Weiss Asset Management LP Purchases New Holdings in AppFolio, Inc. $APPF

Weiss Asset Management LP purchased a new position in shares of AppFolio, Inc. (NASDAQ:APPF) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,920 shares of the software maker’s stock, valued at approximately $776,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in shares of AppFolio by 101.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 111 shares of the software maker’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of AppFolio by 48.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock worth $53,000 after purchasing an additional 63 shares during the period. Advisory Services Network LLC purchased a new position in shares of AppFolio in the 3rd quarter worth about $55,000. Employees Retirement System of Texas purchased a new position in shares of AppFolio in the 3rd quarter worth about $58,000. Finally, Harvest Fund Management Co. Ltd bought a new position in AppFolio during the third quarter valued at about $69,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Maurice J. Duca sold 7,200 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $180.32, for a total transaction of $1,298,304.00. Following the sale, the insider directly owned 42,400 shares in the company, valued at approximately $7,645,568. The trade was a 14.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $152.50, for a total value of $546,560.00. Following the sale, the chief executive officer owned 76,547 shares in the company, valued at approximately $11,673,417.50. The trade was a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,657 shares of company stock valued at $5,310,740 in the last 90 days. Corporate insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on APPF. Weiss Ratings downgraded shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. KeyCorp reissued an “overweight” rating on shares of AppFolio in a research report on Monday, July 6th. Wall Street Zen lowered shares of AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday. UBS Group set a $210.00 price objective on AppFolio in a research note on Friday, April 24th. Finally, Benchmark increased their price objective on AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $243.50.

AppFolio Trading Up 2.2%

APPF opened at $168.74 on Tuesday. The company has a 50 day moving average of $164.98 and a 200 day moving average of $173.02. The company has a market cap of $5.97 billion, a PE ratio of 38.53 and a beta of 0.79. AppFolio, Inc. has a 12 month low of $142.56 and a 12 month high of $326.04.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.02. The business had revenue of $281.12 million for the quarter, compared to analysts’ expectations of $277.35 million. AppFolio had a net margin of 15.13% and a return on equity of 32.42%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.38 EPS. Research analysts forecast that AppFolio, Inc. will post 5.04 earnings per share for the current fiscal year.

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.