Jacobs Levy Equity Management Inc. Trims Stake in AppFolio, Inc. (NASDAQ:APPF)

Jacobs Levy Equity Management Inc. cut its position in AppFolio, Inc. (NASDAQ:APPF) by 74.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,870 shares of the software maker’s stock after selling 68,366 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.06% of AppFolio worth $5,643,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in APPF. Norges Bank acquired a new stake in shares of AppFolio in the fourth quarter valued at approximately $38,458,000. Zeno Equity Partners LLP acquired a new stake in AppFolio during the 4th quarter worth $33,434,000. Principal Financial Group Inc. grew its position in AppFolio by 2,359.8% during the 1st quarter. Principal Financial Group Inc. now owns 151,646 shares of the software maker’s stock worth $37,417,000 after purchasing an additional 145,481 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in AppFolio by 344.7% in the first quarter. Assenagon Asset Management S.A. now owns 155,127 shares of the software maker’s stock valued at $38,276,000 after purchasing an additional 120,246 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of AppFolio in the fourth quarter valued at about $18,636,000. Hedge funds and other institutional investors own 62.34% of the company’s stock.

AppFolio Price Performance

Shares of NASDAQ APPF traded down $9.49 during trading on Tuesday, hitting $219.53. 453,994 shares of the company were exchanged, compared to its average volume of 307,782. AppFolio, Inc. has a 1 year low of $164.29 and a 1 year high of $274.56. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 106.05 and a beta of 0.80. The firm’s fifty day moving average price is $241.87 and its 200 day moving average price is $232.18.

AppFolio (NASDAQ:APPF) last released its quarterly earnings data on Thursday, July 25th. The software maker reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.16. AppFolio had a net margin of 17.32% and a return on equity of 27.39%. 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 firm earned ($0.53) earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. On average, research analysts forecast that AppFolio, Inc. will post 2.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on APPF shares. Stephens restated an “overweight” rating and issued a $241.00 price target on shares of AppFolio in a research report on Friday, April 26th. DA Davidson upped their price target on AppFolio from $285.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. increased their price target on AppFolio from $260.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Piper Sandler boosted their price objective on shares of AppFolio from $295.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods raised their target price on shares of AppFolio from $215.00 to $238.00 and gave the stock a “market perform” rating in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $277.75.

Insiders Place Their Bets

In related news, major shareholder Maurice J. Duca sold 4,462 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $261.19, for a total value of $1,165,429.78. Following the sale, the insider now directly owns 49,784 shares of the company’s stock, valued at approximately $13,003,082.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AppFolio news, major shareholder Klaus Schauser sold 1,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $270.00, for a total transaction of $270,000.00. Following the sale, the insider now owns 403,000 shares in the company, valued at approximately $108,810,000. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Maurice J. Duca sold 4,462 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $261.19, for a total value of $1,165,429.78. Following the completion of the transaction, the insider now directly owns 49,784 shares of the company’s stock, valued at $13,003,082.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,444 shares of company stock worth $31,124,559. 9.15% of the stock is owned by corporate insiders.

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.