Ranger Investment Management L.P. Sells 15,660 Shares of AppFolio, Inc. $APPF

Ranger Investment Management L.P. lessened its holdings in shares of AppFolio, Inc. (NASDAQ:APPF) by 13.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,630 shares of the software maker’s stock after selling 15,660 shares during the quarter. Ranger Investment Management L.P. owned approximately 0.28% of AppFolio worth $15,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of APPF. Woodline Partners LP increased its stake in shares of AppFolio by 2.9% in the 1st quarter. Woodline Partners LP now owns 1,754 shares of the software maker’s stock worth $386,000 after purchasing an additional 50 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in AppFolio by 101.8% during the fourth 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 in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in AppFolio by 4.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 1,263 shares of the software maker’s stock valued at $348,000 after purchasing an additional 58 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in AppFolio by 48.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 192 shares of the software maker’s stock valued at $53,000 after purchasing an additional 63 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its position in AppFolio by 1.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 5,162 shares of the software maker’s stock worth $1,201,000 after buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Trading Up 5.6%

Shares of APPF opened at $178.27 on Wednesday. The business’s 50 day moving average is $165.35 and its 200 day moving average is $172.69. AppFolio, Inc. has a 12-month low of $142.56 and a 12-month high of $326.04. The company has a market capitalization of $6.30 billion, a PE ratio of 40.70 and a beta of 0.79.

AppFolio (NASDAQ:APPF) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.02. The business had revenue of $281.12 million during the quarter, compared to the consensus estimate of $277.35 million. AppFolio had a return on equity of 32.42% and a net margin of 15.13%.The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 EPS. Equities research analysts predict that AppFolio, Inc. will post 5.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

APPF has been the topic of several recent research reports. Wall Street Zen downgraded AppFolio from a “buy” rating to a “hold” rating in a research note on Sunday. Piper Sandler reduced their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, April 24th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday, July 6th. Guggenheim started coverage on shares of AppFolio in a report on Wednesday, July 22nd. They set a “buy” rating and a $232.00 price target on the stock. Finally, DA Davidson set a $225.00 price objective on shares of AppFolio in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $243.50.

Insider Activity at AppFolio

In related news, CEO William Shane Trigg sold 3,584 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the transaction, the chief executive officer owned 76,547 shares in the company, valued at approximately $11,673,417.50. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Erin Barat sold 1,978 shares of the firm’s 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 transaction, the insider directly owned 21,545 shares of the company’s stock, valued at $3,406,695.40. The trade was a 8.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 43,357 shares of company stock worth $7,614,340 in the last three months. Insiders own 1.57% of the company’s stock.

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.