AppFolio (NASDAQ:APPF) Stock Price Passes Below 50-Day Moving Average – Here’s Why

AppFolio, Inc. (NASDAQ:APPF)’s stock price crossed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $232.76 and traded as low as $212.97. AppFolio shares last traded at $219.67, with a volume of 379,197 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. UBS Group assumed coverage on AppFolio in a research report on Friday, December 12th. They set a “buy” rating and a $285.00 price target for the company. Weiss Ratings downgraded AppFolio from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. KeyCorp reiterated an “overweight” rating on shares of AppFolio in a research note on Tuesday, December 16th. Keefe, Bruyette & Woods raised shares of AppFolio from a “market perform” rating to an “outperform” rating and set a $311.00 price target on the stock in a report on Friday, October 24th. Finally, Wells Fargo & Company restated a “buy” rating on shares of AppFolio in a report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $306.00.

AppFolio Trading Down 0.8%

The firm has a fifty day moving average of $232.08 and a two-hundred day moving average of $251.39. The company has a market cap of $7.83 billion, a PE ratio of 39.12 and a beta of 0.78.

AppFolio (NASDAQ:APPF) last announced its quarterly earnings results on Thursday, October 30th. The software maker reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.14). The business had revenue of $249.35 million for the quarter, compared to analysts’ expectations of $245.39 million. AppFolio had a net margin of 22.48% and a return on equity of 25.97%. The business’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.29 earnings per share. Sell-side analysts expect that AppFolio, Inc. will post 3.96 EPS for the current fiscal year.

Insider Activity at AppFolio

In related news, General Counsel Evan Pickering sold 334 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $243.67, for a total transaction of $81,385.78. Following the completion of the transaction, the general counsel owned 2,969 shares of the company’s stock, valued at approximately $723,456.23. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Shane Trigg sold 3,947 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $240.45, for a total transaction of $949,056.15. Following the completion of the sale, the chief executive officer owned 51,530 shares in the company, valued at $12,390,388.50. This represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 8,745 shares of company stock valued at $2,097,550. Corporate insiders own 4.68% of the company’s stock.

Institutional Investors Weigh In On AppFolio

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in AppFolio by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,458,994 shares of the software maker’s stock worth $677,846,000 after buying an additional 55,277 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of AppFolio by 40.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock valued at $321,637,000 after purchasing an additional 333,861 shares during the last quarter. William Blair Investment Management LLC boosted its position in AppFolio by 73.6% during the second quarter. William Blair Investment Management LLC now owns 733,428 shares of the software maker’s stock valued at $168,894,000 after buying an additional 310,834 shares during the period. Geode Capital Management LLC grew its stake in shares of AppFolio by 0.3% during the second quarter. Geode Capital Management LLC now owns 438,522 shares of the software maker’s stock valued at $100,999,000 after buying an additional 1,458 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of AppFolio by 26.1% in the third quarter. Invesco Ltd. now owns 395,651 shares of the software maker’s stock worth $109,065,000 after buying an additional 81,778 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.

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.