AppFolio, Inc. $APPF is Ashe Capital Management LP’s 2nd Largest Position

Ashe Capital Management LP lessened its holdings in AppFolio, Inc. (NASDAQ:APPF) by 19.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,077,915 shares of the software maker’s stock after selling 253,345 shares during the period. AppFolio comprises 24.3% of Ashe Capital Management LP’s holdings, making the stock its 2nd biggest position. Ashe Capital Management LP’s holdings in AppFolio were worth $250,777,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. M&T Bank Corp lifted its position in shares of AppFolio by 1,643.8% in the 4th quarter. M&T Bank Corp now owns 96,153 shares of the software maker’s stock worth $22,370,000 after purchasing an additional 90,639 shares during the period. Nordea Investment Management AB purchased a new stake in shares of AppFolio in the 4th quarter worth approximately $8,795,000. Vanguard Group Inc. lifted its position in AppFolio by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 2,560,460 shares of the software maker’s stock valued at $595,691,000 after acquiring an additional 101,466 shares during the last quarter. Citigroup Inc. lifted its position in AppFolio by 140.3% during the third quarter. Citigroup Inc. now owns 15,641 shares of the software maker’s stock valued at $4,312,000 after acquiring an additional 9,132 shares during the last quarter. Finally, Light Street Capital Management LLC purchased a new stake in AppFolio during the third quarter valued at approximately $5,513,000. Hedge funds and other institutional investors own 85.19% of the company’s stock.

Wall Street Analyst Weigh In

APPF has been the subject of a number of analyst reports. Piper Sandler decreased their target price on shares of AppFolio from $245.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Benchmark increased their target price on shares of AppFolio from $222.00 to $226.00 and gave the company a “buy” rating in a research report on Friday, April 24th. UBS Group set a $210.00 target price on shares of AppFolio in a research report on Friday, April 24th. Wall Street Zen raised shares of AppFolio from a “hold” rating to a “buy” rating in a research report on Sunday, March 15th. Finally, Weiss Ratings cut shares of AppFolio from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Nine 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $252.29.

Insider Activity at AppFolio

In other AppFolio news, CFO Timothy Mathias Eaton sold 2,585 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $160.07, for a total transaction of $413,780.95. Following the transaction, the chief financial officer owned 18,036 shares in the company, valued at approximately $2,887,022.52. This represents a 12.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Shane Trigg sold 3,584 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $152.50, for a total transaction of $546,560.00. Following the completion of the sale, the chief executive officer owned 76,547 shares in the company, valued at $11,673,417.50. The trade was a 4.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 8,957 shares of company stock worth $1,399,501. 1.57% of the stock is owned by company insiders.

AppFolio Trading Down 5.9%

Shares of AppFolio stock opened at $148.59 on Thursday. AppFolio, Inc. has a 12-month low of $142.73 and a 12-month high of $326.04. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 35.38 and a beta of 0.80. The firm’s 50 day simple moving average is $160.77 and its two-hundred day simple moving average is $186.28.

AppFolio (NASDAQ:APPF) last issued its quarterly earnings results on Thursday, April 23rd. The software maker reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.14. AppFolio had a net margin of 15.27% and a return on equity of 32.35%. The business had revenue of $262.21 million for the quarter, compared to analyst estimates of $258.13 million. During the same quarter in the prior year, the business posted $1.21 EPS. AppFolio’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, sell-side analysts predict that AppFolio, Inc. will post 5.04 EPS for the current fiscal year.

AppFolio Company 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.