AppFolio (NASDAQ:APPF) Shares Gap Up Following Earnings Beat

Shares of AppFolio, Inc. (NASDAQ:APPF) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $192.07, but opened at $210.82. AppFolio shares last traded at $231.79, with a volume of 264,087 shares traded.

The software maker reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.26. AppFolio had a return on equity of 27.39% and a net margin of 17.32%. The company had revenue of $206.00 million during the quarter, compared to analyst estimates of $199.11 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm’s revenue was up 24.5% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods downgraded shares of AppFolio from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $255.00 to $193.00 in a research note on Tuesday, October 15th. 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, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $300.00 price target on shares of AppFolio in a research note on Friday, July 26th. Piper Sandler dropped their price objective on shares of AppFolio from $300.00 to $265.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, StockNews.com downgraded shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $267.75.

Insider Activity at AppFolio

In other AppFolio news, major shareholder Maurice J. Duca sold 200 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $232.52, for a total value of $46,504.00. Following the completion of the transaction, the insider now owns 27,568 shares of the company’s stock, valued at approximately $6,410,111.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AppFolio news, major shareholder Maurice J. Duca sold 200 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $232.52, for a total value of $46,504.00. Following the transaction, the insider now owns 27,568 shares of the company’s stock, valued at approximately $6,410,111.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew S. Mazza sold 2,371 shares of AppFolio stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $221.22, for a total transaction of $524,512.62. Following the transaction, the insider now owns 39,980 shares in the company, valued at $8,844,375.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,852 shares of company stock valued at $4,100,322. 9.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. grew its stake in AppFolio by 280.7% during the first quarter. American International Group Inc. now owns 36,367 shares of the software maker’s stock valued at $8,973,000 after acquiring an additional 26,815 shares in the last quarter. Texas Permanent School Fund Corp purchased a new position in AppFolio during the 1st quarter worth $4,415,000. Ameritas Investment Partners Inc. boosted its holdings in AppFolio by 223.5% in the first quarter. Ameritas Investment Partners Inc. now owns 6,434 shares of the software maker’s stock worth $1,588,000 after acquiring an additional 4,445 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of AppFolio during the first quarter worth about $839,000. Finally, Lazard Asset Management LLC increased its holdings in shares of AppFolio by 750.5% during the first quarter. Lazard Asset Management LLC now owns 9,211 shares of the software maker’s stock valued at $2,271,000 after acquiring an additional 8,128 shares in the last quarter. 62.34% of the stock is owned by hedge funds and other institutional investors.

AppFolio Price Performance

The business’s fifty day moving average price is $223.73 and its two-hundred day moving average price is $231.12. The stock has a market capitalization of $8.37 billion, a PE ratio of 108.45 and a beta of 0.81.

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.