AppFolio (NASDAQ:APPF) Stock Price Up 4.6% – Here’s Why

AppFolio, Inc. (NASDAQ:APPF) shares shot up 4.6% during trading on Tuesday . The company traded as high as $164.88 and last traded at $165.21. 14,866 shares changed hands during trading, a decline of 96% from the average session volume of 382,755 shares. The stock had previously closed at $157.91.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on APPF shares. Piper Sandler cut their price target on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research note on Monday, February 2nd. Wall Street Zen upgraded AppFolio from a “hold” rating to a “buy” rating in a report on Sunday, March 15th. Weiss Ratings lowered shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 29th. Finally, JPMorgan Chase & Co. decreased their price target on shares of AppFolio from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $252.29.

AppFolio Price Performance

The company has a market cap of $5.69 billion, a P/E ratio of 38.32 and a beta of 0.82. The business’s 50 day moving average price is $162.25 and its 200-day moving average price is $198.33.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings data on Thursday, April 23rd. The software maker reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.14. AppFolio had a return on equity of 32.35% and a net margin of 15.27%.The company had revenue of $262.21 million for the quarter, compared to analyst estimates of $258.13 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The business’s revenue was up 20.7% on a year-over-year basis. As a group, research analysts forecast that AppFolio, Inc. will post 5.04 EPS for the current year.

Insiders Place Their Bets

In other AppFolio news, insider Elizabeth Erin Barat sold 1,978 shares of AppFolio stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $158.12, for a total transaction of $312,761.36. Following the completion of the sale, the insider owned 21,545 shares of the company’s stock, valued at approximately $3,406,695.40. The trade was a 8.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppFolio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APPF. EverSource Wealth Advisors LLC boosted its position in shares of AppFolio by 101.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock worth $26,000 after purchasing an additional 56 shares in the last quarter. Root Financial Partners LLC bought a new stake in AppFolio in the 3rd quarter valued at approximately $31,000. TD Private Client Wealth LLC lifted its position in shares of AppFolio by 2,116.7% in the third quarter. TD Private Client Wealth LLC now owns 133 shares of the software maker’s stock worth $37,000 after purchasing an additional 127 shares in the last quarter. Hantz Financial Services Inc. increased its stake in AppFolio by 373.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 142 shares of the software maker’s stock valued at $39,000 after buying an additional 112 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of AppFolio by 48.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 85.19% of the company’s stock.

About AppFolio

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.