AppFolio (NASDAQ:APPF) Rating Lowered to Neutral at Piper Sandler

AppFolio (NASDAQ:APPF) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report released on Monday, MarketBeat.com reports. They presently have a $265.00 price objective on the software maker’s stock. Piper Sandler’s price objective points to a potential upside of 6.19% from the stock’s previous close.

Several other brokerages also recently commented on APPF. Keefe, Bruyette & Woods downgraded AppFolio from a “market perform” rating to an “underperform” rating and cut their target price for the company from $255.00 to $193.00 in a research note on Tuesday, October 15th. KeyCorp dropped their price objective on AppFolio from $300.00 to $252.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $261.75.

AppFolio Price Performance

APPF opened at $249.56 on Monday. AppFolio has a 1 year low of $165.13 and a 1 year high of $274.56. The stock has a 50-day moving average price of $244.85 and a 200-day moving average price of $235.21. The firm has a market cap of $9.07 billion, a PE ratio of 69.52 and a beta of 0.87.

AppFolio (NASDAQ:APPF) last issued its earnings results on Thursday, October 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.26. AppFolio had a net margin of 17.26% and a return on equity of 30.64%. The firm had revenue of $206.00 million for the quarter, compared to the consensus estimate of $199.11 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The business’s revenue was up 24.5% on a year-over-year basis. As a group, sell-side analysts anticipate that AppFolio will post 3.23 EPS for the current year.

Insider Activity at AppFolio

In related news, insider Matthew S. Mazza sold 5,090 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $236.24, for a total transaction of $1,202,461.60. Following the completion of the sale, the insider now directly owns 28,266 shares in the company, valued at approximately $6,677,559.84. The trade was a 15.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William Shane Trigg sold 4,145 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $263.32, for a total transaction of $1,091,461.40. Following the sale, the chief executive officer now directly owns 73,682 shares of the company’s stock, valued at approximately $19,401,944.24. This represents a 5.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,768 shares of company stock worth $5,744,891. 5.24% of the stock is owned by insiders.

Hedge Funds Weigh In On AppFolio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its position in AppFolio by 85.7% in the third quarter. Blue Trust Inc. now owns 117 shares of the software maker’s stock worth $29,000 after buying an additional 54 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in AppFolio by 688.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 213 shares of the software maker’s stock worth $52,000 after acquiring an additional 186 shares in the last quarter. Quarry LP increased its holdings in AppFolio by 147.9% in the 2nd quarter. Quarry LP now owns 238 shares of the software maker’s stock worth $58,000 after acquiring an additional 142 shares in the last quarter. True Wealth Design LLC bought a new stake in AppFolio during the 3rd quarter worth approximately $79,000. Finally, Advisors Asset Management Inc. lifted its holdings in AppFolio by 56.6% during the third quarter. Advisors Asset Management Inc. now owns 390 shares of the software maker’s stock valued at $92,000 after purchasing an additional 141 shares in the last quarter. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

About AppFolio

AppFolio, Inc, together with its subsidiaries, provides cloud business management solutions for the real estate industry in the United States. The company provides a cloud-based platform that enables users to automate and optimize common workflows; tools that assist with leasing, maintenance, and accounting; and other technology and services offered by third parties.