shares during the last quarter. Norges Bank bought a new position in AppFolio in the fourth quarter valued at $38,458,000. Finally, Zeno Equity Partners LLP increased its stake in AppFolio by 6.6% in the first quarter. Zeno Equity Partners LLP now owns 205,781 shares of the software maker’s stock valued at $50,774,000 after acquiring an additional 12,786 shares during the last quarter. Institutional investors own 62.34% of the company’s stock.

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.