Johnson Investment Counsel Inc. Sells 3,429 Shares of AppFolio, Inc. $APPF

Johnson Investment Counsel Inc. decreased its position in shares of AppFolio, Inc. (NASDAQ:APPF) by 25.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 9,813 shares of the software maker’s stock after selling 3,429 shares during the period. Johnson Investment Counsel Inc.’s holdings in AppFolio were worth $2,705,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Root Financial Partners LLC bought a new position in AppFolio in the third quarter valued at about $31,000. TD Private Client Wealth LLC grew its holdings in shares of AppFolio by 2,116.7% during 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 during the last quarter. First Horizon Corp acquired a new position in shares of AppFolio in the third quarter valued at approximately $39,000. Hantz Financial Services Inc. raised its holdings 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, Huntington National Bank boosted its position in AppFolio by 58.7% during the 2nd quarter. Huntington National Bank now owns 200 shares of the software maker’s stock worth $46,000 after buying an additional 74 shares during the period. Institutional investors own 85.19% of the company’s stock.

AppFolio Stock Down 5.1%

APPF opened at $178.74 on Thursday. AppFolio, Inc. has a twelve month low of $175.67 and a twelve month high of $326.04. The company has a fifty day moving average of $219.80 and a 200-day moving average of $245.55. The stock has a market cap of $6.42 billion, a PE ratio of 46.07 and a beta of 0.75.

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, beating the consensus estimate of $1.22 by $0.17. The business had revenue of $248.19 million for 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%. AppFolio’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. Sell-side analysts anticipate that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity

In related news, CFO Timothy Mathias Eaton sold 517 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $228.34, for a total transaction of $118,051.78. Following the sale, the chief financial officer owned 10,104 shares in the company, valued at $2,307,147.36. This represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Evan Pickering sold 334 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $243.67, for a total value of $81,385.78. Following the sale, the general counsel directly owned 2,969 shares of the company’s stock, valued at $723,456.23. This represents a 10.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,745 shares of company stock valued at $2,097,550 in the last ninety days. 4.68% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

APPF has been the subject of several recent research reports. UBS Group set a $260.00 price target on shares of AppFolio and gave the company a “buy” rating in a research report on Friday, January 30th. Piper Sandler reduced their price objective on shares of AppFolio from $350.00 to $245.00 and set an “overweight” rating on the stock in a research note on Friday, January 30th. JPMorgan Chase & Co. decreased their price objective on AppFolio from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Friday, January 30th. Weiss Ratings downgraded AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, January 16th. Finally, Wells Fargo & Company reiterated a “buy” rating on shares of AppFolio in a research report on Thursday, January 15th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $270.83.

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.