Thrivent Financial for Lutherans Buys 18,822 Shares of AppFolio, Inc. $APPF

Thrivent Financial for Lutherans increased its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 346.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 24,248 shares of the software maker’s stock after purchasing an additional 18,822 shares during the period. Thrivent Financial for Lutherans owned 0.07% of AppFolio worth $6,685,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. William Blair Investment Management LLC increased its position in shares of AppFolio by 73.6% during the second quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker’s stock valued at $168,894,000 after buying an additional 310,834 shares during the period. Norges Bank purchased a new position in AppFolio during the second quarter valued at approximately $34,425,000. Long Walk Management LP increased its holdings in AppFolio by 78.5% during the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock worth $63,632,000 after acquiring an additional 121,525 shares during the period. Brown Advisory Inc. lifted its stake in AppFolio by 76.3% in the 2nd quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock worth $51,327,000 after purchasing an additional 96,470 shares in the last quarter. Finally, Watchtower Advisors LP bought a new position in AppFolio in the 2nd quarter valued at $14,105,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. KeyCorp reaffirmed an “overweight” rating on shares of AppFolio in a report on Monday. William Blair restated an “outperform” rating on shares of AppFolio in a research report on Friday, January 30th. Piper Sandler lowered their price target on AppFolio from $350.00 to $245.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Keefe, Bruyette & Woods cut their price objective on AppFolio from $311.00 to $290.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Finally, Weiss Ratings downgraded shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, January 16th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $270.83.

Insider Transactions at AppFolio

In other news, CEO William Shane Trigg sold 3,947 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $240.45, for a total value of $949,056.15. Following the completion of the sale, the chief executive officer owned 51,530 shares of the company’s stock, valued at approximately $12,390,388.50. This represents a 7.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Mathias Eaton sold 517 shares of AppFolio stock in a transaction on Monday, November 24th. The stock was sold at an average price of $228.34, for a total transaction of $118,051.78. Following the completion of the transaction, the chief financial officer owned 10,104 shares in the company, valued at approximately $2,307,147.36. The trade was a 4.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 8,745 shares of company stock worth $2,097,550. 4.68% of the stock is currently owned by insiders.

AppFolio Trading Up 1.3%

APPF opened at $179.73 on Friday. The stock has a market capitalization of $6.46 billion, a P/E ratio of 46.32 and a beta of 0.75. The stock has a 50-day moving average price of $222.68 and a 200-day moving average price of $247.26. AppFolio, Inc. has a 12-month low of $176.87 and a 12-month high of $326.04.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings data on Thursday, January 29th. The software maker reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.17. The company had revenue of $248.19 million for the quarter, compared to analysts’ expectations of $246.56 million. AppFolio had a return on equity of 29.79% and a net margin of 14.82%.AppFolio’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period last year, the firm posted $0.92 EPS. On average, equities research analysts predict that AppFolio, Inc. will post 3.96 EPS for the current year.

AppFolio Company Profile

AppFolio, Inc is a Santa Barbara–based provider of cloud-based software solutions for the property management and legal industries. Founded in 2006 by former software executives, the company went public on the NASDAQ under the symbol APPF in 2015. Its original offering, AppFolio Property Manager, automates accounting, marketing, leasing, and maintenance functions for residential, commercial, student housing, and community association managers.

In 2019, AppFolio expanded its portfolio with the acquisition of MyCase, a web-based legal practice management platform for small to mid-size law firms.