Mission Wealth Management LP Raises Holdings in AppFolio, Inc. $APPF

Mission Wealth Management LP lifted its position in AppFolio, Inc. (NASDAQ:APPF) by 16.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,201 shares of the software maker’s stock after acquiring an additional 7,042 shares during the quarter. Mission Wealth Management LP owned 0.14% of AppFolio worth $13,563,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in AppFolio by 40.1% in the third quarter. Principal Financial Group Inc. now owns 1,166,752 shares of the software maker’s stock worth $321,637,000 after buying an additional 333,861 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of AppFolio by 73.6% in the 2nd 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 in the last quarter. Geode Capital Management LLC increased its position 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 worth $100,999,000 after purchasing an additional 1,458 shares in the last quarter. Long Walk Management LP boosted its position in shares of AppFolio by 78.5% in the 2nd quarter. Long Walk Management LP now owns 276,325 shares of the software maker’s stock worth $63,632,000 after purchasing an additional 121,525 shares in the last quarter. Finally, Brown Advisory Inc. raised its stake in AppFolio by 76.3% in the second quarter. Brown Advisory Inc. now owns 222,889 shares of the software maker’s stock valued at $51,327,000 after buying an additional 96,470 shares during the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.

AppFolio Price Performance

Shares of APPF stock opened at $195.06 on Tuesday. AppFolio, Inc. has a 1-year low of $186.45 and a 1-year high of $326.04. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 50.27 and a beta of 0.75. The stock has a 50 day simple moving average of $226.46 and a 200-day simple moving average of $249.18.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, January 29th. The software maker reported $1.39 EPS for the quarter, topping the consensus estimate of $1.22 by $0.17. AppFolio had a net margin of 14.82% and a return on equity of 29.79%. The company had revenue of $248.19 million during the quarter, compared to analyst estimates of $246.56 million. During the same quarter in the previous year, the firm earned $0.92 EPS. The firm’s revenue was up 21.7% compared to the same quarter last year. Analysts anticipate that AppFolio, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Transactions at AppFolio

In other news, General Counsel Evan Pickering sold 334 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $243.67, for a total value of $81,385.78. Following the transaction, the general counsel directly owned 2,969 shares of the company’s stock, valued at approximately $723,456.23. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Shane Trigg sold 3,947 shares of the stock in a transaction dated Monday, November 17th. The shares were 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 of the company’s stock, valued at approximately $12,390,388.50. The trade was a 7.11% 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 over the last ninety days. Insiders own 4.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on APPF shares. KeyCorp restated an “overweight” rating on shares of AppFolio in a research note on Monday. William Blair restated an “outperform” rating on shares of AppFolio in a research note on Friday. Piper Sandler cut 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. UBS Group set a $260.00 target price on shares of AppFolio and gave the company a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of AppFolio in a report on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $270.83.

AppFolio 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.