AppFolio, Inc. $APPF Stake Lessened by Watchtower Advisors LP

Watchtower Advisors LP cut its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 34.7% during the third quarter, Holdings Channel.com reports. The fund owned 40,000 shares of the software maker’s stock after selling 21,253 shares during the period. AppFolio comprises approximately 5.1% of Watchtower Advisors LP’s holdings, making the stock its 10th biggest position. Watchtower Advisors LP’s holdings in AppFolio were worth $11,026,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of APPF. BNP Paribas Financial Markets grew its holdings in AppFolio by 12.2% in the third quarter. BNP Paribas Financial Markets now owns 2,398 shares of the software maker’s stock valued at $661,000 after purchasing an additional 260 shares during the period. Quadrant Capital Group LLC acquired a new stake in AppFolio in the 3rd quarter valued at $221,000. Vestcor Inc purchased a new stake in AppFolio in the 3rd quarter worth $152,000. Barclays PLC increased its holdings in AppFolio by 102.6% in the 3rd quarter. Barclays PLC now owns 21,614 shares of the software maker’s stock worth $5,958,000 after acquiring an additional 10,946 shares in the last quarter. Finally, Orion Porfolio Solutions LLC raised its position in AppFolio by 6.8% during the third quarter. Orion Porfolio Solutions LLC now owns 14,955 shares of the software maker’s stock worth $4,122,000 after acquiring an additional 949 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Stock Performance

Shares of APPF stock opened at $178.99 on Thursday. The stock’s fifty day moving average is $197.69 and its two-hundred day moving average is $231.33. The firm has a market capitalization of $6.44 billion, a P/E ratio of 46.13 and a beta of 0.75. AppFolio, Inc. has a fifty-two week low of $161.13 and a fifty-two week high of $326.04.

AppFolio (NASDAQ:APPF) last released its earnings results on Thursday, January 29th. The software maker reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.17. The business had revenue of $248.19 million during the quarter, compared to analyst estimates of $246.56 million. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 earnings per share. On average, equities analysts forecast that AppFolio, Inc. will post 3.96 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO William Shane Trigg sold 6,963 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $169.73, for a total transaction of $1,181,829.99. Following the transaction, the chief executive officer directly owned 52,920 shares in the company, valued at approximately $8,982,111.60. The trade was a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of AppFolio in a report on Friday, January 30th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Weiss Ratings downgraded shares of AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, January 16th. Piper Sandler lowered their price objective on AppFolio from $350.00 to $245.00 and set an “overweight” rating on the stock in a report on Friday, January 30th. Finally, JPMorgan Chase & Co. cut their price objective on AppFolio from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, AppFolio presently has an average rating of “Moderate Buy” and an average target price of $270.83.

AppFolio 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.