TenCore Partners LP Sells 51,030 Shares of AppFolio, Inc. $APPF

TenCore Partners LP trimmed its stake in shares of AppFolio, Inc. (NASDAQ:APPF) by 57.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,240 shares of the software maker’s stock after selling 51,030 shares during the period. AppFolio comprises about 6.2% of TenCore Partners LP’s holdings, making the stock its 6th biggest position. TenCore Partners LP owned about 0.11% of AppFolio worth $7,467,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of APPF. Kestra Investment Management LLC grew its holdings in shares of AppFolio by 134.0% in the 3rd quarter. Kestra Investment Management LLC now owns 4,023 shares of the software maker’s stock worth $807,000 after acquiring an additional 2,304 shares during the period. Fulcrum Asset Management LLP purchased a new position in AppFolio in the 3rd quarter valued at approximately $1,114,000. Cullinan Associates Inc. acquired a new position in AppFolio during the third quarter worth $241,000. Ethic Inc. acquired a new position in AppFolio during the third quarter worth $311,000. Finally, Parallel Advisors LLC raised its holdings in AppFolio by 8.5% during the third quarter. Parallel Advisors LLC now owns 854 shares of the software maker’s stock worth $171,000 after purchasing an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Insider Buying and Selling at AppFolio

In other news, major shareholder Maurice Duca sold 7,200 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $203.41, for a total value of $1,464,552.00. Following the completion of the transaction, the insider directly owned 11,424 shares of the company’s stock, valued at $2,323,755.84. The trade was a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 66,743 shares of company stock valued at $14,070,831 over the last ninety days. Insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on APPF shares. Wall Street Zen downgraded AppFolio from a “buy” rating to a “hold” rating in a research report on Sunday, July 26th. KeyCorp restated an “overweight” rating on shares of AppFolio in a research report on Wednesday, October 14th. Guggenheim lifted their price target on AppFolio from $232.00 to $239.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of AppFolio in a research report on Wednesday, November 4th. Finally, UBS Group boosted their price objective on shares of AppFolio from $220.00 to $240.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $250.00.

AppFolio Price Performance

Shares of APPF opened at $224.76 on Wednesday. The firm has a 50 day simple moving average of $212.29 and a 200-day simple moving average of $184.27. AppFolio, Inc. has a 1-year low of $142.56 and a 1-year high of $256.86. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 47.42 and a beta of 0.86.

AppFolio (NASDAQ:APPF) last posted its earnings results on Thursday, October 22nd. The software maker reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.03. The firm had revenue of $295.69 million for the quarter, compared to analyst estimates of $294.46 million. AppFolio had a return on equity of 33.56% and a net margin of 15.62%. AppFolio’s revenue was up 18.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.31 EPS. On average, equities analysts expect that AppFolio, Inc. will post 5.18 earnings per share for the current fiscal year.

AppFolio Company Profile

AppFolio, Inc. provides cloud-based software for the real estate industry. Its products help property managers handle day-to-day operations, including accounting, leasing, marketing, maintenance, and communication with residents and owners. The company also offers software for real estate investment managers, supporting investor relations and investment operations. Its offerings include the AppFolio Property Manager platform, with solutions designed for businesses of different sizes and operating needs.